Found a New TradingView Indicator That is 10X Better Than Premium

Found a New TradingView Indicator That is 10X Better Than Premium

In this video, we will be introducing a new trading strategy on TradingView that works like magic. Many traders fail or quit trading due to poor indicator combinations or relying on indicators that only provide historical market information. To avoid these pitfalls, we will be using a combination of indicators to improve our understanding of market dynamics and generate profitable trade entries and exits.

To follow along, make sure you visit TradingView.com and select the Euro Japanese Yen pair on the five-minute timeframe. Let's start by adding the "Know Sure Thing" indicator, which is a momentum-based oscillator that smooths out data using Simple Moving Averages. This indicator calculates a final value that fluctuates above and below a Zero Line. We will adjust the settings by adding two band lines, one in green and one in red, to better visualize the indicator's movements. Additionally, we will change the zero line color to white for clarity.

Next, we will attach the "MACD" (Moving Average Convergence Divergence) indicator to the "Know Sure Thing" indicator. This allows us to identify overbought and oversold levels for trading. Adjust the settings by adding a lower band line in red and an upper band line in green to filter trade entries and exits effectively.

Finally, we will add the "Zigzag Trend Divergence" indicator, which detects divergence on the chart. Although we will disable some of its signals, we will use hidden divergences as our signal provider for buying and selling commodities in the market. Customize the settings to focus on hidden divergences and remove unnecessary elements from the chart.

To enter a buy trade, we look for both the KST indicator and MACD indicator to close above the upper band line, indicating strong upward momentum. We wait for a hidden divergence signal from the Zigzag Trend Divergence indicator and confirm it with the next two candlesticks. It's important to set a stop loss using a reliable indicator like ATR (Average True Range) or Chandelier Exit to protect against unfavorable market moves.

For a short trade, the KST and MACD indicators should cross below the lower band line, indicating bearish momentum. We then wait for a bearish hidden divergence signal from the Zigzag Trend Divergence indicator before entering the trade. As with buy trades, confirm the signal with the next two candlesticks and use a suitable stop loss strategy.

Remember, it's crucial to conduct thorough backtesting and forward testing before trading live. Following the trend and adjusting take profit levels based on risk can significantly improve your chances of success.