since today you can enjoy Altwalker, a new Swing and Scalping Strategy based on a simple trend following theory, mainly designed for Cryptocurrencies, Altcoins and of course Bitcoin. It works also on all timeframes, but it's suggested to use it on higher ones: 1D - 12h - 6h - 4h, not suggested to use it below 1h-30m.
Based on Moving Average, Altwalker dynamically identifies market resistance and support, so in which trend a cryptocurrency is during time:
green trendline and background means bullish trend, in fact it start with a "buy" signal
red trendline and background means bearish trend, in fact it start with a "sell" signal
if a series of buy and sell appears (this may happen especially in lower timeframes), this mean price is in consolidation or distribution phase, so be prepared for a new trending phase coming soon, always remembering that taking profits is awesome and managing your risk by defining you position size and having a stoploss is a must in trading
Altwalker integrates also 2 special tools besides the trend highlighter:
MoneyFlow Signals, which appear as Red and Green tiny Triangles, highlight when money are starting flowing in (green - bullish sing) or out (red - bearish sign)
Overbought and Oversold RSI Signals, which appear both as darker background (the darker the color, the more the price is in overbought/oversold) and green "ob"-"tp" / red "os"-"tp" labels (they optionally pop up only on a configurable stronger overbought/oversold condition)
You can edit many options in order to
enable/disable showing buy/sell signals
enable/disable showing trendline
enable/disable showing trend as background
enable/disable showing moneyflow signals
edit moneyflow period of analysis (I suggest a number between 70 and 100 in general)
enable/disable showing rsi signals
edit rsi length, overbought and oversold levels
The user who wants to use this strategy, especially via an automated bot, must always set a stoploss (example 150$ from entry on bitcoin) or use a proper risk management strategy. This is not the "Holy Grail", so use it with caution. It's highly suggested to use a proper money management.
This script will let you set all notifications you may need in order to be alerted on each triggered signals.
Here there are some examples how Altwalker works and results you can get following its buy/sell trend suggestions.
LINKUSDT 1D
BNBUSDT 1D
ATOMUSDT 1D
XTZUSDT 1D
ETHBTC 6h
XBTUSD 1D
XLMUSDT 1h
VETBTC 6h
LTCBTC 6h
Here there are some examples how MoneyFlow signals give you a nice insight on near future trend - "Follow The Money".
ETHUSD 1D
ETHBTC 1D
This is a premium indicator, so send me a private message in order to get access to this script.
Release Notes
⋅
added a new main trendline variant (now you have 2 options!)
added a peak profit tracker for each trade (you can enable/disable it optionally)
Release Notes
⋅
upgraded to pinescript v5
Release Notes
⋅
Added enhanced Re-Entry and Take Profit (TP) logic as in ALGO Trading indicator series