OPEN-SOURCE SCRIPT
Updated Trend Lines [AstroHub]
1. Understand the basics of technical analysis: to fully utilize this system, you need to understand the fundamentals of technical analysis, such as identifying high and low prices, trendlines, etc. This will help you effectively use indicators and make more informed trading decisions.
2. Study the internal parameters: the system has input parameters, such as "Period," etc. Study their values and understand how they impact the indicator's performance. This will allow you to customize the system to fit your needs and trading strategies.
3. Pay attention to bars of different colors: the system marks bars with different colors depending on the price's position relative to trendlines. Pay close attention to these color changes as they can serve as entry or exit signals.
4. Be ready to adapt: the market is constantly changing, and the system may not always provide accurate signals. Be prepared to adapt and make decisions based on other factors, such as trading volume, news, etc.
5. Practice on historical data: before using this system in real-time, conduct some tests on historical data. This will help you understand how the system works and what results it can produce in different market conditions.
6. Be patient: the system may not always provide instant entry or exit signals. Be patient and wait for signal confirmation before entering or closing a trade.
7. Learn and discuss: trading knowledge and the use of this system are continuous learning processes. Be open to learning new strategies and discussing your experiences with other traders. This will help you improve your skills and better utilize this system.
2. Study the internal parameters: the system has input parameters, such as "Period," etc. Study their values and understand how they impact the indicator's performance. This will allow you to customize the system to fit your needs and trading strategies.
3. Pay attention to bars of different colors: the system marks bars with different colors depending on the price's position relative to trendlines. Pay close attention to these color changes as they can serve as entry or exit signals.
4. Be ready to adapt: the market is constantly changing, and the system may not always provide accurate signals. Be prepared to adapt and make decisions based on other factors, such as trading volume, news, etc.
5. Practice on historical data: before using this system in real-time, conduct some tests on historical data. This will help you understand how the system works and what results it can produce in different market conditions.
6. Be patient: the system may not always provide instant entry or exit signals. Be patient and wait for signal confirmation before entering or closing a trade.
7. Learn and discuss: trading knowledge and the use of this system are continuous learning processes. Be open to learning new strategies and discussing your experiences with other traders. This will help you improve your skills and better utilize this system.
Release Notes
Added take profit, where is the best place to close trades.Release Notes
Change RSIOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.