The Most Accurate Buy Sell Signal Indicator On Tradingview

in the realm of trading technical analysis is oftentimes done using technical indicators more often than not Traders shy away from using these technical indicators the reason for this is not just because of the lag that technical indicators usually come with but also because in order to create a good technical analysis system you would need to have several indicators on your chart sometimes it's three indicators sometimes it's five and sometimes even 10. damn this leads me to wonder what if there was a single indicator that could serve several different purposes imagine having a single indicator that acts as a trend filter a volatility filter and goes the extra mile to give you the buy and sell entry signals that would be pretty cool right well turns out there actually is such an indicator and in this video we're gonna talk about it so let's get into it so the indicator that we're talking about is called BX trender to add it to your chart go to trading View and open the indicator search tab next type in BX trender select this one by Quant therapy the B extender indicator is a versatile three in one tool it can be used in three significant ways one for identifying buy and sell entry signals two for Trend identification and three for momentum identification next we will explore how we can use this indicator for these three purposes but before that let's explore this indicators components so this histogram that changes color from green to super dark green is called the B extender Trend histogram I know that because it's written right here as you can see here if I toggle this on and off it's the one that gets affected next this line on top of the bee extender Trend histogram is called the B extender trend line as indicated right here now what about this line well this is called the B extender oscillator and the histogram behind it is called the B extender oscillator histogram as you can see here the style settings of this indicator has lots of customizations you can basically change the color the display style and the thicknesses of each of these indicators components for the strategy we're going to Showcase in this video all the settings are gonna be left at their default values now let's go over how this indicator can be used to identify buy and sell entry signals Trends and momentum first buy and sell entry signals you see this green and red dots along the B extender oscillator these are the buy and sell signals the green dots are the buy signals while the red dots are the cell signals second momentum identification this function is going to be carried out by the B extender oscillator histogram this guy right here when the histogram is colored green that indicates a bullish Market momentum and when it's colored red that indicates a bearish market momentum but what is market momentum and why is it so important well momentum is essentially the speed of price change in a particular trading security it's important in technical analysis because it helps Traders identify the direction that the market is likely gonna go to third Trend identification this function is going to be carried out by the B extender trendline and histogram as previously mentioned the line above the histogram represents the B exchender trend line while the histogram itself represents the B extender Trend histogram when they both display a green color that indicates a bullish Trend and when they turn red that indicates a bearish trend the B extender histogram also changes color to a darker shade of green during a bullish Trend signaling a market pullback or weakening of that particular bullish Trend following closely the BX trender trend line changes its color to Red to reflect this shift conversely during a bearish trend the bay extender Trend histogram is colored dark red by default if a pullback or weakening of the bearish trend occurs the histogram switches to a lighter shade of red and correspondingly the BX gender trend line changes its color to Green now at this point in time I know you may be thinking but how can I actually use this indicator to trade well I'm gonna tell you but before that what broker do you guys use to trade personally I used pencil trade as you can see here this is my trading history I mainly sculpt gold and up here you can see that it's actually a live account the reason why I love hanker trade so much is because of their extremely low commissions and spreads on Forex for example the spreads can go as low as 0.0 Pips which is the lowest it can go and for those of you that love High leverage guess what henko trade offers a maximum leverage of 1 to 500 and if that's not enough they're also gonna give you a 100 bonus for all the deposits up to twenty five thousand dollars so if you deposit say thirty four dollars and fifty cents they're gonna give you a bonus of thirty four dollars and fifty cents so now you'll have a total of sixty nine dollars to trade with to access the bonus as well as all the other perks sign up to hang a trade using the link in the video description now back to the video now to trade using this indicator here is how we're gonna do it for a long trade the B extender Trend histogram should be colored green to indicate a short-term bullish Trend next the BX trender oscillator histogram should be colored green as well to indicate a bullish Market momentum lastly a Green Dot should be printed on the B extender oscillator to indicate a Buy Signal after all these conditions are met we enter a long trade foreign for a short trade the BX trender Trend histogram should be colored red to indicate a short-term bearish Trend next the B extender oscillator histogram should be colored red as well to indicate a bearish market momentum lastly a red dot should be printed on the B extender oscillator to indicate a cell signal after all these conditions are met we enter a short trade foreign however you will notice that the B extender Trend histogram can only be used to identify short-term Trends in the market what I couldn't find the right way in the input settings of this indicator to also identify long-term trends so for that reason we're gonna add another indicator for long-term Trend confirmations on the indicator search tab type in donkey and Trend this one by Lonesome the blue double click on it to access the settings panel on the inputs tab change the length to 200 and reduce the line width to 1. then on the style tab disable these two character options and then click OK the donkey trend is a tool used in technical analysis to identify Trends in the market and potential entry points using the upper and lower bands of the donkey and channels the way we're going to use this to identify long-term trends in the market is really simple whenever the trend line is colored green and the price is constantly trading above it that indicates a long-term bullish trend conversely whenever the trend line is colored red and the price is constantly trading below it that indicates a long-term bearish trend now to trade using this combined indicator strategy here is how we're gonna do it to take a long trade the first thing that we need to do is to establish that the market is in a long-term bullish Trend to do that we just make sure that the donkey and Trend indicator is colored green and the price is trading above it second we need to confirm that the market is in a short-term bullish Trend to do that we just make sure that the B extender Trend histogram is colored bright green like it is right here next we need a Buy Signal to be printed by the bay extender indicator to confirm that we're gonna wait for a Green Dot to be printed on the B EXT render oscillator also for this Buy Signal to be valid this Green Dot needs to be printed below the zero line if it gets printed above the zero line like this one that setup becomes invalid next at the time this Green Dot is printed the BX trender oscillator histogram should be colored green this indicates the presence of enough bullish momentum in the market to push the price all the way to take profit all our entry conditions are met on this candle so we're gonna enter a long trade here the stop loss is going to be set below the most recent swing low and for the take profit we're gonna set it at 2.5 times the risk we let the trade run and take profit for short trades we're just going to reverse all the conditions the first thing that we need to do is to establish that the market is in a long-term bearish Trend to do that we just make sure that the Duncan Trend indicator is colored red and the price is trading below it second we need to confirm that the market is in a short-term various Trend to do that we just make sure that the B extender Trend histogram is colored dark red like it is right here next we need a cell signal to be printed by the V extender indicator to confirm that we're gonna wait for a red dot to be printed on the B extender oscillator like this one also for the cell signal to be valid this red dot needs to be printed above the zero line if it gets printed below the zero line like this one that setup becomes invalid and will have no choice but to skip it next at the time this red dot is printed the B extender oscillator histogram should be colored red this indicates the presence of enough bearish momentum in the market to push the price all the way to take profit all our entry conditions are met on this candle so we're gonna enter a short trade here the stop loss is going to be set above the most recent swing High and for the take profit we're gonna set it at 2.5 times the risk we let this trade run and take profit this is just one of the many strategies that you can do using the B extender indicator you can even use it alongside price action or support and resistance or smart money Concepts or ICT the opportunities are endless the goal of our YouTube channel as well as similar channels out there is to just give you the basic ideas of trading strategies in form of indicator combinations upon which you can find the inspiration to create your own profitable trading systems so if you're looking for that indicator the one that will be the greatest addition ever to your trading strategy then hit the like button below and consider subscribing to stay tuned thanks for watching see you next time foreign

Channel: PineTrades

Views: 211,706

Keywords: scalping trading strategy, forex trading, trading forex, forex, crypto trading, trading strategy, day trading, swing trading, profitable trading strategy, best scalping trading strategy, forex scalping strategy, best scalping strategy forex, Profitable Buy Sell Indicator, buy sell indicator tradingview, hankotrade, pinetrades, trendilo, trendilo indicator, trendline indicator tradingview, improved rsi, better rsi, relative strength index trading strategy, rsi strategy

Id: TxqPlv_R5hk

Length: 11min 41sec (701 seconds)

Published: Wed Aug 02 2023