Q-Trend is an multipurpose indicatorm that can be used for swing- and trend-trading equally on any timeframe (non-volatile markets are better for this thing).
Settings:
Trend period - used to calculate trend line in the special moments(will explain below);
ATR Multiplier - changes sensitivity. The higher the multiplier = the more sensitive it is.
Also option to smooth source data (helps get cleaner signals, as always).
How to use? Signals are given on the chart. Also ou can use trend line as S/R line.
The idea behind:
Terms: SRС = Source TL = trend line; MP = ATR multiplier; ATR = ATR :) TL = (highest of source P-bars back + lowest of source P-bars back) / 2 Epsilon = MP * ATR I was thinking for a week about combining volatility and relation between highest and lowest price point. That why I called indicator Q-Trend = Quantitative Trend, as I was trying to think about price in a mathematical way.
Okay, time to go philosophical: 1) TL is shows good price trend, but as it is slow enough and not enough informative, we need add additional conditions to produce signals. 2) Okay, so what can we add as conditions? We need to take volatility into account, as it is crucial in the moments of market uncertainty. So let's use ATR (Average True Range) somehow. My idea is that if SRC breaks TL + ATR, then it means that there will be upmove and we update our TL. Analogically for SRC breaking TL - ATR(breaks are crosses of TL +- ATR lines). Conclusion: - if SRC breaks TL + ATR, it is a BUY signal and update of trend line; - if SRC breaks TL - ATR, it is a SELL signal and update of trend line;
I think that such indicator already exisits on TradingView, as I've already saw something similar, but long ago, so please don't report, if such thing already exists. But if not, then I hope, that you will gain some profits with Q-Trend :)
I will continue my work on this thing, so stay tuned.
Trade with your own risks and have your profits! Wish you all the best! - Tarasenko Fyodor
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+ Alerts; + Enabling/disabling trend line on the chart.
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+ Signal modes.
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+ Strong signals;
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+ Minors;
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+ Minors;
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+ Minors;
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+ Minor changes;
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+ STRONG signals' alerts.
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+ Minors;
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+ Reaching fix;
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+ Strong SELL alert fixed.
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+ Option for choosing ATR period. Experiment with it to get signals that will suit your trading style.
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+ Option for choosing which signals to display (All, Buy/Sell, Strong or None); Same chart, but: All Signals Buy/Sell Strong
+ Option for choosing colours; + Little logic optimization.
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+ Option for choosing shape of signals: label (with text) or arrows (without text).
NOTE: To apply changes delete indicator from chart, reload browser page and add indicator once again.
What time frame it is best to use on? Or what settings should we change to scalp on 3-5mins?
jammy1971
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@Gurneet_k, 10/15min on SPY seems to work well. Also turn on Smoothing and use 9 EMA. In addition, you can use an ADX filter. Works quite well by itself. Just my 2c
Maximilianned
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Hi - I was using the alerts and noticed that you have two strong BUY alerts - I gather one should be strong sell. -
Otherwise - like this indicator - thank you. Cheers
tarasenko_
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@Maximilianned, Hello! Sorry for a late reply. I fixed the problem, just wrongly named alert, sorry for that :)
Great! Are there any similarities to this for mt4?
OlegDaze
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Great job! So far it looks more promising than SuperTrend or UT Bot. Did you compare your indicator to them in terms of performance?
tarasenko_
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@OlegDaze, it is pointless to backtest on such indicators. There has to be signal filters or other confirmators and also specific risk-management, only then backtests make sense. So no, I didn't make any backtests (garbage on hyper volatile markets like crypto).
amosov7
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Отличная работа. Поучается торговать по сигнала. Благодарю!