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Mammon v3 Study
Mammon is an indicator derived from a Naberius trading algorithm. It detects the current trend in the market and prints a suggested entry accordingly at assumed pivot points. As such, it excels at trading larger timeframes but can, depending on the asset, be effective down to the 15m and 30m time scales.
This algorithm was developed to trade primarily leveraged XBT; however, after exploring larger alt coins and the more traditional markets outside of cryptocurrency we found that Mammon does better than the average trader regardless of the pair or ticker being traded at the time. Any core changes to the live trading algorithm will be added to this indicator as they are deployed.
Suggested Methods of Operation:
1. Buy and Sell signals represent a possible trading opportunity. Based on our testing, manual traders should use the 30-60m for scalping and 240m and 1D for larger swings.
2. Upon signal print, place your limit orders spread throughout the current candles total body range. DO NOT MARKET IN. DO NOT CHASE. If the limit orders don't fill within the following candle regardless of timeframe being traded remove them and re-evaluate.
3. Mammon can be susceptible to "chop" aka tight ranging price action on small timeframes. If a Buy prints at the current resistance or Sell prints at current support it's best to not take that position or wait for volume confirmation before entering.
4. Use standard candles. Heikin Ashi candles are ok but can be deceiving in times of localized price volatility
5. Trade the trend. Establish the dominate direction then trade accordingly.
This algorithm was developed to trade primarily leveraged XBT; however, after exploring larger alt coins and the more traditional markets outside of cryptocurrency we found that Mammon does better than the average trader regardless of the pair or ticker being traded at the time. Any core changes to the live trading algorithm will be added to this indicator as they are deployed.
Suggested Methods of Operation:
1. Buy and Sell signals represent a possible trading opportunity. Based on our testing, manual traders should use the 30-60m for scalping and 240m and 1D for larger swings.
2. Upon signal print, place your limit orders spread throughout the current candles total body range. DO NOT MARKET IN. DO NOT CHASE. If the limit orders don't fill within the following candle regardless of timeframe being traded remove them and re-evaluate.
3. Mammon can be susceptible to "chop" aka tight ranging price action on small timeframes. If a Buy prints at the current resistance or Sell prints at current support it's best to not take that position or wait for volume confirmation before entering.
4. Use standard candles. Heikin Ashi candles are ok but can be deceiving in times of localized price volatility
5. Trade the trend. Establish the dominate direction then trade accordingly.
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