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Day Trading LTF Signals Bot (PineScript)

Screenshot

Setup

  1. Navigate to TradingView.com
  2. Select an asset and navigate to advanced chart
  3. At the bottom of the page select pine editor and expand this section
  4. Copy/paste script.pine into pine-editor
  5. Select Add to Chart in the top right menu

Note: signals are ideal on the 15 min time frame

How it works

The signal looks for two conditions based on VWAP and Stoch RSI.

VWAP represents the average price adjusted for volume. The script looks for when price crosses the VWAP trendline. Indicating a rapid spike in volume and price. VWAP helps indicate if price is undervalued or overvalued, a cross and break represents a potential shift in trend supported by volume.

Stoch RSI gives a measurement based on the current, lows, and highs of the RSI based on a set number of periods (14 for this script). It also helps indicate when a stock is overbought or oversold. It tracks two values based on the highs and lows and when these values cross the second condition for a signal is given. Both the VWAP and Stoch RSI giving a positive signal in succession shows strong signs of a shift in momentum.

Roadmap

Third confirmation

Pivot Points act as additional confirmation of a shift in trend. They act as support / resistance lines and a break or retest of one of these levels can serve as a third confirmation signal.

Looking to add this as an additional condition for a signal in the future. For now these levels can added manually as an overlay with the following settings:

Pivot Points Standard Type: fibonacci Show historical pivots: true Pivots Timeframe: Daily Number Of Pivots Back: 15

Optimizing time periods for crypto market

Looking to backtest experimenting with adjusting the periods considered for Stoch RSI calculations. The 14 period standard being based on regular stock trading hours it would be interesting to see how adjustments can be made to optimize for crypto for example where markets are open 24/7.

Strategy

This strategy is inspired by the free trading resources published by @EmperorBTC. Please take some time to visit his page and find some great insights into trading

Note All the information made available here is generally provided to serve as an example only, without obligation and without specific recommendations for action. It does not constitute and cannot replace investment advice