Better Trend Trading
1. What is the BetterTrend Trading indicator?
The"Better Trend Trading" indicator for TradingView is a versatile tool designed to identify various high-probability trade setups that occur during significant market trends. It is valued for its ability to spot the beginning of trends, pullbacks, and breakouts. The key features of this indicator include:
1. Detection of TrendBeginnings: It accurately identifies when a new trend starts, allowing traders to join the trend early. The indicator uses a proprietary algorithm to spot the beginnings of new trends with high accuracy.
2. High-Probability Retracement/Pullback Setups: It detects high-probability retracement and pullback setups with significant profit potential. These setups are known to be among the most profitable, but they are challenging to identify accurately. The indicator ensures that these setups offer a great risk-to-reward ratio.
3. Identification of Trend Direction Breakouts: The indicator is programmed to identify two types of real breakouts in the direction of the trend. These breakout types are considered the best in terms of accuracy and overall profitability.
4. Increased TradeOpportunities: Compared to other trend trading indicators, the "Better TrendTrading" indicator can recognize multiple kinds of trading opportunities once a trend is established, potentially offering up to three times more trades. It analyzes not only price movement but also market timing and volatility.
5. Versatility: The indicator works on any market, including FX, stocks, and indices. It helps traders identify market reversals well in advance.
6. User-Friendly Signals: When the indicator finds a breakout with significant profit potential, it prints a signal on the chart, making it easy for traders to take advantage of these opportunities.
The"Better Trend Trading" indicator aims to provide traders with an edge by identifying high-probability trading opportunities that many other indicators might overlook, thereby maximizing the profit potential during established market trends.
2. Indicator settings:
Smooth period: choose the number of periods being used in calculating the moving average
Smooth method: choose the Moving Average calculation (SMA/EMA or Hull) for smoothing
Filterperiod: choose the Moving Average calculation(SMA/EMA or Hull) for filtering
Various Color and line settings: customize these colors of up/downtrends, trend line style and width.
Max bars back: the maximum count of past candlesticks considered by the indicator for its analysis.
3. Alert set-up:
To stay updated on potential trading opportunities, you can set up alerts within the BetterTrend Trading indicator settings.
Step 1: From the indicator settings, customize your alerts by defining your desired parameters for buy and sell signals. The selected configurations will be used for notifications in Step 2.
Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's Alert icon.
Step 3: Select Better Trend Trading from the “Condition” dropdown list.
Step 4: A pop-up willappear as follows. Click on “Notifications”.
Step5: Choose the types of notifications you'd like to receive, and click the “Create” button.
