Market Emotion Switch
SETTING MANUAL
1/ What is the Market Emotion Switch indicator?
Introduction:
- The Market Emotion Switch designed exclusively for TradingView, revolutionizes how traders interpret market sentiment and trend reversals.
- It identifies overbought and oversold conditions, and determines precise entry points with exceptional accuracy.
Benefits:
- Accurate Market Sentiment Analysis: This indicator expertly gauges the mood of the market, providing insights into whether traders are optimistic or fearful, which is crucial for predicting market movements.
- Overbought/Oversold Conditions Identification: By suggesting when the market is potentially overextended, it offers valuable warnings of impending trend reversals.
- Precise Entry Points: Combines sentiment analysis with a 60-period EMA evaluation, pinpointing the most opportune moments to enter trades.
- Comprehensive Market Application: Whether you're dealing with forex, stocks, indices, or commodities, the "Market Emotion Switch" is versatile enough to provide reliable signals.
- Customizable Alerts: Provides a range of alert options including pop-up, sound, email, and push notifications, customizable to individual trading needs and styles.
2/ Indicator Setting
Please note that there are 2 parts to this product: Market Emotion Switch and Market Emotion Switch Panel. Please add them both from your Invite-only scripts.
- Market Emotion Switch
Market Emotion Period: Determines the timeframe over which market sentiment is calculated, affecting sensitivity to market changes.
Market Emotion Long Period: Sets a longer period for evaluating market emotion, offering a broader view of sentiment trends.
Market Emotion Price: Select the price point (close, open, high, low,...) to analyze market emotion, influencing the indicator's reaction to market moves.
Market Emotion Price Filtering Period: Adjusts the period for filtering market price data, enhancing the smoothness and reliability of emotion signals.
Market Emotion Price Filtering Mode: Choose the mode of filtering price data (e.g., moving average types) to refine market emotion analysis.
Market Emotion Percent: Specifies the percentage threshold for recognizing significant changes in market emotion, defining sensitivity to sentiment shifts.
Market Emotion Average Period: Sets the period for calculating the moving average of market emotion, smoothing out short-term fluctuations.
Market Emotion Average Type: Select the type of moving average (e.g., Simple, Exponential) for averaging market emotion, tailoring the indicator's responsiveness.
Price MA Filter Period: Defines the period for the moving average filter applied to price, aiding in trend detection.
Price MA Filter Method: Choose the method of the moving average filter (e.g., Simple, Exponential), affecting how price trends are smoothed.
Price MA Filter Applied Price: Determines the price (close, open, high, low) to which the moving average filter is applied, refining trend analysis.
SL & TP:
ATR Period for SL Shift: Adjusts the period over which the Average True Range (ATR) is calculated, used for dynamically setting stop loss levels.
SL Shift Coefficient (from ATR): Multiplier for the ATR to determine the stop loss distance, allowing adjustments based on market volatility.
TP Coefficient (from SL): Sets the take profit distance as a multiplier of the stop loss distance, aiding in maintaining a consistent risk-reward strategy.
STYLING
Up Arrow String: Customize the text label for buy signals, enhancing clarity on bullish entries.
Down Arrow String: Customize the text label for sell signals, enhancing clarity on bearish entries.
Up Arrow Color: Selects the color for upward arrows, visualizing bullish signals.
Down Arrow Color: Selects the color for downward arrows, visualizing bearish signals.
Up/Down Arrow Size: Adjusts the size of the arrows for better visibility on charts.
Display TP/SL on Chart: Toggles the visibility of take profit and stop loss levels on the chart, aiding in trade management.
TP Color: Customizes the color of the take profit line, distinguishing it on the chart.
SL Color: Customizes the color of the stop loss line, distinguishing it on the chart.
Max Bars to Calculate: Limits the number of bars back from the current bar that the indicator calculates, optimizing performance.
- How can I set up alerts?
To stay updated on potential trading opportunities, you can set up alerts within the Market Emotion Switch.
Step 1: From the indicator settings, customize your alerts by defining your desired parameters. 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 Market Emotion Switch from the “Condition” dropdown list:
Step 4: A pop-up will appear as follows. You click on “Notifications”.
Step 5: You choose the types of notifications you'd like to receive and click the “Create” button.
