This free to access post provides an overview of the custom tradingview indicator I have created. https://www.tradingview.com/u/explainmecrypto
It can be used on its own or alongside my Beginner’s Swing Trading Strategy. You can get access to the indicator by subscribing to the top tier of this newsletter (just $10 per month, which is exceptional value compared to most other indicator suites) or contacting me direct for crypto subscription rates. I also offer a one week free trial for anyone who wants to try before they buy - drop me a comment here or on tradingview, DM me on twitter (@explainmecrypto) etc if you want to give it a try.
The indicator has a number of features. It has a macro trend direction line which shows the general price trend - green is bullish; red is bearish and orange is neutral. The indicator also prints micro trend red or green dots for each candle as an additional indication of trend (or none at all if trend is uncertain). Additionally, it prints an “x” when momentum in either direction appears to be exhausted and an “R” when price action looks like it is reversing.
You can use the signals in the indicator in different ways for entries and exits - for example waiting for bullish/bearish dots to confirm above or below the direction line respectively.
No indicator is perfect - if they were they wouldn’t be publicly available and would instead be making their owners millionaires and billionaires! This indicator can be used on any timeframe but, like most other indicators, typically works best on higher timeframes because there is less “noise” and fakeouts.
Most retail traders get recked because they can't identify high timeframe trend changes and get influenced by the up-only and down-only twitter influencer crews. Using this indicator doesn't guarantee you perfect entries and exits but if, for example, you use it on the weekly timeframe it should help you identify high timeframe trend changes and consequently to preserve your capital.
In all timeframes you should wait for the relevant candle to close and any signal for that candle to be confirmed.
Below are some examples of the indicator in action at the weekly timeframe.
$btc weekly
$eth weekly
$link weekly
$avax weekly
$matic weekly
