Date: September 9th 2020
Updates V5.4
I updated the Algo Indices and Universal with version 5.4
I added visual flags and High Reward alerts to capture them
How do I use them?
As you can see from the screenshot below, I created quite a few alerts ;)
This allows me to screen across many assets/asset classes/timeframes for high-reward setups
The High Reward alert captures either of the following setups:
- Long and Black EMA above the cloud
- Short and Black EMA below the cloud
For this alert, the leading trend color isn't taken in consideration
Often, for example, we have a Long + EMA above the cloud with a red leading trend and the next untouched S/R being far.
This setup is quite bullish and waiting for the green leading trend gives the signal too late
To summarize, 1 alert capturing both Long and Short high-reward setups
TradingView alerts limit
With a TradingView Premium account, you can set up to 400 server-side alerts
That's the plan that I have to get plenty of alerts on plenty of assets
More info on the TV pricing
Be careful
You know the method of course
If you get such a flag signal but you're facing an S/R, please analyze the situation with a calm mind
Re-entry
For a given trend, I only consider the first flag.
Let's say I'm getting a second...third flags, I won't re-enter solely based on them.
To re-enter, I'd go with a smaller available timeframe for the asset to confirm my entry with a triangle or diamond signal only
Edit: 09-13-2020
Instrument History
Super Important Note
Be mindful that assets recently added to TradingView may not have weekly/monthly SMAs yet
Saying this in case you think you're getting a very easy high-reward trade but actually missing some SMAs because of lack of history
When you see a lot of n/a values , it means the asset is new and doesn't have a lot of history
