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[Tutorial][PRO] Algorithm Builder - Single Trend

Introduction

The Algorithm Builder - Single Trend was made to detect the convergence of many unrelated indicators, and give a BUY or SELL signal whenever all the selected sub-indicators are converging in the same direction

We think this is an excellent built-in feature. Your indicator draws on the chart all the indicators selected for the convergence calculation by default. You can deactivate the display of those sub-indicators from the Style tab.
By default, the selected utilities, and indicators are displayed on your chart. You can unselect or update the ones you want from the Style panel of your indicator

Video Tutorial

This video was made for the Algorithm Builder - Multiple Trends+ (Plug&Play).
This is a more advanced edition but, contains all the features from the Single Trend anyway.
The video will still be very helpful to understand how this indicator works.

The user input fields

Access KEY

Expired Access Key

Here you'll need to insert the access key you received by email (within 2 business days after the date of order) This key has been generated for you according to your subscription package, and have a specific expiration date included in it.

If the key inserted is incorrect or expired, the indicator displays an orange label inviting you to subscribe again

Utilities

Algorithmic Supports and Resistances

We're giving below a few general rules that are valid for most of the trades.
- It usually reacts on them in the short-term when they're hit the first, and next few times
- The more a S/R is hit, the weaker it gets.
- They're all essential , and should be considered as strong S/R telling the trader to be more "cautious" before getting into a trade...
Especially if a signal is given near one of them.

They're called Algorithmic Supports and Resistances because they're universal, and work with all assets classes (FOREX, INDEX, CRYPTO, STOCKS, ...).
That's why we offer them in all of our Algorithm Builders because they're levels used to :
- Gives a warning to the trader if he/she gets a signal too close from one of those S/R - This is the scenario where waiting for a pullback could be recommended to limit the risk.
- Defines Take Profit zones.

Algo Supports & Resistances
Where to activate/deactivate Algo S/R

If you want to select/unselect specific supports/resistances, you'll need to :

  1. Go to the Style tab
  2. Select/Unselect the ones that make sense to YOU according to asset/timeframe on the chart
Labels Lines
Deactivate TradingView native labels
Label Lines

This option has been specially designed for mobile users. The TradingView native labels are very long, and take "too much place on the screen". The number input moves the labels on your chart, the higher the number, the more to the right they'll be located. You'll have now shorter labels so that your chart will look nicer on mobile devices.

Indicators

Overlay

The Overlay gives a bullish signal if the price closes above the selected Moving Average. Otherwise, the returned signal is bearish

Supertrend
Supertrend

The Supertrend gives a bullish signal if the price closes above the red supertrend for the first time. Otherwise, the returned signal is bearish

MACD or MACD ZERO LAG
MACD or MACD ZERO LAG

You have the option to choose between a standard MACD or its alternative called MACD Zero Lag (known to be more reactive/less lagging that the standard version). There is no right or wrong choice here, all depends on your own trading strategy. The MACD or MACD Zero Lag gives a bullish signal if the oscillator goes positive for the first time. Otherwise, the returned signal is bearish

Moving Averages Cross
Two moving averages cross

The Moving Averages cross bullish signal whenever the 2 selected moving averages cross for the first time. Otherwise, the returned signal is bearish

Price versus Ichimoku Cloud
Price vs Ichimoku

The Price versus Ichimoku gives a bullish signal whenever the candle closes above the Ichimoku cloud. Otherwise, the returned signal is bearish

Trend Code

The Trend Code is part of our internal formula, and we cannot disclose what it is exactly. However, we'll surely tell you how to use it. As a rule of thumbs, the lower the input value is, the lesser the number of trend codes is - the higher the input value, then the trend code will be more smoothed, and gives less sub-signals. (This is the classical behavior of any indicator anyway)

Pullback Value and Pullback Percentage
The Pullback will wait for all the other selected sub-indicators to converge, and only then will wait for a pullback on a moving average before giving the real entry signal

If you want a pullback without any buffer, then you'll have to apply buffer = 0. Sometimes, the broker might not take our orders if they're based on highs, and lows (due to network issue, liquidity, ...), and that's why we added this field allowing our users to get some margin of "error", and more flexibility

Pullback in value and in percentage


Pullback Value: the indicator expects a distance from the selected moving average in lots/units (i.e. Pullback Value SMA 20, and buffer 3 accepts the pullback whenever all the signals are converging, and the current price is 3 units/lots away from your SMA 20
Pullback Percentage: the indicator expects a distance from the selected moving average in percentage (i.e. Pullback Percentage SMA 20, and buffer 3 accepts the pullback whenever all the signals are converging, and the current price is 3 percent away from your SMA 20

Hard Exit (based on MACD)

The Algo Builder Single Trend only includes the hard exit signals based on MACD. For more information about why we think the hard exits (also called "invalidation") are essentials, and most of the times could prevent disasters, please have a look at our opinion on this topic here : The Best Trading Indicator trading method

We're not licensed financial advisors. That's why we're only here sharing trading scripts based on our own trading method. Even if using a hard exit signal could be advisable depending on your own trading method, we will never give explicit recommendations. For some trading strategies, it might not make sense using one - it's a case by case decision

Trading hard exit/invalidation

Let's assume the simple configuration with a SMA 20/50 cross, and a Supertrend (5,5). The signal is bullish signal whenever the 2 selected indicators are converging. Otherwise, the returned signal is bearish

This vertical brown line appears because (in that specific scenario) we're in a BUY, but we get a hard exit/invalidation signal based on that MACD. This allows to exit a losing trade sooner, and before it might hit your stop-loss

Alerts

We obviously enabled the alerts on those convergence signals, but we cannot activate them for you. You'll need to create for each asset, and each timeframe the alerts to capture the signals given by the Algorithm Builder.

The number of alerts you can set for your TradingView account depends on your TradingView subscription type. You can figure out how many alerts you can have activated simultaneously from that documentation : https://www.tradingview.com/gopro.

Tradingview Alerts Settings

The screenshot should be self-explanatory enough

You mandatory need to create 1 alert for the BUY event, and 1 alert for the SELL event

The Algorithm Builder - Single Trend allows us to capture the alerts on those BUY green triangles, and SELL red triangles.

You'll have to create 1 alert per event (buy or sell) per asset (BTC, DOW, APPL, ...) per timeframe (m5, m15, ...).

For instance, if you add your Algorithm Builder - Single Trend to your chart. You have to create 2 alerts. A first one to capture the BUY event, a second one to capture the SELL event.

According to your TradingView subscription type, you might receive the alerts by email, and by SMS

More information to create, and manage custom alerts here