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[Tutorial][PRO] Algorithm Builder - Single Trend+

Introduction

The Algorithm Builder - Single Trend+ is 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

The Single Trend+ is an upgraded version of the Algorithm Builder - Multiple Trends, and includes the exact same features plus a built-in standalone Trade Manager, a Risk/Reward Panel optimized, and flexible offering 2 ways of analyzing your trades

We think this is an impressive built-in feature. Your indicator will draw 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 will be displayed on your chart. You can unselect or update the ones you want from the Style panel of your Algorithm Builder.

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 will display 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.

Algorithmic Support & Resistances

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
3 - The Algo S/R buffer (value in units/lots) is used for the Risk/Reward Panel
You might not want your TP zones to be defined exactly on those S/R, but to let yourself a little bit of margin.

We thought about this margin buffer because those S/R aren't always accurate levels - mostly because they're multi-timeframes zones (and otherwise trading would be too easy ^^).
It's up to you to decide how relevant this margin buffer is, and if it could add some benefits to your overall trading strategy.

Profit/Loss and Risk/Reward Panel
Show Panel

The Panel will display (if selected) for the current trade only the PnL (Profit and Loss), and R:R (Risk to Reward) informations. We let you the ability to position the panel whenever you want in the chart - you'll only have to play with the X, and Y positions to get it displayed wherever you want

The panel position will likely need to be updated every time you change the chart timeframe as it's not dynamic yet. Our R&D team is looking for a way to do it in a more automatically. For the time being, you will need to update it yourself. It's a small ask, but be sure we're working on it to simplify your life a bit more :)

1. Algo SR and PnL Panel

This option is based on the Supertrend by default, and it will work if, and only if the Supertrend checkbox is used, and checked

Algo SR and PnL Panel

When selected it will calculate automatically for each candle the PnL, and risk-to-reward ratio based on the Algorithmic SMAs (Simple Moving Averages).
A few notes :

- On that screenshot just above, the background is red because we're on a SHORT position. Otherwise, it's colored green for a LONG.
Entry Price : the price when the Algorithm Builder will give a signal.
- The Trade PnL in percentage.
- Entry Stop Loss : Distance (in currency/units) between the Supertrend (used as stop-loss), and the entry price.
- Entry Take Profit : Distance (in currency/units) of the nearest algorithmic SMA at the time of entry.
- Risk/Reward (at entry) : Using the Stop-loss/Supertrend distance at entry, and Take Profit at entry to compute the risk-to-reward ratio.
- Risk/Reward (next SR) : Gives the risk-to-reward ratio to the next nearest SR. Could be useful if you missed an entry, but can still get in the trade if the next SR is far enough to give a decent risk-to-reward ratio

Trade Manager

This is very likely the most loved utility script that we shared on TradingView. It's included in your Algorithm Builder - Single Trend+, and will certainly help you immensely to analyze your charts, and your trades. We made sure that all the graphical elements on the chart will be updated in real-time whenever our user change anything on the indicator configuration.
We also enabled alerts for the Trade Manager component. More info available in the Alerts section below.

Show Trade Manager
If Selected, will display the 2 Take Profits, and the Stop-Loss. You can adjust the horizontal labels positions with the field SL/TP Labels X Position
Stop-Loss Management

You'll have different Stop-Loss options. There is absolutely not a best or worst one. All depends on your own trading strategy, and if it makes sense to you.

Stop Loss Management with the Trade Manager

For what's following, let's assume that 2 is the stop-loss value you inserted in the indicator, and the Algorithm Builder gives a BUY signal. This is NOT a recommendation at all, only an example to explain how this feature works.

  • % Trailing : The Stop-Loss starts 2% away from the entry price - and will move up (because we're on a BUY trade as per our example) every time your trade will gain 2% profit
  • Percentage : The Stop-Loss stays static 2% away from the entry price. There is no trailing here
  • TP Trailing : This is a splendid feature. The stop-loss is set 2% away when the trades start.
    When the TP1 is hit, the stop-loss will be moved to the Entry price (also called breakeven).
    When the TP2 is hit, the SL is moved to the previous TP1 position
  • Fixed : Set the Stop-Loss at a fixed position (value should be in currency/units)
Take Profits Management
Take Profits with the Trade Manager
You can manage up to 2 take profit levels. The expected input is in percentage value (for instance, setting the % target of TP1 to 2% will set the TP1 level 2% away from the entry price
Labels 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 will move 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.

Deactivate TradingView native labels
Label Lines

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 can 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 vs 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 fewer 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 licenced 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 us 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.

BUY and SELL alerts
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 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.

Depending on your TradingView subscription type, you might receive the alerts by email, and by SMS

Trade Manager alerts
Trade Manager Alerts

We think it's fair that the Trade Manager displays visual signals, and also allow you to capture whenever your Take Profit(s) or Stop Loss are hit.
You'll have here to also create 1 alert manually per event (TP1, TP2, SL, ...). This is a really cool feature like you can have dynamic profit/stop-loss zones, and get alerted visually on your chart, and via the TradingView alerts system. You're welcome :)

More informations to create, and manage custom alerts here