today I'm happy to share with you Altwalker V2, an updated version of the former Altwalker for lower timeframes (from 5 minutes to 4 hours). It is both a Swing and Scalping Strategy indicator, based on a simple trend following theory, mainly designed for Cryptocurrencies, Altcoins and of course Bitcoin.
Based on Moving Average, Altwalker V2 on low timeframes dynamically identifies market resistance and support, so in which trend a cryptocurrency is during time:
green trendline and background means bullish trend, in fact it start with a "buy" signal
red trendline and background means bearish trend, in fact it start with a "sell" signal
if a series of buy and sell appears (this may happen especially in lower timeframes), this means price is in consolidation or distribution phase, so be prepared for a new trending phase coming soon, always remembering that taking profits is awesome and managing your risk by defining you position size and having a stoploss is a must in trading
To help in Taking Profits, Altwalker integrates also 2 special tools besides the trend highlighter:
Overbought and Oversold RSI Signals, which appear both as darker background (the darker the color, the more the price is in overbought/oversold) and green "ob"-"tp" / red "os"-"tp" labels (they optionally pop up only on a configurable stronger overbought/oversold condition) (you can enable/disable it optionally)
Peak Profit Tracker, which resets every time a new trade start and keeps track of price fluctuation during the trade: the message is don't be too much greedy and take profits or lock them with a stoploss in profit (you can enable/disable it optionally)
You can edit many options in order to
enable/disable showing buy/sell signals
enable/disable showing trendline
edit trendline variant (you have 2 options, by default variant 1 is selected)
enable/disable showing trend as background
enable/disable showing RSI TP signals
edit RSI length, overbought (OB) and oversold (OS) levels
enable/disable showing peak profits on each trade
The user who wants to use this strategy, especially via an automated bot, must always set a stoploss (example 150$ from entry on bitcoin ) or use a proper risk management strategy. This is not the "Holy Grail", so use it with caution. It's highly suggested to use a proper money management.
This script will let you set all notifications you may need in order to be alerted on each triggered signals.
Here there are some examples how Altwalker V2 works on many timeframes and markets:
LINK/USDT 1h
XLM/BTC 1h
ETH/BTC 1h
ETH/USDT 1h
COMP/USDT 1h
YFI/USDT 15m
NEO/BTC 5m
VET/USDT 15m
This is a premium indicator, so send me a private message in order to get access to this script.
הערות שחרור
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upgraded to pinescript v5
הערות שחרור
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Added enhanced Re-Entry and Take Profit (TP) logic as in ALGO Trading indicator series