[blackcat] L3 Super Best Cost Line

4 בפבר׳ 2023

Level: 3

Background
As suggested by hedan1, he made a suggestion: this indicator can be further optimized to develop a dull line to filter the overall direction, and then use the sensitive line as a confirmation signal to enter.

One of my favourite tool to see fast trends which is simple but powerful. It runs under below market logic.

Function
With hedan1's idea, the 1st thing i come up with is a two-layer structure: the inner sensitive part is the best cost line indicator, the outer layer is a supertrend indicator to control the overall trend direction.

Best cost line is a tool to model the people's mood and preference in the market. I define a typical price as wcx, when wcx is above the best cost line, which means traders are willing to use higher price to buy, then if you long, you are following the trend and make profit. On the other hand, if wcx is below the best cost line, which means traders are NOT willing to pursue higher price (maybe due to continous stop loss or sth other), then you should at least not long or if you are agressive in style, you may consider short.
That is it. Do you think it is simple and powerful enough?

Remarks
L: long entry, yellow
XL: close long, fuchsia
S: short entry, green
XS: close short, red


inner bullish: yellow color
inner bearish: fuchsia color
outer bullish: green color
outer bearish: red color

inner indicator : the best cost line
outer indicator : supertrend

also, i improved the display fucntinon remove some blur lines with linebr feature.

Feedbacks are appreciated.