Free Trading Indicator Review

Jul 30, 2024

Free Trading Indicator Review 📈

Introduction

  • Overview: Presentation about a free trading indicator developed by the speaker.
  • Access: Link in the description to sign up and get access.
  • Purpose: To add data and statistical edges to trading methods.

Importance of Data in Trading

  • Many traders trade without data or statistical edges.
  • This indicator is designed to bring value to various trading models.
    • Can be used with ICP, Smart Money Concepts, Support & Resistance, etc.

How to Use the Indicator

Initial Setup

  • Add Midnight Snap to Chart: Default settings will be active initially.
  • Data Loading: Takes 10-15 seconds to load data when settings are changed.

Specific Example: NASDAQ

  • Preferred Asset: NASDAQ is highlighted.
  • Data Time Frame: Must be on a 1-hour time frame for maximum data.
  • Subscription: Premium TradingView subscription allows for 1,032 sessions (about 2.8 years of data).
    • Replay mode can be used for additional data.
    • Calculating averages from multiple data sets.

Indicator Features

Session Time Setup

  • Table Location: Customize where data tables appear on the chart.
  • Session Time: Highlights trade windows on the chart.
  • Line Style: Change line style (solid, dashed, colored, etc.).

Liquidity Footprints

  • Automatically draws significant wicks or 'liquidity footprints' on the chart.
  • Minimum Wick Ticks: Customize how major liquidity footprints are shown (e.g., set to 90-150 ticks).
  • Color Customization: Change footprint color for visibility.

Data and Probabilities

  • Gives probabilities of price retracing to the midnight open.
  • Can be adjusted for different opening times (e.g., 7:00 AM candle).
  • Shows percentage of retrace probabilities over different time frames.

Practical Use-Cases

Example Analysis

  • Showcased analysis on a NASDAQ trading day.
  • Key Insight: If price is above midnight open, look for shorts; if below, look for longs.
  • High Probability Trading Windows: From 8:00 to 11:00 AM, the probability of retracing to the midnight open.
  • Incorporating Other Strategies: Can be used with any other trading model for better decision-making.

Strategy Example

  • Time Window Strategy: Focuses on the statistical likelihood of retracing during specific hourly windows.
    • Uses data like liquidity footprints and market structure.
    • Incorporates protected highs and lows for setting stop losses.

Summary

  • Utility: Enhances any trading model with robust data and probabilities.
  • Customization: Fully customizable to fit specific trade times and styles.
  • Community: Join the Discord for support and questions.
  • Closing Remarks: Encouragement to stay committed to trading goals.

Call to Action

  • Check the description for the sign-up link.
  • Join the Discord community for further support.

Note: Always combine with other trading models for best results.

Conclusion

  • This indicator offers a valuable statistical edge to various trading styles.
  • Recommended for those looking to bolster their trading decisions with reliable data.

Final Thoughts

  • Always be patient and wait for high-quality setups.
  • Trading success requires continual learning and adaptation.