TradeChartist Plug and Trade

20. Juni 2020

™TradeChartist Plug and Trade is an extremely useful indicator that can be connected to almost any Study script (not a Strategy) on Trading View (with an Oscillatory or Non-Oscillatory Signal plot) to generate Trade Signals with Stop Loss plot, user set or automatic Target plots and create Alerts based on Past Performance, determined by Past Gains/Drawdowns for each Trade. The indicator is packed with a lot of features including TradeChartist's signature Dashboard and Real-time Gains Tracker, Automatic Targets Generator, Take Profit recommendation, option to paint price bars based on Trade/Price Trend, 3 types of Stop Loss plots to choose from, with option for user to set fixed Target to take profits.

1. How does ™TradeChartist Plug and Trade connect to another Study script/indicator signal?

Plug and Trade is elegantly designed with simplicity in mind, without compromising on functionality, so any trader - beginner to advanced, can just plug an external signal to the indicator with ease by just following these simple steps.

• Add to price chart, the Indicator along with the signal plot to be tested and assessed for performance.

• Plug the signal into ™TradeChartist Plug and Trade by choosing it from the Plug Signal Here drop-down.

• Choose Signal type as Oscillatory if signal oscillates between set values or crosses a certain value periodically (Example: RSI, CCI, TRIX etc that are mostly not overlayed on Price chart and may be in a separate pane from price chart as it may not fit on Price scale), Choose Signal Type as Non Oscillatory if the signal can be plotted on price scale and Trades are normally generated when price crosses above or below it (Moving Averages, SAR indicators like SuperTrend, etc.).

• For oscillators, default Oscillator value for Trade Signals is 0 as most Oscillators have 0 as their mid point. The value can be changed if the Signal doesn't oscillate with 0 as its mid point. For example, if the connected Signal is RSI, the values can be changed to Upper and Lower band values to generate Trade Signals.

• Plot the Signal on chart if the signal is Non Oscillatory.

2. How can the plugged Signal's performance be assessed using ™TradeChartist Plug and Trade and subsequently used for generating Trade Entries and to create Alerts?

• Once the Signal is plugged into the indicator based on steps above, Plug and Trade automatically plots the Trade entries based on the Signal type.

• Plot Trade Entries after Bar Close from settings can be checked for signals that do not confirm until bar close. By doing this, repainting can be avoided for most signals and true performance can be assessed. Also, alerts can be created using Once Per Bar rather than Once Per Bar Close.

• The real-time Gains Tracker and Dashboard are useful in tracking gains and other useful indicator values like RSI, Stoch, ATR and EMA in real-time with price movement.

• Enabling Past Performance from settings will plot Maximum Gains achieved and Maximum Drawdown for each trade as labels . Trading View only plots finite number of labels and old labels are deleted automatically. But to access past performance beyond the last available label, bar replay can be used.

• User can choose from 3 types of Stop Losses from the settings - Fixed %, Trailing % and ATR Stop Loss namely and a Fixed TP % to create plots on price chart and to create alerts.

• If the user prefers automatic targets based on Trade entries, Recommend Targets can be enabled from the settings. The automatic targets are generated at the time of Trade Entry, along with Target prices and % which turn green when hit.

• Each BUY and SELL Trade are tracked in its entirety and the highest high since BUY and lowest low since SELL are plotted on the price chart and also displayed on the Plug and Play Dashboard

• Choppiness can be easily spotted if there are numerous Past Performance labels or several Trade Entries around a short timeframe on chart. This may mean that the signal needs smoothing or may not be suitable for the asset to trade on the chart timeframe. Suitability of a Study script for the asset can be determined in many ways using this indicator.
  
  3. What other features are included in ™TradeChartist Plug and Trade?
  • Enabling Spot Price Bars to take Profit option from settings automatically plots $ sign above/below candles where Profit taking is recommended or Stop Loss moved to secure profits/reduce loss.
  • Enabling Paint Price Bars with Trade Trend paints price bars with colors that help picture Trade/Price trend. Trend spotting using this works best with (bars/hollow candles/candles with no border) on dark background.
  • Both features work on Price chart even without any Signal plugged in.
  
  
  
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  Example Charts using different Signals plugged into ™TradeChartist Plug and Trade1. RSI Signal (Oscillatory) plugged in with >60 for BUYs and <40 for SELLs - BTC-USDT on 1hr
  
  
  2. PowerTracer Signal (Oscillatory) plugged in - GBP-USD 1hr
  
  
  3. 55 period VWMA Signal (Non Oscillatory) plugged in - ADA-USDT 4hr
  
  
  4. RSI Signal (Oscillatory) plugged in with >70 for BUYs and <30 for SELLs - SPX 1hr with Trailing SL - 3% and TP - 2%
  
  
  
  
  
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  This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)
  
  Premium Scripts - Trial access and Information
  • Trial access offered on all Premium scripts.
  • PM me directly to request trial access to the scripts or for more information.
  
  
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22. Juni 2020

Versionshinweise

Code Updated

1. Sept. 2020

Versionshinweise

Code Updated

1. Sept. 2020

Versionshinweise

Code Updated

8. Sept. 2020

Versionshinweise

Plug and Trade now automatically recognises confirmed signals at bar close. Still, the user must check the chart if the connected indicator before the Plug and Trade Entries by checking a few trades in the past. Active Entry labels will always have open price of the candle.

Once Per Bar to be used by Users for Alerts

8. Sept. 2020

Versionshinweise

Code optimised

5. Okt. 2021

Versionshinweise

Converted to V5

5. Okt. 2021

Versionshinweise

Code optimised

11. Dez. 2021

Versionshinweise

Added alerts for Long and Short Dollar candles (Alerts can be created using 'Once per bar')

18. Jan. 2022

Versionshinweise

Code optimised.