Trendoman Indicator

Trendoman "Trading Signals" indicator

This is our first indicator that will give signals for buying and selling (With the possibility of setting (Alert). The indicator is optimized for the senior TF (1D and 4h). Signals are given automatically after the closing of the candle.

This indicator combines oscillators (Stochastic, RSI, MACD), adds EMA (50,100,200) to determine the local and medium-term trend, and adds certain conditions (Formulas) to determine entry points and signal generation.

This is the first version of the indicator, and it will be improved and updated. This indicator is provided for informational purposes only.
Индикатор Trendoman "Торговые сигналы"

What does it do and how to use it?

This script was written for me, so I made it for my main timeframe, which is 1D. This is the timeframe I tested it on (Russian and US stock market)
When adding the indicator to the chart, open the daily timeframe (1D).

What will we see?

⚫️BUY or SELL signals on the chart. They appear after the closing of the trading day candlestick, therefore, as soon as you see this signal, you can open a trade (In the settings, you can use (Alert Notification) so that when the signal appears, a notification is triggered on a specific instrument.

⚫️Notification preparation "Prep" on the chart. THIS IS NOT A SIGNAL, it is a regular notification when the price enters the overbought or oversold zone. We use this to set Take-Profit and Stop-lose, as well as to understand that it is dangerous to buy in the overbought zone, and to sell in the oversold zone. If you do not need them, you can disable them in the settings.

⚫️The line in the middle. This is a moving average, which shows the direction of the trend (In the settings

Stop-lose and Take-Profit
Trying to build into this indicator the ability to automatically set Stop-lose and Take-Profit did not lead to anything. The main problems are completely different situations at the time of the signal (Mathematically it is not calculated). Have to count yourself.

To set Stop-lose after the signal.

1. Look at the previous local minimum (If the signal is to buy or local maximum (If the signal is to sell). It can be the body of a candle, the shadow of a candle, or a specific level. The stop is always placed below this level, range, or local minimum or maximum.

To set the Take-Profit after the signal is given. There are several options.

1. Mark the levels. Look at an important support or resistance range, fix part of the position at the level, and set the stop for the remainder at breakeven (Entry Price)

2. Make a risk of 1 to 1. If you do not define levels and markup well, then after changing the Stop-lose, you can put the first take on the same%. Example:

Stop-lose и Take-Profit

When you can't open a position EVEN if the indicator shows a signal.

⚫️ If the indicator shows a signal (BAY or SELL), and the signal candle or the previous one opens with a gap. CANCELLED SIGNAL.

⚫️ If the signal candle has a large impulse (down or up). It's very easy to check, take the last 10 candles, if it's higher than the average, it's better to skip this signal (long stop)

⚫️Illiquid instruments. The second and third echelons are often pumped by market participants. Indicators and candles do not work stably. Do not trade illiquid instruments using this indicator.

Risk management.

As noted above, it is impossible to calculate the exact Stop-lose and Take-Profit mathematically, as each situation is unique (levels, highs, lows, slopes, etc. differ).
If you see that your Take-Profit is less than your Stop-lose, it is best to ignore such a trade (depending on your risk tolerance).
Try to open trades where the Take-Profit is greater than the Stop-lose.