Note the following:
1.) This algo works best with /USD pairings (e.g. ETH/USD). Doesn't work as well with /BTC pairings (e.g. ETH/BTC ). I believe this is because USD is stable and allows for better data (rather than comparing two very volatile assets to each other).
2.) This algo works best on swing trading time frames (4 hour - 12 hour) but can also be used on lower time frames (although lower than 1 hr is not recommended). For reference, I've found the best time frames to be as follows: BTC - 6 hour, LTC - 4 hour, ETH - 12 hr
So far, the results have been far better than the other bots/indicators I've come across.
This indicator has been optimized for use on Bitcoin with 6 hour candles just because Bitcoin is the oldest crypto & has the most backtesting data available. And 6 hour time frame because I prefer swing trading over day trading.
Feel free to test on different time frames and coins to see what gets the best results.
Comments and feedback appreciated!!
************Note: Please do not ask me for the source code. It is protected for a reason....I won't be giving it out to anyone.*************
- Added ability to set normal stop loss % below buy price
- Added ability to set trailing stop loss %
- Added additional sell criteria for improved performance
- Refined buy/sell criteria for improved performance
- Added option to set volatility based trailing stop - based on ATR (although I don't use it personally...just giving people an extra option in case they want to use it)
- Added ability to show most recent support/resistance levels based on most recent swing high / swing low (note: keep in mind that not every single pivot point is a true support/resistance level, but often it is)
- Added optional setting to "Buy the Dip" (note: this is an aggressive choice but can be very profitable depending on the coin & time frame....test both on/off and see what backtests better)
- Minor patches
Note: If you find a certain combination of time frame / coin that seems to be very profitable, I would appreciate if you post it in the comments below!
> Refined pivot criteria
BTC - 1E6rD3pn3B6xEaKFGv71XG5YtHhESfDFwm
ETH - 0x492A7743492BB592DC81789A837eEd1F6c2d81a5
> Added additional optional criteria to confirm buy signals. These can be switched on/off in the settings. Default settings are set to work best for BTC 6 hr chart.
> Added option to turn on/off bar coloring
> Added ability to use 1 hour activity to confirm buy signals. NOTE: this means that you cannot use this script for backtesting with 1 hour chart or lower, or else you will encounter issues with strategy repainting
If you've already added this script to one of your charts, please remember to remove the script and re-add it so you'll have the latest version.
But! When i add the wave rider signal to my charts now i'm seeing a lot of info on there that i'm not quite sure i understand right.
Is there a reason why the candles are coloured yellow / green / red?
What's the significance of the red dotted lines and green dotted lines and how are they to be used in conjunction with the signals?
Finally, how do i modify the settings other than right clikcing and hitting format? (I can't code, btw!)
Thanks for your hard work.