Master Your Trading with This All In One Indicator

Table of Contents

1. Introduction
2. Indicator Overview
3. Setting up the Indicator
4. Testing the Strategy with Examples
5. Conclusion

Introduction

Welcome back to our YouTube Channel! In this video, we will discuss an indicator that can help You identify pullbacks within the bullish and bearish trends of a financial asset. This indicator is particularly useful for traders who love trading trend-following strategies. Stay tuned to the end of the video, as we will combine this indicator with an existing strategy to give you a better understanding of how to incorporate it into your own trading system. Without further ado, let's dive into it!

Indicator Overview

The indicator we will be discussing is the CCI Colored Candles Bars, along with the Simple Buy/Sell Signals indicator. The CCI Colored Candles Bars indicator shows the perfect trend by using a histogram. Meanwhile, the Simple Buy/Sell Signals indicator provides buy and sell signals Based on specific criteria. By combining these two indicators, we can Create a powerful trading setup.

Setting up the Indicator

To set up the indicator, follow these steps:

1. Search for "CCI Colored Candles Bars" in the search box of your trading view.
2. Click on the "CCI Colored Candles Bars w/ Histogram" option.
3. Modify the settings of the indicator by changing the value of CCI length to 14.
4. Apply another indicator on the Chart by searching for "Simple Buy/Sell Signals" in the search box of your trading view.
5. Click on the "Simple Buy/Sell Signals" option.
6. Modify the settings of the indicator by hiding lines and changing the value of the fast period to 13.

Once you have completed these steps, your setup will be ready to use.

Testing the Strategy with Examples

Now, let's see how we can use these trading indicators with some examples.

Example 1: Buying Order

1. When the Simple Buy/Sell Signals indicator gives us a buy signal, observe the market for the formation of two bullish candles.
2. Check that the CCI Colored Candles Bars indicator's histogram is below the zero level.
3. If these conditions are met, place a buy order.
4. Set the stop-loss at the Current market's lower level.
5. Maintain a risk-to-reward ratio of 1:1.5.
6. Once the market hits the target, the trade is considered successful.

Example 2: Selling Order

1. When the Simple Buy/Sell Signals indicator gives us a sell signal, wait for the market to form two bearish candles.
2. Verify that the CCI Colored Candles Bars indicator's histogram is above the zero level.
3. If these conditions are met, place a sell order.
4. Set the stop-loss at the current market's higher level.
5. Maintain a risk-to-reward ratio of 1:1.5.
6. Once the market hits the target, the trade is considered successful.

Repeat these steps for other potential trades, following the buy and sell signals generated by the indicators.

Conclusion

In conclusion, the combination of the CCI Colored Candles Bars and Simple Buy/Sell Signals indicators provides a robust strategy for identifying pullbacks in bullish and bearish trends. By following the specific criteria outlined in this tutorial, you can effectively incorporate these indicators into your own trading system. Remember to always practice proper risk management and adjust the settings to fit your trading style. Good luck and happy trading!

Highlights:

• Identifying pullbacks in bullish and bearish trends with the CCI Colored Candles Bars and Simple Buy/Sell Signals indicators.
• Setting up the indicators and modifying their settings for optimal results.
• Testing the strategy with real-life examples and step-by-step instructions.
• Maintaining proper risk management and risk-to-reward ratios.
• Incorporating the strategy into your own trading system for improved results.

FAQ:

Q: What is the CCI Colored Candles Bars indicator? A: The CCI Colored Candles Bars indicator is a tool that shows the trend of a financial asset using a histogram.

Q: How can I set up the indicators? A: To set up the indicators, follow the instructions provided in the article. It includes searching for the indicators, modifying their settings, and applying them to your trading view chart.

Q: What is the risk-to-reward ratio for the strategy? A: The recommended risk-to-reward ratio for the strategy is 1:1.5, meaning the potential reward is 1.5 times the risk taken.

Q: Can I adjust the settings of the indicators? A: Yes, you can adjust the settings of the indicators according to your preferences and trading style. However, be mindful of maintaining the integrity of the strategy.

Q: How do I know if a trade is successful? A: A trade is considered successful when the market hits the target level specified, and the risk-to-reward ratio is met.