SECRET TradingView BEST Indicators for DAY TRADING | 941% Profit with Scalping Strategies
Introduction
In this video, the speaker introduces a secret indicator that he has backtested and found to be effective. He explains how it works and how he plans to use it in his trading strategy.
The Secret Indicator
- The indicator is no longer available on TradingView, but the speaker provides a link to it in the video description.
- The indicator looks similar to RSI but is called Trin DeLeo. It has a main signal line and dynamic bands built around it.
- When price comes above the zero line, it detects an upward trend. When price comes below the zero line, it detects a downward trend.
- The speaker plans to use this indicator as part of his trading strategy.
Building a Trading Strategy
- The speaker plans to combine Trin DeLeo with other indicators like T3 and ADX+MA for confirmation signals.
- He will use ATR bands with multipliers of two for stop loss levels.
- He aims for a minimum 1:2 risk-to-reward ratio or one percent win.
Trading Strategies
In this section, the speaker discusses his approach to building trading strategies using baseline indicators, confirmation indicators, and stop loss indicators.
Baseline Indicators
- Baseline indicators confirm trend direction. Examples include T3 or moving averages.
Confirmation Indicators
- Confirmation indicators provide additional signals that confirm entry points. Examples include crossover indicators or those that cross special levels like ADX+MA.
Stop Loss Indicators
- No new information provided in this section.
Trading Strategy Walkthrough Trading Strategy Walkthrough
In this video, the speaker discusses a trading strategy walkthrough. He talks about the settings he uses for confirmation indicators and risk management. He also shows an equity curve and some of his trades.
Settings for Confirmation Indicators and Risk Management
- The speaker uses ADX for confirmation.
- He uses an R2R with ATR stop loss.
- One to 1.1 risk to reward is used with a minimum of one percent take profit.
- Maximum stop loss is set to 2.5 percent or can be set using a percentage instead.
Equity Curve and Trades
- The speaker has a 66% win rate with quite a good P/L.
- Max wins in a row was seven, max losses in a row was three.
- Total wins of 68, total losses of 34, and 102 actual trades which is good enough for him.
- Profit factor is at 1.74 which is great on this trading strategy.
- Trading has been going on since November 21st, around six months ago, and has managed to make $824 which is absolutely brilliant.
Trading Simulator
- The David Take Trading Simulator simulates trading strategies completely randomly so that you can test a trading strategy for leverage and things like that.
- It helps us simulate better whether trading strategies would win or lose money on with leverage.
- You can run it like 100 times in one go which makes things easier.
Conclusion
The speaker concludes by thanking the person who sent him the indicator anonymously. He likes it very much and will probably be setting this one up to trade live on his website to see whether it works in real-time as always you can add the indicators Down Below in the description.