How does ™TradeChartist Transformer work?
1. Connect any external indicator plot to Transformer by choosing it from the Transformer's Plug Indicator Here dropdown from the settings.
2. Choose whether the connected plot is Oscillatory or Non-Oscillatory from Indicator Type.
3. If connected indicator is an oscillator, enter the values for Transformer to generate Trade Entries. For example, if the connected Indicator is , user can define level 60 for BUY entries and level 40 for SELL entries. For most oscillators, the value is 0 which is the default value.
4. There are two types of Trade Entries, one based on Fail/breach of Nearby Support/Resistance and the other based on Fail/breach of Ultimate Support/Resistance plotted by Transformer. For Higher Time-Frames like Daily, Fail/breach of Nearby S/R entry type will ensure early trade entries. This could vary from indicator to indicator and a thorough testing/observation on timeframe traded using paper trades is highly recommended before trading with real money.
5. Once Steps 1-4 are complete, BUY and SELL plots based on above will be plotted by Transformer on Price chart.
6. BUY and SELL plots are also decided by an ATR ( ) condition + Indicator plot acting as filter itself along with fail/breach of , as this helps minimise unproductive trade signals.
7. Enabling Dynamic plots moving levels for each bar. For most assets/timeframes, this doesn't alter the Trade entries.
8. Bar Colors and Profit Taking Bars can be enables from settings as these help identify the trend visually and also help recommend bars where profit taking is recommended.
9. Alerts can be created for Long and Short entries by using Once Per Bar Close as Alert Frequency. Entries are generated on Real time bars as close price fails Support or breaches Resistance. It is recommended to wait for bar close before taking a position based on Transformer Trade Entries.
10. Trade Entries or Transformer plots don't repaint. This can be verified using Bar Replay by confirming real time plots with historical plots. Also, when creating alerts, there will be no Alert Warning for repainting as the code doesn't use Security function or other functions that cause potential repainting.
™TradeChartist Transformer can also be connected to ™TradeChartist Plug and Trade to generate Targets, Stop Loss Plot etc. and other alerts can also be created. Example chart shown below - Transformer connected to to generate BUYs when > 60 and SELLs when < 40 , connected to Plug and Trade.
1. - (CCI>100 - and CCI<-100 - ) connected to Transformer - BTC 1hr chart
2. with default values connected to Transformer - BTC 1hr chart
3. connected to Transformer- BTC Daily chart
4. connected to Transformer - GBPUSD Daily Chart
5. Conversion Line connected to Transformer - USOIL 1hr chart
Best Practice: Test with different settings first using Paper Trades before trading with real money
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