120 GOAT - Simple Moving Average Breakout Indicator

27 aug.The 120 GOAT indicator is a powerful tool designed to help traders identify key breakout points relative to the 120-day Simple Moving Average (SMA). This indicator tracks when the price crosses above or below the 120-day SMA, marking these transition points on the chart with dynamic labels that indicate the percentage change in price since the last crossover.

With the 120 GOAT indicator, traders can:

• Identify trend reversals when the price crosses the 120-day SMA.
  
• Monitor price momentum and potential support or resistance levels relative to the 120-day SMA.
  
• Receive alerts when a breakout occurs above or below the 120-day SMA, ensuring they never miss an important market move.
  

Key Features:

1. 120-day SMA: A customizable 120-day Simple Moving Average that serves as a benchmark for price movements.
   
2. Dynamic Labels: The indicator provides labels showing the number of days since the last crossover and the percentage change in price from the previous crossover.
   
3. Color-coded Breakout Signals: Labels change color based on the nature of the breakout and price movement:
   
4. Above SMA: Green for positive price change, blue for negative.
   
5. Below SMA: Orange for positive price change, red for negative.
   
6. Price Line Tracking: Displays the current price level relative to the SMA.
   
7. Custom Alerts: Set alerts for when the price crosses above or below the 120-day SMA to stay updated on significant market events.
   

How to Use the 120 GOAT Indicator:

Add the Indicator to Your Chart:

• Open TradingView and go to the chart where you want to use the 120 GOAT indicator.
  
• Click on the "Indicators" button at the top of the chart.
  
• Search for "120 GOAT" and select it from the list to apply it to your chart.
  

Customize the Settings:

• Show 120 MA: Toggle this option on if you want the 120-day SMA to be displayed on your chart.
  
• MA Color: Choose your preferred color for the 120-day SMA line.
  
• SMA Length: You can adjust the length of the moving average if you prefer a different period. The default is set to 120 days.
  

Interpret the Signals:

• When the price crosses above the 120-day SMA, the indicator will display a label below the price bar showing the number of days since the last crossover and the percentage change in price. If the price change is positive, the label is green; if negative, it is blue.
  
• When the price crosses below the 120-day SMA, a similar label will appear above the price bar. If the price change is positive, the label is orange; if negative, it is red.
  

Set Alerts for Key Market Movements:

• Go to the Alerts panel and create a new alert.
  
• Select 120 GOAT as the condition.
  
• Choose either "Price Crossed Above SMA 120" or "Price Crossed Below SMA 120" as the alert criteria.
  
• Configure the alert frequency and other settings as needed, then click "Create."
  

Monitor the Indicator for Trading Opportunities:

• Use the breakout signals and percentage change information to identify potential trading opportunities.
  
• Combine this indicator with other technical analysis tools to validate trade setups and enhance decision-making.
  

Disclaimer: The 120 GOAT indicator is designed for educational purposes and should not be considered as financial advice. Always conduct your own research and consult with a professional financial advisor before making trading decisions.