TradeChartist Spotter

™TradeChartist Spotter is a extremely well designed Trader's toolkit that packs a range of trading indicators like MACD, RSI, MA/MA-Crosses and Price-Volume Trend Oscillator, along with visual trade spotting tools like Symbol Tracker, MACD Trend Shadow plot and Coloured Bars, including a handy information Dashboard.

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™TradeChartist Spotter Features:


1. MACD

• MACD is an essential indicator for any trader to track trend strength and momentum of asset prices. Spotter offers 3 MACD options - SMA, EMA and Zero-Lag EMA. Since MACD is based on moving averages, it is inherently a lagging indicator and may not work well when there is no trend strength or when the market is choppy. It is for this reason Spotter offers the option of Overall Trend Shadow and also the option to display Zero-Lag Trend Shadow on normal MACD based on SMA or EMA. This is based on the average of MACD and Signal plots.

• Spotter's default MACD settings are 13/34/13, but this can be changed to the classic settings of 12/26/9 and the user can enable or disable the various elements of the MACD based on their preference.

• The Dashboard on the MACD Spotter offers information on the symbol tracked, settings used and also the close price of the asset. This is really useful especially when tracking a different symbol than the current price chart symbol. Note that the actual MACD plot also will be of the symbol tracked if it is not the same as price chart symbol.

• Using Zero-Lag Trend Shadow on normal SMA/EMA MACD histogram helps spot trend changes early. It is recommended to test different MACD settings on asset traded to suit trading style and frequency.

• If MACD Histogram is disabled to see the Overall Trend better, make sure to switch back on as it should not be confused with the main MACD histogram which tracks the distance between the MACD and Signal plots.

2. RSI

• RSI is the classic technical indicator that helps track the price magnitude and velocity of the asset's price movement. It helps spot Oversold and Overbought areas easily as it oscillates between 0 and 100, even though values below 10 and values above 90 are almost never seen. By using a upper band and a lower band plot, it is possible to track the strength of the up or down move.

• Spotter's default RSI settings are ohlc4/14/5. EMA smoothing of 5 is used to eliminate the noise, but these can be changed to suit user's preference. The default Upper Band is 60 and Lower Band is 40 in the settings, as price moves above 60 RSI tend to be bullish and price moves below 40 tend to be bearish. This can be changed to 70/30 or 80/20 etc. based on how RSI is being used by the user.

• RSI strength can also be visualised on the price bars using Spotter's Coloured Bars. The bar colours can be inverted to help traders see the price action differently.

• RSI Dashboard also helps track another symbol, it's RSI value and close price to help the user track another symbol on the same chart. Note that the actual RSI plot also will be of the symbol tracked if it is not the same as price chart symbol.

3. MA/MA-Crosses

• Two Moving averages (SMA, EMA or Zero-Lag EMA) can be plotted with MA Crosses using the MA/MA-Crosses Spotter.

• The MACD input of Fast MA Length and Slow MA Length is used to plot the MA's. To plot just one MA, same value can be entered in both MA length boxes in the settings.

• The plots can be merged with the main price chart by using Move Pane Above and by merging the scales into one.

• The Dashboard also helps track another symbol, it's MA plots and close price to help the user track another symbol on the same chart. Note that the actual MA plots also will be of the symbol tracked if it is not the same as price chart symbol.

4. Price-Volume Trend Oscillator

• Spotter converts the Price Volume Trend (PVT) into an Oscillator, as it helps spot divergences and makes it easy to plot PVT strength as coloured bars on main price chart.

• No user input required for this Oscillator plot. Note: Some Symbols don't have volume information and hence PVT Oscillator will not work on them.

• PVT Oscillator Dashboard displays current bar volume (if available) along with the close price. Similar to other plots in the Spotter, the Oscillator is of the symbol tracked if its not the same as price chart symbol.

5. Useful Extras

• Coloured Bars - Paints price bars with strength and intensity based on indicator used. Bar Colours can be inverted by enabling Invert Bar Colors option from Spotter settings.

• Five Colour Themes - Classic, Acute Classic, Effulgence, Firefly and Hallucination

• Background colour - Same as bar colour strength, but painted subtly in the indicator background.

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Note:

• Alerts can be created using the name of the plot under Alert Condition for Spotter - ™TradeChartist crossing above/below etc based on the type of alert the user wants to get.

• The indicator does not repaint. Alerts may display potential repaint warning, but this is because the code uses bar index for the Dashboard. For confidence in the indicator, it can be tested using bar replay to make sure the real-time and bar replay trade entries and plots stay on the same bar/timestamp.

• ™TradeChartist Spotter can be connected to ™TradeChartist Plug and Trade (Premium Script - not free) to generate Trade Entries, Targets, Sop Loss plots etc and to create all types of alerts. Example chart below using LINK-USDT.

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Example Charts

1. BTC-USDT 1 hr chart showing MACD with classic settings 12/26/9 on top pane with normal Overall Trend Shadow and the bottom pane with exact same settings with Zero-Lag Overall Trend Shadow.

2. XAU-USD 4 hr chart showing MACD (13/55/34) using Zero-Lag EMA.

3.ADA-USDT 1 hr chart with Price-Volume Trend Oscillator - Useful for confirming divergences and trade decisions based on volume.

4. SPX 15m chart with RSI (ohlc4,14,5) in bottom pane and 5/34 MA cross Spotter on Price Chart with Dashboard.

5. GBP-USD 1 hr chart with Spotter tracking MACD (13/89/34) of DXY (Different Symbol from GBP-USD on chart)

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Best Practice: Test with different settings first using Paper Trades before trading with real money

This is a free to use indicator.

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Versionsinformation:

Code optimised