TradeChartist PowerTracer Pro

TradeChartist PowerTracer Pro is an exceptionally well designed and a functional indicator, requiring minimal user input to trace the asset's Bull and Bear Power. The indicator makes it visually engaging with its intelligent positioning of the PowerTracer Bar, tracking not just the current trend, but also the developing trend using visually easy to understand Power plots. PowerTracer Pro can be used with PowerTrader Pro to generate Trade signals with several possible combinations of settings based on PowerTracer Pro Backtester Performance results.


What does ™TradeChartist PowerTracer Pro do?

1. Tracks Bull and Bear Power and plots the information visually on chart using one of the following 2 Power plot options based on Timeframe Multiplier and Smoothing Factor..

• 𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿 - Plot of the Bull and Bear Power Oscillator, pivotal to this script that tracks the true Bull and Bear Power along with Bull/Bear oscillator reading, calculated dynamically using a unique and original formula. Values beyond 50 and -50 are quite rare, but theoretically, they can go beyond 80 and -80. 𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿's highs and lows are also tracked and updated real-time using labels placed exactly at the Highs and Lows with their readings.

• Bar-wise Power Holder - Absolute Bull and Bear power of each bar. It is plotted by calculating the difference between Bull and Bear Power of each bar. The values can swing between -100 and +100 even though values above 90 and below 90 are rare.

2. Visually displays the Balance of Power between the Bulls and the Bears using Power density background fill.

3. Uses an accompanying 𝗣𝗼𝘄𝗲𝗿𝗧𝗿𝗮𝗰𝗲𝗿 bar that helps spot the true bull and bear power using simple linear blocks, displaying the power level using power intensity colors.

4. Paints price bars and PowerTracer background using Power intensity colors, which helps spot the increase or decrease in Bull and Bear Power. Price bar color changes are based on increasing/decreasing power intensity of the price bar's power holder and may not be the same as the Power plots. This is designed specifically to spot price trends based on chart timeframe power trend.

5. Inverts bar colors, and PowerTracer bar color to help see price trend using the Opponent's Point of View.


What markets can this indicator be used on?

-- Forex

-- Stocks - works best with 4hr or above and prices calculated taking gaps into account.

-- Commodities

-- Cryptocurrencies

and almost any asset on Trading View

What time-frames can this indicator be used on?

This indicator can be used on all timeframes. If the asset has very little volume / volatility or is far low in comparative value against the base currency, power detection can be choppy, but with most assets, this won't be an issue.

Does this indicator repaint?

-- No. Real-time Power plots can change colors and values based on current bar close as values get calculated dynamically. Once the bar closes, plots and power intensity colors don't repaint.

-- This can be verified using Bar Replay to check if the plots and fills stay in the same bar in real time as the Bar Replay

Does the indicator generate trade signals based on Power shifts?

Yes. PowerTracer Pro can be connected to PowerTrader Pro to generate BUY and SELL signals with automatic/user specified targets on the main price chart along with Fixed or Trailing Stop Loss plots based on the Power Plot opted by the user. PowerTrader Pro is highly recommended for traders who would like signals based on power trend on the main price chart as it comes with real time Dashboard and Gains tracker with the option to plot past performance displaying Max gains and Max Drawdowns for each trade. It also includes SL/TP Plots and Alerts system that can be used to automate trades based on settings that result in high ROI on PowerTracer Pro Backtester performance report.

The charts below show how this indicator can be used with PowerTrader Pro to generate trade signals with TP and SL plots.

• GBP-USD 1hr chart with SL and TP plots with real-time gains tracker. Timeframe MUltiplier - 2, Smoothing Factor - 8

• LINK-BTC 4hr chart with SL and TP plots, real-time gains tracker and past performance results. Timeframe Multiplier - 3, Smoothing Factor - 1

• XAU-USD Gold 1hr chart with SL and TP plots, real-time gains on Dashboard with Automatic Targets and past performance labels. Timeframe Multiplier - 2, Smoothing Factor - 1

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This is not a free to use indicator. Get in touch with me (PM me directly if you would like trial access to test the indicator)

Premium Scripts - Trial access and Information

• Trial access offered on all Premium scripts.

• PM me directly to request trial access to the scripts or for more information.

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