It's dependent on your development as a trader and the distinctions you've created/are creating in your mind. He's on twitter and has a free discord. Best to come to your own conclusions of whether it fits your personality and chosen trading style. It's a free TV indicator. I'm not making the claim that the video is using Supertrends, just that it looks very similar to Supertrends. To be clear, I didn't say any of the following; ...it is nonsense ...it can work ...it cannot work I don't use indicators. This doesn't imply that indicators are useless. They are helpful in seeing how others interpret PA. When I first started to trade, indicators were very useful for my development. When learning to ride a bike, training wheels help reduce the pain of learning. edit: my current operating point is that PA is fractal in nature, therefore using multi-timeframe analysis and developing trade ideas on a HTF for bias and then drill-down to LTF for entries/exits. In reference to the 'logic being sound' that speaks to more of the paradigm a strategy is based upon. Some paradigms have more gaps in understanding and speak of 'noise' more than others.
Any video that makes the claim it has been tested over a 100 times is ... ridiculous. Trying too hard to make claim it is battle-tested. No there there. Besides can't listen to robo-voice vids more than a minute.
Low price for sure, but it's not free. Look at it this way. You have discovered a method that makes money faster than you can spend it. How much would you sell it to me for? Would you give it to me if I subscribed to your data service?
It looks like it is a free source from TradingView trading members group. So all the sources are free, you only pay for the data and the overall software it comes with TradingView. Those indis are not for sale. Otherwise I would not trust them all.
Same as free advice here. There are some generous people around. They are not selling anything for anyone. The subscription is for the data.
Why to hell ? If I see one example it might be only hindsight, but if anyone said that he made a proper backtest of a larger example of 200 trades, then it sounds much more ok to me, and for you not, why ? Because without backtests I do not trust anything. And I do not want to defend anyone or this video and strategy list included. Just to ask questions here whether it can be only scam or not.
There's another indicator that's popular with retail; MarketCypher. Folks can subscribe and pay premium for that too. However, if one does some digging, it's been reversed engineered and offered for free on TV also. Same with many paid stuff like @johnwick's alphatrend suite. (which I do have a negative experience with the man not the indicator) That indicator is just a rehash and rebranded of what's available for free.
One accurate test is all that is needed. Cue the Austin Powers one million dollars {insert test} blip.
Chandelier Exit https://school.stockcharts.com/doku.php?id=technical_indicators:chandelier_exit The Chandelier Exit formula consists of three parts: a period high or period low, the Average True Range (ATR) and a multiplier. Using the default setting of 22-periods on a daily chart, the Chandelier Exit will look for the highest high or lowest low of the last 22 days. Note that there are 22 trading days in a month. This parameter (22) will also be used to calculate the Average True Range. Chandelier Exit (long) = 22-day High - ATR(22) x 3 Chandelier Exit (short) = 22-day Low + ATR(22) x 3 RedK momentum bars... Open-source script https://www.tradingview.com/script/O52gURXf-RedK-Momentum-Bars-RedK-Mo-Bars/ In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart. Code: // This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/ // © RedKTrader //@version=5 indicator('[dev]RedK Momentum Bars', shorttitle='RedK MoBars v3.0', explicit_plot_zorder = true, timeframe='', timeframe_gaps=false) // A trading system composed of 2 short Lazy Lines (preferably one open and one close - 2-3 bars apart) and a WMA long filter // loosely inspired by Edler Impulse // v2.0 cleaned up code and added MA options to be able to mix and match, and experiment with various setups // default values (my personal preference) remain the same as in v1.0 // for example, some traders will consider "bear territory" only below SMA50, others will use EMA30 .. and so on. // --------------------------------------------------------------------------------------------------------------- // MoBars v3.0: // updated defaults to match the most common 3x MA cross-over set-up of SMA (10, 20, 50) // updated visuals to push the 0 line to the background of the plot (using the explcit_plot_zorder param) // and added alerts for crossing up, down and swing around the 0 line (the Bullish/Bearish Filter MA) //============================================================================== f_LazyLine(_data, _length) => w1 = 0, w2 = 0, w3 = 0 L1 = 0.0, L2 = 0.0, L3 = 0.0 w = _length / 3 if _length > 2 w2 := math.round(w) w1 := math.round((_length - w2) / 2) w3 := int((_length - w2) / 2) L1 := ta.wma(_data, w1) L2 := ta.wma(L1, w2) L3 := ta.wma(L2, w3) else L3 := _data L3 //============================================================================== // ============================================================================= f_getMA(source, length, type) => type == "SMA" ? ta.sma(source, length) : type == "EMA" ? ta.ema(source, length) : type == "WMA" ? ta.wma(source, length) : type == "HMA" ? ta.hma(source, length) : f_LazyLine(source, length) // ============================================================================= // ------------------------------------------------------------------------------------------------ // Inputs // Note, in v3.0, changed default lengths to 10, 20 and 50 -- and all MA types to SMA. // ------------------------------------------------------------------------------------------------ Fast_Src = input.source(close, title='Fast MA Source', inline = 'Fast') Fast_Length = input.int(10, title = 'Length', minval = 1, inline = 'Fast') Fast_Type = input.string('SMA', title = 'Type', inline = 'Fast', options = ['RSS_WMA', 'WMA', 'EMA', 'SMA', 'HMA']) Slow_Src = input.source(close, title='Slow MA Source', inline = 'Slow') Slow_Length = input.int(20, title='Length', minval = 1, inline = 'Slow') Slow_Type = input.string('SMA', title = 'Type', inline = 'Slow', options = ['RSS_WMA', 'WMA', 'EMA', 'SMA', 'HMA']) Slow_Delay = input.int(3, title='Delay (1 = None)', minval = 1) Fil_Length = input.int(50, title='Filter MA Length', minval = 1, inline = 'Filter') Fil_Type = input.string('SMA', title = 'Type', inline = 'Filter', options = ['RSS_WMA', 'WMA', 'EMA', 'SMA', 'HMA']) // ------------------------------------------------------------------------------------------------ // Calculation // ------------------------------------------------------------------------------------------------ Fast = f_getMA(Fast_Src, Fast_Length, Fast_Type) Slow = f_getMA(Slow_Src, Slow_Length, Slow_Type) Filter = f_getMA(close, Fil_Length, Fil_Type) Fast_M = Fast - Filter Slow_M = Slow - Filter Rel_M = ta.wma(Slow_M, Slow_Delay) // prep the Momentum bars o = Rel_M c = Fast_M h = math.max(o, c) l = math.min(o, c) rising = ta.change(c) > 0 // ------------------------------------------------------------------------------------------------ // Colors & Plots // ------------------------------------------------------------------------------------------------ hline(0, title = 'Zero Line', color = color.blue, linestyle = hline.style_solid) c_barup = #11ff20ff c_bardn = #ff1111ff c_bardj = #ffffffff c_barupb = #1b5e20ff c_bardnb = #981919ff c_bardjb = #9598a1ff barcolor = c > o and rising ? c_barup : c < o and not rising ? c_bardn : c_bardj borcolor = c > o and rising ? c_barupb : c < o and not rising ? c_bardnb : c_bardjb plotcandle(o, h, l, c, 'MoBars', barcolor, barcolor, bordercolor = borcolor) // =========================================================================================================== // v3.0 adding alerts // these alerts will trigger as soon as the Momentum Bar touches above the filter line // this approach can lead to "false signals" but also has an advantage (of alerting to a possible mood/mode change) // another option - maybe in an updated version - could be to trigger alerts *only* when the full Momentum Bar completely clears the filter line (above or below) // and it's easy to make that a user choice in the study inputs // =========================================================================================================== Alert_up = ta.crossover(h,0) Alert_dn = ta.crossunder(l,0) Alert_swing = Alert_up or Alert_dn // "." in alert title for the alerts to show in the right order up/down/swing alertcondition(Alert_up, ". MoBars Crossing 0 Up", "MoBars Up - Bullish Mode Detected!") alertcondition(Alert_dn, ".. MoBars Crossing 0 Down", "MoBars Down - Bearish Mode Detected!") alertcondition(Alert_swing, "... MoBars Crossing 0", "Mobars Swing - Possible Reversal Detected!")
I wouldn't even waste my time clicking a video that has a rocket ship and a figure of $50,000. I am honestly not sure I have ever seen a trading video on youtube that wasn't complete bullshit with the profit coming from content creation.