One of the BEST parts of TradingView is ALL the thousands of free and paid indicators you can add to your charts to try and find your own unique style and what works best for you.
I made a video a couple of days ago where I showed how you can use the built-in TradingView stock screener to find stocks in a nice steady uptrend using moving averages and some filters.
One of the disadvantages of that approach is while it shows you stocks in a steady uptrend, it doesn't tell you anything about how volatile they are or have been while they are making their move up.
This is where custom indicators can come in and add to the story. With help I created one called the SuperTrail which is a percentage based ATR indicator which simply means it looks at the "average true range" of a stock over time. It is super simple, intuitive and highly visual and by setting it to a default value like 20% I can quickly skim through a list of stocks and find ones where I can buy and in theory hold them longer term because they are less volatile than other similar stocks in the same market - but still making the same or even better gains. Once I have created a short list of these stocks I can then go through them and choose which ones I want to buy, and what the correct "range" is I want to apply as a stop loss to help protect my profits when the trend changes or eventually ends.
In this video I show you how I can find stocks that have made 100%+ type gains over the last 12 months without too much volatility and might be worth keeping an eye on.
You can find more information and videos on the SuperTrail and what else it can do via the link in my signature. It's pretty cool (I think).
If you ever wanted to create your own indicator, this is the place to do it!
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You can add that percentage change shown on the right side of the chart via:
Chart page -> Settings Cog (top right) -> Scales -> Symbol Last Price Label -> Change drop down to Price and Percentage.
Great stuff Angus! If your trailing stop loss is hit and stock is automatically sold, do you just setup new SuperTrail BUY alert and just wait for that to hit? Or do you have some other alerts setup and determine re-buy by some other criteria?
zAngus
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@jmisur, I can just add a re-buy alert if I really like the stock, OR I can place a stop buy order in with my broker at a price where the stock needs to get back up to in order to confirm a recovery so then it auto buys and I dont have to watch it (assuming I have the funds available), OR if it is a really good stock that I really want to buy and hold longer term like and Apple or a Tesla thats just going through a bit of a market dip (eg during corona when everything crashed) then what I can do is add a trailing buy of say 5% so that way my buy price keeps going down as the stock price goes down, but the stock price needs to turn around and go up 5% confirming a bit of a recovery in order for my buy to trigger. Hope that helps.
ReallyMe
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Very good, what does your SuperTrail say about the Crypto Currencies and especially about Bitcoin?
zAngus
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@ReallyMe, I have a few people who use it for Bitcoin, but not something I personally trade. Here is a chart I did just now if it helps. Just on the default 20% setting over the last year. I'm sure you could tweak it for better results.
ReallyMe
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@Angusmck, Right, thanks for the posting that. There is a saying: "In retrospect, everyone is a genius". Don't get me wrong, but objectively speaking, all I can see is that an indicator that highlights past phases of increases with green color and marks past loss phases with red color. In itself very, very nice, but that doesn't give me a sense of how the future will develop, does it? All this has only to do with the past and I have to trust in my assumptions about the future that the course of the price or the indicator line will not change.
zAngus
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@ReallyMe, correct. Hindsight is always the best indicator. Pretty much all technical indicators do indeed have a hindsight bias. They are based on past data so they have to. I would also suggest that unless you have insider knowledge, then fundamentals are also based on past performance. There is an expectation that if a company has been managed well in the past it will continue to be managed well in the future. Unless something changes. It's why that generic trading disclaimer exists that states past performance isnt an indicator of future performance - BUT - it's all about trying to get the odds in your favour, otherwise none of these fundamental or technical approaches to trading would exist and we would be throwing darts at a wall. You would have to agree I hope though that stocks and markets do tend to trend - some for longer than others. All this indicator is doing is seeking to identify what that trend is for each individual investment type and hold the stock or currency while it is in that trend, and exit when the trend changes. It is VERY simple in what it does. That's the point and its strength. No other biases other than price action. Some investment types need a wide range to stay in the trade. Some a very narrow one. Until we manage to conquer time-travel or unless we are privy to insider info, then predictive tools based on past performance is our best option of indeed guessing the future direction.
ReallyMe
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@Angusmck, Thank you, and I think it's good to try to invent the best indicator that can predict the future. Perhaps there is one. Please excuse me for being so sceptical. I think I have read and tried too much.
ReallyMe
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@Angusmck, Time travel would be one way to make stock selection even better. A second possibility would indeed be to have a blindfolded monkey throw darts at the financial pages of a newspaper, as Burton Malkiel once wrote in his book "A Random Walk Down Wall Street".
HenktheTank
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I really like your input Angus. Thank you for that ! How about a special 'Covid' 50% discount on your SuperTrail indicator for all our poor European and non European traders under lockdown :-) ?