Suggested Uses - MarketGod v7
Suggestions on Noise Filter "Power" & More
As mentioned in other notes, our trading tool v7 incorporates a new aspect to the tool that we haven't in other version, which is the ability to change the buy & sell signals, via a noise filter. You can find this filter in the settings panel of the chart, accessed by clicking the round 'pin wheel' next to each indicator on the chart, respectively.
When it comes to filtering the noise of our tool - we use a scale of 1-30, which comprises different settings for the tool and therefore different levels of buys and sells for users, to customize the tool directly to their preferred markets and tickers. Right off the bat, this accomplishes a couple of things
Elimination of "same trade' fears that some users have, due to our expansive user base, which is quickly approaching 1000 total users of the tool.
If one setting on one chart works, it doesn't guarantee a different timeframe or even ticker will have the same results - virtually, you can customize it to your preference
The Power Filter has no set guidelines on which works best. During testing, our results found that specifically on BTCUSD, any range of 2-12 were very effective on normal candles, ranging from the 1m-1D, usually even being incredibly accurate through the high frames as well, including the 3D, 1w, 2w & 1M
That said, normal candles or heikin ashi, ultimately depend on the user of the tool, and their preference. For tickers that have a ton of gaps to fill and move around (ie the SPX, SPY), Heikin Ashi is recommended and will have incredible results on the 1m-1h levels. Traders are encouraged to share their success with us, as well as providing feedback on indicator functionality.
Keep in mind, we can apply to this tool to any market available on tradingview, and likely find a setting that covers essentially every swing trade in a given period. As usual, our suggestion is to also use other indicators / your own style of trading to also make decisions, as the last thing we'd like is for this to be relied on as a standalone tool, unless you understand the risks associated with any financial trade.
In addition, when indicator provides chop on any level of time-frame, it is typically associated with a consolidation period, in which the price is consolidating together after a period of volatility / explosive movement to a given direction. While we aim to cut the chop down in this version, there will likely be timeframes or tickers that have more of a challenge than the others.
In the event you are having a challenge identifying which setting for the power filter to use, we recommend the default 10, or 12, on the BTCUSD daily, in Heikin Ashi inputs.
Once a signal fires, and you see the given alert painted on the chart, we recommend making a decision on whether to enter a trade or not. The MarketGod team has found in our experience that the lower timeframes, less than 1-hour, usually should confirm before we make a trade. For the higher frames however, a signal is typically confirmed when it appears in real time. Regardless, we urge traders to understand any scenario before entering a trade, and to realize they ultimately have final say on a buy or sell decision.
Examples on TF reference -->
You are using the 1-minute chart & a signal appears. We recommend you allow that candle to close & confirm the trade, before confirming the alert.
You are using the 1-month chart & a signal appears. It is likely a big enough move inbound, to make the decision to trade the chart in real time.
Highlights / Summary (will be edited as needed)
Use Heikin Ashi Candles
Adjust filter to preference, range is from 1-30
Tool was designed using the BTCUSD BitStamp inputs
Be Aware of the Time-Frame (TF) you are using when reading the trades
Clear your chart of other MarketGod related alerts, from previous versions, when adding the tool for the first time. Be aware that any ghost alerts that occur could also be related to Heikin Ashi charts vs Normal charts, and the state of your chart when the alerts were set initially.