YouTube Video
YouTube Video Transcript
hey this is David for big bits in this video we’re gonna take a look at some updates on some scripts that I’ve done on trading view as well as the fact that one of those scripts was featured in trading views best scripts of the month so that’s actually something really cool that I’m kind of proud of to say that my code was featured by this very big website so as you can see I keep up to date with trading view and a bunch of their scripts and stuff they even follow me back which is kind of nice but they had featured me in this best scripts of the month and I will go ahead and pull that up and I wanted to show you that this is something that the pine coders account does on trading view and they publish these every month I believe they’ve been doing it since January maybe a bit before that but they do one every month now where they focus on certain scripts that they have moderated most likely that have stuck out to them as being something kind of exceptional or just maybe offering something a little bit different and in this case for my indicator it was the fancy triple moving averages and once this was announced I got tons of likes on this particular indicator and I’ll go over what this indicator actually is in a minute but as you can see it’s just triple moving averages with tons of different options and it was nice to be included on here and of course they have all kinds of other ones so if your wanted to see some of the newest scripts from trading view I definitely recommend that you follow the pine coders account and check out their best scripts of the month may also have some good resources when it comes to some of the actual pine script coding like what we do the tutorial series here on the channel now the other thing I wanted to mention before we get on to that is that the April giveaway had finished and I had posted the winner out here and that that contest is completely over the winner was paid that reached out pretty much immediately after I contacted them and we were gonna be doing another one in May and the one in May might be slightly different but I will go ahead and tell you that the answer to the first question that we’re going to be adding to that giveaway is going to be that the featured script that I had was the fancy triple moving averages so keep that in mind when I do announce that it’s probably gonna be sometime later this week hopefully sooner rather than later so be looking out for that if you haven’t already follow me on Twitter or also join the discord I usually keep up to date with those fairly well otherwise you’ll probably see something better on a video soon here as well now let’s go to the chart and I wanted to show you an update on several things that I’ve done lately but most importantly I wanted to first look at the triple moving averages and if you haven’t seen these indicators I have something that’s called a highlight inclusion so this is a 50 period moving average and the lighter green part is the part that is included in a calculation so this uses the 50 period look-back and highlights all of those candles so you’ll know what candles and what prices were actually included in the calculation for that particular moving average and the same goes for this one and this one as well so you have a 50 100 and 200 moving average by default and now you can also select the resolution the data source the moving average type and also the candle type which allows you to change the chart type to Rinku line break any of these now some of them don’t really play well on certain chart types like if you’re using this one and you choose like point and figure and may not actually work but one of the things that I did fix just today on an update for that particular script was if you were to select to make this resolution on the 1-hour which it is now it would have continued to only highlighted the 50 most recent candles so back about here again so since I don’t have the math in there set up to calculate how many bars back it needs a show on a 1-hour when you’re looking at a five-minute chart what I’ve done is I just removed that I just removed that feature entirely for different resolutions so it’ll only work with the highlight inclusions when you’re using the current setting on there okay now the other update that I did was actually for alerts with this particular indicator honestly pull up the code so you can kind of see what we’ve done now the code for what I did to hide that isn’t really very much it was maybe you know fifty characters per line there’s maybe four lines that I had to update no now there were six lines that I had to update total but anyway I’ve added several alert conditions and it’s really just moving average crossovers so if you want to set alerts using these moving averages you can actually come over here add an alert and then you can select based on the condition this indicator to fancy triple moving averages and then you’ll see these particular alert conditions down there it looks like I need to update two numbers on these in just a little bit so I’ll have to go back and do that I must have just missed that when I was doing that but you can select whichever condition that you want and it will trigger an alert now so this it didn’t have the alert conditions before you would have to figure them out on your own so I’ve added the moving average cross overs for the first six and in the second six those are all based on the current price going above or below those particular moving averages so like I said I’ll go back and I’ll fix this hopefully before the video is actually released but if it hasn’t been you’ll know that it should be happening soon now that pretty much covers everything with the fancy pantsy triple moving averages excuse me so I also wanted to touch on the RSI and smooth RSI bull div and I made this as a strategy before and it was actually really good I designed it specifically for the Bitcoin USD T chart on 5-minute candles and that’s why I have a chart pulled up on 5-minute candles you can see and now let me hide this one I’ll talk about that one in a minute but this strategy tries to find a bullish divergence and tries to find the most optimal spot to possibly enter into a bullish divergence long and it’s really been pretty good – the days where you know about a month ago when the coronavirus stuff really hit really hard where Bitcoin crashed about 50% in one day it didn’t do too good then mainly because the price dropped it would trigger the bullish divergence but on that particular day the bullish divergences didn’t really matter too much and the price would just kind of continue going down now most of the times it did kind of bounce where it hit that but it would never hit the take profit or it would hit the RSI sell you know which is the conditions set in there it would hit that far after it was actually below the entry price or you know it would just hit the stop-loss straight up so that one was a rough day but for the most part since then it’s been really good now this goes all the way back to April 3rd so that’s pretty good we’ve had one losing trade since April 3rd and you’ll notice since this is on 5-minute candles it’s actually pretty selective that we’ve only had nine different trades since then and you know eight of the nine have been profitable so that’s pretty good so because this strategy seems to be working out pretty good I have decided to turn this into an alert because the brokerages that are connected here and how you can use them on trading view don’t necessarily have everything that I would like so I took the exact code from that strategy and I converted it into an indicator now this will potentially fire multiple times in a row just because it’s not managing a position and it doesn’t know if you’re already long or not so what’s gonna happen is you’ll see it fire and it’ll show you here that’s you know BD stands for bullish divergence that this would be possibly a good time to buy based on the RSI but will did indicator that I created so what you would do is you would set an alert based on that and let’s go back to our lurtz panel here on the conditions select our RSI and smooth RSI but we’ll give indicator now you can see there’s a condition called RSI bull dip now that is the one that is the only condition and it always gets fired whenever you see the green labels here it does not repaint these green labels but it can fire multiple green labels in a row or many within a short period of time and I believe it’s doing it here yes so you can see it actually does it twice in this particular instance so it hits here and it also hits here as well I’m not sure why it didn’t hit on this one as well but if you had entered and got an average price it probably would have been here and if you were patient and your stop-loss didn’t get hit you might have been able to take some profit later on using that one and of course none of this is financial advice but a lot of people have liked this particular strategy on trading views so I wanted to provide an indicator with an alert mainly so that I could start using it more because it it appears to be doing pretty well on these four tests you know actually watching its performance over the previous months on the 5-minute candle it’s very selective so that’s why I thought it was pretty important to have an alert that way if I’m nowhere near a computer that I can actually get notified that it might be a good time to enter into a long for myself so that’s something that I’ve done I don’t know if I’ve actually published this or not I don’t think I’ve actually published it but this is going to be published very soon I think there’s a couple more things I want to look at on it but this is going to be coming out as well very soon to where you can just add this and you can have your alert conditions and you can have your custom alerts set up on that now one other thing that I wanted to discuss as far as my indicators go I have one new and that I’m working on since the fancy triple moving averages was so good and it was featured and I hate to say it was so good I mean it’s a nice indicator but since it was featured and many people have actually liked it on training you I figured it’d be a good idea to build off of that and kind of go with a theme on the fancy indicators and make fancy Bollinger Bands now this is very similar to the fancy triple moving averages except we are using Bollinger Bands now so we have a single moving average in the middle which with Bollinger Bands is a twenty period SMA typically and since it’s a moving average we can have our forecasting on the middle band and then I’ve also added the highlight inclusion to show the upper middle and the lower band on the SMA that you’re using for the middle band it’ll only highlight those particular candles so that you’ll know what has been included in the current calculation now the Phil you’ll notice there’s a green and red and there’s sort of four different tones for different colors here these represent the Bollinger Bend percent now that means that that is the relationship of the current price compared to the lower Bollinger Band so if you are below the lower Bollinger Band you’re gonna have a really bright red Phil okay you can see that right here and if you’re within the lower band and the middle band you have it red if you’re above you have a green and if well I actually I think it does it in four quadrants anywhere below the lower fourth is that bright red and anywhere within the lower middle fourth is the less bright red and then of course you have the light green in the middle upper level and in the upper level and Beyond is the very bright green now these also are made a little bit more transparent with the inclusion so that was actually kind of interesting to get the feel working on that it wasn’t quite as straightforward as the highlight inclusion for the particularly moving averages but we were able to accomplish that now as far as actual settings go for this it’s actually pretty neat of course you can set your middle band period and all the other fancy ma stuff that we’ve done such as a resolution in the candle type but we also have the deviation multiplier so with the Bollinger Bands you calculate standard deviation and you multiply it from the distance from the middle band and of course you subtract if you want the lower band but you add that standard deviation multiplied by its multiplier on top of it to get the upper band so you can actually change that number if you wanted to it’ll change the width of the bands now I’ve also added the ability to use the ATR deviation instead of the standard deviation and if you’re familiar this I believe is Keltner channels actually but it might use a different period and maybe a different moving average so if we wanted to change this to an EMA using the ATR or we could do that so it’s actually pretty cool you have some different options as opposed to just your regular Bollinger Bands I don’t know if this should be called Bollinger fancy Bollinger Bands if it also is the Keltner channels which I need to flick that up but this is actually pretty cool because it is going to allow you to switch back and forth between the two and of course it has the inclusions and it allows you to do the forecast bias as well but that is it for this video thank you [Music]
YouTube Video Description
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TradingView Featured Script – Other Indicator Updates: In this video, I share that one of my public and open-source scripts was featured by TradingView, and give some updates on that specific indicator. There are some other indicator updates, including two new indicators. One new indicator is based off of the RSI Bull Div strategy I’ve posted, and has been liked many times – the update will provide alert conditions for when the possible bull divs have formed. The other plays off the featured script mentioned in the video and will be a “Fancy Bollinger Bands” script.
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DISCLAIMER: All my videos are for educational and entertainment purposes only. Nothing in this or any of my videos should be interpreted as financial advice or a recommendation to buy or sell any sort of security or investment including all types of crypto coins and tokens. Consult with a professional financial advisor before making any financial decisions. Investing in general and particularly with crypto trading especially is risky and has the potential for one to lose most or all of the initial investment. In simple terms, you are responsible for your actions when trading.
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This channel focuses on Bitcoin, Ethereum, LiteCoin, Ripple, Link, Basic Attention Token and almost all cryptocurrencies that demand attention. Please like the video if you liked the video, and subscribe if you like these types of videos. David from BigBits is an experienced Software Engineer, but no one is perfect, If you find any issues with any of the open-source, free code, or code shown in videos please comment to let us know what to fix, we listen to our viewers!
