Practical application: how and when to use it? - Bull And Bear Attack
The "Bull and Bear Attack" indicator was designed to assist traders in making informed decisions in the market. However, as with any tool, its effectiveness relies on the user's proper understanding and application.
Below, we delve into its practical application:
Trend Identification
Bullish Trends: If the indicator shows an upward angle with buy signals where the indicator turns GREEN, this suggests a possible bullish trend. You may want to consider entering long positions or adding to existing ones.
Bearish Trends: Conversely, if the indicator slopes downward and presents sell signals turning RED, this may signal a bearish trend. It could be an indication to sell or open short positions.
Consolidation: If the indicator moves sideways, it indicates a consolidation period. During these periods, you may want to stay on the sidelines until a clearer trend emerges.
Adjustable Parameters in TradingView
Here are the adjustable parameters in the TradingView platform for this trading indicator code:
FL: A boolean parameter that determines whether to follow the trend line in the current chart resolution.
BBperiod: Period of the Bollinger Bands.
BBdeviations: Standard deviations for the Bollinger Bands.
UseATRfilter: A boolean parameter that activates or deactivates the ATR filter.
ATRperiod: Period of the Average True Range (ATR) used as a filter.
FLH: A boolean parameter that determines whether to follow the trend line on a higher time frame.
AIB: A boolean parameter that activates or deactivates the indicator background.
TYPE: Type of moving average used in the indicator calculation.
RES: Resolution of the higher time frame used in the indicator calculation.
LEN: Period of the moving average used in the indicator calculation.
BBdeviations_: Standard deviations for the Bollinger Bands on the higher time frame.
ATRperiod_: Period of the Average True Range (ATR) used as a filter on the higher time frame.
SOUR: Data source used for the indicator calculation.
MD: A boolean parameter that determines whether to activate filtering mode.
MODE: Type of mode used for indicator filtering.
AC: A boolean parameter that determines whether to set angles.
i_lookback: Period used for angle calculation.
i_atrPeriod: Period of ATR used in angle calculation.
BSA: A boolean parameter that determines whether to activate buy/sell signals.
Buy_0: A boolean parameter that activates or deactivates the buy signal when there is a trend line change.
Sell_0: A boolean parameter that activates or deactivates the sell signal when there is a trend line change.
OTA: A boolean parameter that determines whether to add additional options.
Add_Buy_0: A boolean parameter that activates or deactivates the first additional buy option.
Add_Sell_0: A boolean parameter that activates or deactivates the first additional sell option.
Add_Buy_1: A boolean parameter that activates or deactivates the second additional buy option.
Add_Sell_1: A boolean parameter that activates or deactivates the second additional sell option.
Add_Buy_2: A boolean parameter that activates or deactivates the third additional buy option.
Add_Sell_2: A boolean parameter that activates or deactivates the third additional sell option.
OTR: A boolean parameter that determines whether to add additional display options.
Show_SL: A boolean parameter that activates or deactivates the display of Stop Loss.
Show_TP: A boolean parameter that activates or deactivates the display of Take Profit.
Show_ATR: A boolean parameter that activates or deactivates the display of the Average True Range.
Show_BB: A boolean parameter that activates or deactivates the display of the Bollinger Bands.
Show_FL: A boolean parameter that activates or deactivates the display of the trend line.
Show_BB_: A boolean parameter that activates or deactivates the display of the Bollinger Bands on the higher time frame.
Show_FLH: A boolean parameter that activates or deactivates the display of the trend line on the higher time frame.
Show_Angle: A boolean parameter that activates or deactivates the display of the angles.
Timeframe Filtering
Intraday Trading: If you are an intraday trader, you can configure the indicator for shorter periods, such as 5, 15, or 30 minutes. These settings will help you capture short-term trends and quick price movements.
Medium-Term Trading: For those operating on daily or 4-hour time frames, using the indicator may be more appropriate.
Long-Term Trading: If your investment horizon is months to years, consider setting up the indicator on weekly or monthly charts.
Confirmation from Other Indicators
While "Bull and Bear Attack" is robust, it is always wise to combine it with other indicators to confirm signals.
Moving Averages: If the indicator shows a bullish trend and the price is above a significant moving average (such as the 50 or 200-day MA), this can provide additional confirmation of the trend.
RSI (Relative Strength Index): If the RSI indicates that an asset is overbought or oversold, this can complement the information provided by "Bull and Bear Attack."
Determination of Entry and Exit Points
"Bull and Bear Attack" not only indicates the direction of the trend but can also help identify potential entry and exit points.
Entry: Consider entering the market when the indicator changes direction and confirms a new trend. For example, if it changes from bearish to bullish and gives a buy signal, it will turn GREEN.
Exit: Consider closing or reducing your position if the indicator shows signs of a trend change or indicates a weak trend.
Adaptability to Different Trading Styles
Swing Trading: Use the indicator to identify changes in momentum and enter or exit positions during price swings.
Scalping: Adjust the indicator to shorter time frames to capitalize on small price movements throughout the day.
Positional Trading: Configure the indicator on longer time frames to identify more significant trends and hold positions for a longer time.
In summary, "Bull and Bear Attack" is a versatile and adaptable tool. However, to maximize its potential, it's essential for traders to use it in an informed manner and in conjunction with other methods and techniques.
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