Three absolute trend following TradingView scripts
As you might have seen on my charts lately, shared on Twitter and in The Birb Nest, I’m using some fresh and newly created indicators by SignalFI. Via this way I’d like to announce that I will team up with SignalFi and I’m pretty excited over this!! The reasons for this are very simple, he’s amazingly quick in building not only visually good looking TradingView indicators, but also high quality scripting that really stands out from the pack.
Personally I’m convinced, after testing a bunch of these indicators, that these will help you get better understanding of the market and determine bullish, bearish or sideways actions. Let me introduce a few of these free tradingview indicators here today.
Teaming up with SignalFI
So what does it mean, teaming up with SignalFI? After talking for a few days we decided that we could help both each other and the community by releasing a bunch of scripts for free. These indicators are called VolumeFI, CogniFi and PivotFI; and later on in this article i’ll go a bit more in depth on these. Those scripts were mostly already build by SignalFi and in my opinion to good to just leave them on the shelf. Sow now everybody can benefit from those free scripts!
At the same time, this will be our shopping window to let you discover what’s more to like from SignalFi. Within only one week without full gas pushing the marketing pedal, we managed to start a small community of 45 traders; who’re using not only our freebies, but also some of our paid indicators like DynaPiv or PRIME indicators.
I’m extremely happy that these indicators get more attention and that people are able to make better decisions in trading with them. The feedback we received so far has been great!
Don’t miss out on VolumeFI, CogniFi and PivotFI
The strength of the indicators is in the combination
While every single indicators can be applied individually on your chart, the real strength is in combining them in to one system. Before I will show you how that looks, let’s first take a dive in to the features per indicator, to get a better understanding on how you could actually benefit from them.
To me VolumeFI is a real FREE gem and I am convinced that it’s actually worth paying for compared to other indicators! VolumeFI could replace the normal volume indicator, and simplifies the regular buy and sell volume in to a trending volume indicator.
So basically it shows you either the trend is bearish, while sell volume takes the lead, or it shows you that the bulls are in total control by a strong set of blue candles.
In this image shared above, there are a few things to notice. VolumeFI (on top of the chart), signals a first red bar on 16 September. In the days following the red bars are increasing in volume, al the way untill the end of this drop at 8 October.
Second thing to notice, is that within this BTC drop, there were a few bullish candles painted. For example around 19/20 September and at the start of October. At this moment, VolumeFI was still painting red bars, which would kept you out of buying BTC too early.
Now only at 8 October, VolumeFI paints it’s first blue bar, with the confluence of a second blue Heikin Ashi candle on the chart. In the coming days price rose from low 8000s to 8700 at the time of writing this article. Let’s take a look at another example, this time on a shorter 1h timeframe.
The 1h chart on BTC above shows also the simplicity of VolumeFI on the 1h chart. The confluence it gives trading Bitcoin is just amazing. Now besides that it’s obvious to see here when to get in and to get out of the trade, there are few more things to spot. So let’s go in to more detailed description of the features this indicator has.
The Volume wave created can be customized, becoming more sensitive if the EMA Length is changed in the settings. By default the value is 6, it is recommended to go below 3 or above 9 for this setting to remain relevant to the trend.
By default background coloring is disabled. If enabled, the background color of the indicator will correspond to the trend squares that are presented at the top of the Wave bars. This does not show any additional functionality other than presenting the Rising and Falling effect of volume in a more pronounced way. This is simply to please some traders that would like a more “obvious” representation of the current trend presented by VolumeFI.
Small up and down labels are presented which indicate bull and bear volume spikes. These signals can be categorized into to two forms. When the signal presents itself at the start or in the middle of trend, the signal can be considered “supportive” of the trend. When the signal presents itself at the “top” or “bottom” of a trend (based on other confluence), it can be interpreted as “non-supportive” of the trend.
Now just as with VolumeFI, this CogniFI indicator gives you very clear visual confirmation on what’s going on with the Bitcoin price. First, the ‘boring’ part on how this indicator works.
CogniFI uses 8 independent Fibonacci based inputs to calculate a unified Center Of Gravity (COG) and RMA or RSI based moving average created by J. Welles Wilder and has the following aspects:
1) Fibonacci based trend and momentum discovery
2) RSI based moving averages combined with center of gravity (COG)
3) Color based trend smoothing for indicator signal
Now take a look at this 12h Bitcoin chart. The CognFI indicator on the bottom shows a few things. Firstly, it shows in very easy red and blue color how the 12h trend is. While most Moving Averages are in nature lagging indicators, this one is really quik and comes with some powerfull features.
There are again the little squares and up and down labels presenting on the bottom or top of the indicator, indicating bullish or bearish impulses. The background color changes according the strength of the trend and above all there is a important line we call the COG (center of gravity). Moving above this COG indicates real strengh in the trend.
So between 10 August and 2 September, CognFI went below the COG for the first time and actually still is at the time of writing. Price went up a few times reaching out to the COG as resistance, but never crossed over it.
To me this indicator does one really important thing; giving me more confluence in signalling trend change. Now let’s take a look at the chart if we combine both VolumeFI and CognFI.
In the chart above you’ll see the real power of both indicators, giving confluence to each other. The first bear signal on CogniFi appeared around 10 August, while VolumeFI was still bullish. But when also VolumeFI flipped bearish 5 days later, you’ve got your real confidence not to be in any long position on Bitcoin.
Also take a look at the confluence at 2 September and 17 September. On 2 September CogniFI gave us some first bullish impulses, and one day later the VolumeFI flipped bullish as well.
Now this isn’t your average buy and sell indicator, where you’ll pay 100$ for life time subscription. These are free high quality trending indicators which give you ultimate confluence of the trend, in a very nice visual way. If you have liked the read so far, don’t forget to clap and order those on SignalFI website.
But before you go; there is one more freebie i want you to take a look at.
PivotFI might not be the most sexy indicator, but it surely can be the most profitable indicator that will be free for you. Reason for this is that it creates rolling support and resistances on any timeframe, letting you set set easier buy orders, take profit and stop loss orders.
PivotFI provides support and resistance areas based on Fibonacci pivots lengths in any timeframe of your choice. The visuals can be used to identify order blocks based on their associated strength.
The dynamic pivots indicated by the blue and red dots on the chart are areas of support and resistance. The thicker the lines get, the more support or resistance there is at these levels.
So for example, take the period just before this last massive drop we experienced on Bitcoin. There was a long period in time where we had support just below $10k. In the meantime, more and more bear pivotswere created by every higher low, meaning a lot of resistance above. Once price crashed from $10k to $7.5k, it started building very thin bull pivots meaning there’s small support around $7.5k and $8k.
Now these pivots come in handy also when using the lower timframes. Entering on the break of a bear pivot and TP’ing the next pivot area. Take a look at the chart below to see what i mean.
The dynamic pivots are rolling pivots, meaning they continue building horizontally when time moves forward. So right now, price broke through some earlier resistances that were pointed out by PivotFI. Automatically those areas turn blue indicating support support at this hourly chart.
You will be amazed how accurate this indicator is! I almost completely stopped drawing horizontals myself because I trust on the math behind this indicator. Settings for PivotFI can be changed accordingly. On default the settings are on D (for daily), but can be any timeframe.
You’re also able to change the time interval to for example 60 minutes. When you’re tuning the time interval below D, it’s better to only have the 13 and 55 pivots enabled. Here’s again the same chart, but then with only 13 and 15.
You can see that there are a little bit less pivots on the chart now, while it’s more accurate for the latest price movement on the 1h chart. You see that there’s some delicate support around $8.5k and it started building a bear pivot just below $8.7k.
To sum up
All free indicators described above can be used as stand alone indicators, but just the combination of them makes it really powerfull to use. It gives you one of the highest levels of confluence and let’s you trade in direction of the trend.
Now if you want to have acces to these free indicators from SignalFI, the only thing you’ll have to do is visit the website and just order them. In the checkout you will be asked for your TradingView username, so you can be invited for the indicators. To support SignalFI you could join the Discord, to elaborate with others on best practices on settings. But mainly the default settings are just good enough to get everybody started right of the bat.