4️⃣Main Indicator & Settings
Algo Elixir Indicator
Algo Elixir indicators are powerful tools that generate signals by analyzing market data. These signals are displayed on TradingView charts as clear visual representations, making them a powerful addition to any trader's toolkit. Using advanced algorithms, these indicators analyze data to identify trends, volume, and other significant signals that can predict price movements and help determine trading opportunities.
The great thing about Algo Elixir indicators is that they can be customized to suit your specific trading style. By combining them with other technical analysis tools, you can create a comprehensive trading strategy that is tailored to your needs.
One of the key advantages of using Algo Elixir indicators is that our signals do NOT repaint. This means that when a signal is printed after a candle closes, it stays on the chart and does not move, ensuring that you are getting the strongest signal possible from our algorithm. Additionally, our signals can be automated and sent directly to your phone or email as live alerts through TradingView for added convenience. To ensure accurate buy/sell signals when setting up alerts, it's important to select "ONCE PER BAR CLOSE" as the alert option. This ensures that the signal is triggered only when a bar closes, providing more reliable information for traders.
Indicator Settings:
When the Algo Elixir indicator is added to your chart and you want to access the settings, just hover over the name of the indicator, and click on this gear icon. From there, you can make any necessary adjustments to customize the Indicator to your liking.
Candlestick Colors:
The candlestick colors will determine the volume of the trend. Red Candlesticks: This indicates the current trend is in a downtrend. Green Candlesticks: This indicates the current trend is in an uptrend. Grey Candlesticks: This indicates the market is ranging and/or low volume.
These candlestick colors can be changed within the "Style" tab in the indicator settings. You can also turn off this feature to keep your original candle colors of your chart by unchecking the "Trend Candle" box.
Candle Colors Chart Settings:
By default, the main Algo Elixir indicator will take into consideration your own preferred wick and border colors so it may look different from ours. However, if you prefer to match the colors as we have, you can follow these steps:
Right-click anywhere on the chart and select "Settings".
Choose the "Symbol" tab on the left-hand side.
Uncheck the box for border colors.
For the Wick, select the grey color located above the blue/green palette for both wick colors. The color code for this is 787b86.
To navigate to these settings from your phone, select the 3 dots at the bottom right corner of your chart, select "Chart Settings" and uncheck the box for Borders, and select the same grey as previously mentioned above for both wicks.
Remember that the colors of your wicks and borders are a matter of personal preference, so feel free to adjust them according to your own taste. Choose the colors that work best for you and your trading preferences.
Trend and Alternate signals
Traders have the option to toggle between Trend and Alternate signals. By default, it is set to Alternate Signals.
Alternate Signals
Alternate Signals move between buy and sell signals within a specific range, indicating a potential shift in trend for that particular time frame. It will not place a sell signal without printing a buy first (and vice versa). The strength of a signal is increased when it matches the color of the corresponding candlestick; for instance, during a buy signal, green candlesticks indicate a stronger buy, while during a sell signal, red candlesticks indicate a stronger sell.
Example of Alternate Signals:
Trend Signals
Trend Signals appear after a possible pullback with buy or sell signals and align with the current time frame trend. It may have multiple buy signals before printing sell signals (and vice versa). It is recommended to pair the Trend Signals in use with the Trend cloud.
Example of Trend Signals with the Trend Cloud:
Trend Cloud
Trend Cloud will indicate green for uptrend and red for downtrend. When price is above the green cloud and candlesticks are green, it is considered to be in an uptrend, while when price is below the red cloud and candlesticks are red, it is considered to be in a downtrend. The thickness of the cloud is also an indication of the market's volatility; a thick cloud indicates a more volatile market, while a thin cloud indicates a less volatile market. The Trend Cloud can be used in confluence with the Trend Signals or Alternate Signals as an overlay to filter signals in favor of the trend.
Reversal Bands
Reversal bands can be used to help spot potential reversal zones and take profit areas.
Trend Panel
The Trend Panel dashboard scans the trend on multiple timeframes (15M, 30M, 1HR, 4HR, Daily) and using the same logic and analysis as the current timeframe. It will also note if the market is ranging or trending, and will stay close to current price. This feature can also be turned off/on in the "Show Trend Panel" option under the "Inputs" tab.
How to Use
To use the signals effectively, select either Alternate or Trend Signals, which can be used on any chart available on TradingView, including forex, crypto, stocks, indices, and commodities. It's important to use these signals when there is volume for your pair, which usually occurs during New York and London sessions for major pairs. While it can work on any time frame, the 5m and 15m time frames on TradingView have provided the most favored signals, and it can also be used for swing trades on higher time frames. It's crucial not to blindly take every buy/sell signal alert and instead use them as an extra confirmation in conjunction with your technical and fundamental analysis.
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