Market Emotion Switch

SETTING MANUAL

1/ What is the Market Emotion Switch indicator? 

Introduction: 

  • The Market Emotion Switch designed exclusively for TradingView, revolutionizes how traders interpret market sentiment and trend reversals.
  • It identifies overbought and oversold conditions, and determines precise entry points with exceptional accuracy.

Benefits:

  • Accurate Market Sentiment Analysis: This indicator expertly gauges the mood of the market, providing insights into whether traders are optimistic or fearful, which is crucial for predicting market movements.
  • Overbought/Oversold Conditions Identification: By suggesting when the market is potentially overextended, it offers valuable warnings of impending trend reversals.
  • Precise Entry Points: Combines sentiment analysis with a 60-period EMA evaluation, pinpointing the most opportune moments to enter trades.
  • Comprehensive Market Application: Whether you're dealing with forex, stocks, indices, or commodities, the "Market Emotion Switch" is versatile enough to provide reliable signals.
  • Customizable Alerts: Provides a range of alert options including pop-up, sound, email, and push notifications, customizable to individual trading needs and styles.

2/ Indicator Setting - Market Emotion Switch

Market Emotion Period: Determines the timeframe over which market sentiment is calculated, affecting sensitivity to market changes.

Market Emotion Long Period: Sets a longer period for evaluating market emotion, offering a broader view of sentiment trends.

Market Emotion Price: Select the price point (close, open, high, low,...) to analyze market emotion, influencing the indicator's reaction to market moves.

Market Emotion Price Filtering Period: Adjusts the period for filtering market price data, enhancing the smoothness and reliability of emotion signals.

Market Emotion Price Filtering Mode: Choose the mode of filtering price data (e.g., moving average types) to refine market emotion analysis.

Market Emotion Percent: Specifies the percentage threshold for recognizing significant changes in market emotion, defining sensitivity to sentiment shifts.

Market Emotion Average Period: Sets the period for calculating the moving average of market emotion, smoothing out short-term fluctuations.

Market Emotion Average Type: Select the type of moving average (e.g., Simple, Exponential) for averaging market emotion, tailoring the indicator's responsiveness.

Price MA Filter Period: Defines the period for the moving average filter applied to price, aiding in trend detection.

Price MA Filter Method: Choose the method of the moving average filter (e.g., Simple, Exponential), affecting how price trends are smoothed.

Price MA Filter Applied Price: Determines the price (close, open, high, low) to which the moving average filter is applied, refining trend analysis.

SL & TP:

ATR Period for SL Shift: Adjusts the period over which the Average True Range (ATR) is calculated, used for dynamically setting stop loss levels.

SL Shift Coefficient (from ATR): Multiplier for the ATR to determine the stop loss distance, allowing adjustments based on market volatility.

TP Coefficient (from SL): Sets the take profit distance as a multiplier of the stop loss distance, aiding in maintaining a consistent risk-reward strategy.

STYLING

Up Arrow String: Customize the text label for buy signals, enhancing clarity on bullish entries.

Down Arrow String: Customize the text label for sell signals, enhancing clarity on bearish entries.

Up Arrow Color: Selects the color for upward arrows, visualizing bullish signals.

Down Arrow Color: Selects the color for downward arrows, visualizing bearish signals.

Up/Down Arrow Size: Adjusts the size of the arrows for better visibility on charts.

Display TP/SL on Chart: Toggles the visibility of take profit and stop loss levels on the chart, aiding in trade management.

TP Color: Customizes the color of the take profit line, distinguishing it on the chart.

SL Color: Customizes the color of the stop loss line, distinguishing it on the chart.

Max Bars to Calculate: Limits the number of bars back from the current bar that the indicator calculates, optimizing performance.


  • How can I set up alerts?

To stay updated on potential trading opportunities, you can set up alerts within the Market Emotion Switch.

Step 1: From the indicator settings, customize your alerts by defining your desired parameters. The selected configurations will be used for notifications in Step 2.

Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's “Alert” icon.

Step 3: Select Market Emotion Switch from the “Condition” dropdown list:

Step 4: A pop-up will appear as follows. You click on “Notifications”.

Step 5: You choose the types of notifications you'd like to receive and click the “Create” button.