Hello all, and welcome to another software update from TrendSpider. In this update, we have added a cool new indicator to the platform; Points Indicator, created by Intromoto.
The point indicator has three identical and specific indicators; Small point, medium point, large point, with specific colors. In addition, there is another placement of low and high points with a different scale. The purpose of the secondary ‘low/high point position’ is to measure the size of the center size to be placed on each focal point. Users can edit the oscillator lengths as well as the “Overbought” and “Oversold values” via the Parameters box in the image below.
Regardless of the time frame, the biggest entries should be on the candles with stacked points, the larger, and the more extreme. Reddish pink for shorts, green for long ones. The blue and red dots basically call for longer time frames and apply a filter, so you should respect the higher time frames. Small points are warnings, bigger points should be respected more. Be aware of strong trends when dots appear to be opposite to a successful trend.
Yellow and pink dots and shades of green dots are based on the RSI, with an emphasis on overbought and oversold conditions. The blue and red dots are also RSI dependent, but have a filter applied to reduce signal noise and reduce time frame triggers.
This indicator is designed for lower time frames, 15 minutes or less, but it can definitely still work on higher time frames too!
We hope you find these new indicators useful, and as always, if you have any questions feel free to reach us via chat via the “Contact Us” button in the bottom right corner of your chart!