Pulse Profits+ Trading View Indicator
Pulse Profits+ Trading View Indicator
Pulse Profits+ is built around the Chande Momentum Oscillator. In its most basic form, the Chande Momentum Oscillator calculates the difference between the sum of previous gains and the sum of previous losses divided by the total price movement over the period. We have also included the less common Elder’s Force Index, or EFI, to help gauge the power behind trends and spot reversals.
Why Those Indicators? -
We chose the Chande Momentum Oscillator as it tracks both positive and negative price fluctuations and does not smooth the results. This results in frequent, yet accurate signals.
The Graph -
The graph uses a histogram that alternates between teal and pink to represent the Chande Momentum Oscillator. The histogram is teal when it is greater than or equal to zero and pink when it is less than zero. After analyzing countless backtests, we established a high and low boundary to distinguish overbought from oversold states. The green line at the top of the chart is the upper bound, while the lower red line is the lower bound. When the price crosses the green line, it is considered overbought. When the price falls below the red line, it is considered oversold.
What is it Used For? -
Pulse Profits+ is best used for long trading on 15 minute, 30 minute or 2 hour intervals.
How to Use It -
Traders should not take action when the Chande Momentum line falls between the red and green line (in the gray area). When the CM value falls in this area, there is still uncertainty surrounding the direction and strength of the movement. Therefore, these trades are high-risk. When the CM line crosses below the red line, and a vertical green strip appears, traders should enter long positions. When the CM line crosses the upper green line, and a vertical red line appears, traders should exit their long positions.
The input options menu allows traders to adjust the lengths of the Exponential Moving Average (EMA) of the EFI, as well as the window length used in calculating its standard deviation and the number of periods used for the Chande Momentum Oscillator. These lengths will depend largely on the trader's intended use. For example, shorter lengths for all three will achieve better results for scalping, but medium-long lengths will perform better for swing trading.
There is also an option to adjust both the upper and lower bounds for the Chande Momentum Oscillator. Like all oscillators, increasing the decreasing the upper bound or increasing the lower bound will result in more responsive and higher frequency trading (and vice versa).
As with all of our indicators, we included an option to adjust the stop-loss.
The 'Allow Repeat Signals' option gives users the option to decide wether signals are plotted in chronological buy-sell order or simply as they arrive regardless of the direction of the last transaction's direction.
Here, 'Allow Repeat Signals' is set to true.
When the conditions for a long entry are met, an alert with the message “Pulse Profits+ - Enter Long” is sent.
When the conditions for a long exit are met, an alert with the message “Pulse Profits+ - Exit Long” is sent.
When users purchase Profit Programmers scripts, they gain access to both the strategy and study versions. The purpose of the strategy is to help traders finetune the many input options and run backtests with these different settings to discover the optimal settings for achieving the best results for their specific intended purpose. Unfortunately, TradingView does not allow you to create alerts using a strategy script, so the best way to work around this is to spend time tweaking the various settings in the strategy script, compare the results and then implement those settings into your study through the study script’s input menu. This way, your alerts will still be delivered and you can be confident that those alerts are being generated based on the settings that you achieved the best backtesting results with. This is useful for both high frequency day traders and those implementing automated trading systems (‘bots’) which rely on alert messages to stay up to date; or execute trades automatically in the case of trading bots.
All strategies include input options which allow users to execute backtests with specific stop and limit percentages. If users do not wish to use a limit or a stop, they can set those input values equal to 0.0 and the strategy will ignore those parameters when running its backtest.
Lastly, traders can adjust the date range on which the backtest is performed. This is great for gaining insight on how the indicator responds during various market conditions(ie: How should I tweak the settings when the market is in a long term bear/bull run? How did it respond during the sharp price increase in x month of y year?).
Some Backtesting Results-
How to Install-
Enter your TradingView user name into the forum on the product page when you purchase the indicator.
Within 24 hours our team will validate the username and purchase, which will let them send you our invite only scripts
Your indicator will be shown in the "invite only scripts" category under your "Indicator" panel in Trading View
*We have no affiliation with TradingView.com, we purely sell studies and strategies based off the proprietary pine script language used on Trading View