Trend Buddy

Overview

Once you're on TradingView, open the chart of the asset you want to analyze.
Go to the "Indicators" menu at the top of the chart and click on it.
In the search box, type "TotT - Trend Buddy" and select it from the list to apply it to your chart.

Your chart will now display colored bars based on the analysis of the current and past price action.
Look for different colors which represent different market conditions:
- Gold bars may indicate a strong move upwards, known as a breakout.
- Magenta bars could suggest a strong move downwards, called a breakdown.
- Orange bars might signal a possible pivot point where the price could be preparing to change direction.
- Other colors will appear based on various conditions that the indicator calculates.

Pay attention to a series of gold bars as this could be a sign of a continuing upward trend.
If you see a series of magenta bars, the market may be trending downward.
Orange bars or other pivot-related colors can mean potential reversal points, suggesting caution or a change in the trend.
Use these color signals to help decide if it's a good time to enter or exit a trade, always considering the context of the overall trend and other indicators you might be using.

If you find the chart too cluttered or wish to focus on specific signals, you can adjust the settings.
Right-click on the chart and choose "Indicators." Then find "TotT - Trend Buddy" in your list of applied indicators and click on the settings icon.
Here you can toggle certain features on or off, such as highlighting high points in the market.

Remember, no indicator is perfect. Use the "TotT - Trend Buddy" as one tool in your trading toolkit.
Consider the bigger market picture and other indicators to confirm any signals you get from "Trend Buddy."
Always be aware of economic news or events that might affect the asset you're trading, as these can override any technical indicator signals.

Before making any real trades based on this indicator, watch how it behaves over time. See if the color changes precede actual market movements.

Once you're comfortable interpreting "TotT - Trend Buddy" signals and they seem to align with market movements, you can start incorporating them into your live trading strategy.
Set up alerts for color changes to get notified of potential trades if your platform allows it.

Always cross-verify the signals with your analysis or other indicators.
Keep a trading journal of when the indicator gave you a signal and what happened next to refine your understanding of its effectiveness.
Stay disciplined with your risk management, no matter what the indicators suggest.

Last updated 1 year ago