Overview
We all heard the phrase 'The trend is your friend until its end'. Yet most traders fail to ride those trends. They often miss the start of the trend and then have a difficult time finding entries when the trend is running. And that is not surprising. All other indicators completely neglect to inform traders of the numerous trading opportunities which occur when the market is trending. Instead, they only try to inform traders about possible trend changes.
The Trend Rider indicator displays up to 20 times more trades than the average indicator because it pays attention to what the market is doing. It gives clear signals when pullbacks or breakouts occur allowing traders to hop onto the trend or add on to an existing position. Besides pullbacks and breakouts, it also generates trend reversal signals if the market becomes too overbought or oversold. It provides clear statistics on how each signal type is performing in current market conditions.
Note that the trend rider is meant to trade and ride trends. Its performance is less when the market is consolidating/ranging.
(R) Reversal signal
When the trend is likely to reverse the indicator will show a red or green R. At the same time the bars will change colors (if enabled) These signals give the first possible point to enter a new trend. They will give you the biggest wins but also have the highest risk. For more conservative traders we suggest trading the breakout or pullback signals.
(BO) Breakout signals
The breakout signal will appear when the market is breaking out of a range or
congestion zone. These are very high probability trades
(PB) Pullback signals
When price pulls back to the stop line a pullback (PB) signal will be generated. They have a higher probability than reversals but lower the breakouts. That said the risk for these pullback trades is so low, often just a few ticks. This means that the risk/reward for these signals is very good.
Statistics
The indicator shows the number of trades and win ratio for all signal types. By default, it uses an 8-tick target with the stop loss placed (and trailed) the stop line to calculate these statistics. Of course, you can adjust the target. Note that these statistics take all signals into account. In reality, you will probably skip some setups and only trade the high-probability ones. This means that you should be able to get an even higher win ratio when you trade this yourself.
NinjaScript/bloodhound support
The indicator exports a 'Signal' plot which can be used when creating your own strategies in ninja script, the strategy builder and/or bloodhound
Signal plot value:
- -3 short reversal
- -2 short breakout
- -1 short pullback
- 1 long pullback
- 2 long breakout
- 3 long reversal
Furthermore, the indicator exports the following plots for bloodhound/blackbird
- stoploss
- BreakoutLong
- BreakoutShort
- ReversalLong
- ReversalShort
- PullbackLong
- PullbackShort
Features
- Allows traders to ride trends and get numerous signals to get in and ride the trend until the end.
- Gives multiple signals while the market is trending for breakouts and pullbacks
- Gives clear signals when the trend might reverse
- Paint bars
- Alerts
- Statistics for all signal types including win ratio and number of signals
- Stop line
- support for ninjascript / bloodhound
- Works on any timeframe
- Works on any market (forex, futures, crypto)
- Works with any ninjatrader license
Changelog
12-dec-2021 v1.0.0.6
- added extra plots for bloodhound
25-05-2021 v1.0.0.5
- fixed bug with statistics
25-04-2021 v1.0.0.4
- Added option to turn on/off specific alerts
- fixed multiple alerts/bar
- Added signal plot for ninjascript/bloodhound
16-04-2021 v1.0.0.3
- fixed alerts not working
28-03-2021 v1.0.0.2
- Added horizontal entry line
- Improved statistics
- Added option to show/hide statistics
- Added option to specify where the statistics should be shown on the chart
Media
