Godmode3.2 - Long Signals (with alerts)
Jul 31, 2019
The Godmode3.2 - Long Signals (with alerts) indicator is a momentum-based trend following tool designed to identify potential long entry opportunities and overbought exhaustion points. It utilizes a composite calculation involving Wave Trend components, RSI, and Money Flow to filter market noise and pinpoint high-probability trend reversals.
Usage
The indicator primarily identifies long entry points and warnings for overbought conditions:
- Long Entry: An upward arrow is plotted below the price bar when the primary wave oscillator (WT1) crosses above the threshold of 8. This signal indicates a shift from a bearish or oversold state toward bullish momentum.
- Long Warning: Small red circles appear above the price bars when the smoothed signal line (WT2) exceeds 85. This suggests the asset may be overextended to the upside, signaling caution for existing long positions.
- Multi-Exchange Mode: When enabled, the indicator aggregates data from multiple major exchanges (Bitfinex, Poloniex, Bitstamp, Coinbase, and Bitmex) to create a normalized view of market momentum, which can be particularly useful for Bitcoin traders seeking to avoid exchange-specific anomalies.
Details
The script integrates several technical concepts to determine market direction:
- TCI (Trend Confidence Index): A variation of an EMA-based oscillator that measures price deviation from its mean.
- MF (Money Flow): Uses volume and price change to determine the flow of capital.
- Willy (Williams %R variant): A momentum indicator measuring overbought and oversold levels.
- CSI (Composite Strength Index): An average of RSI and True Strength Index (TSI) components.
By combining these elements, the "Godmode" algorithm provides a smoothed yet responsive oscillator. The "Multi-exchange" feature specifically targets crypto assets, fetching data via request.security to provide a broad market average.
Settings
- Channel Length: Determines the lookback period for the main trend channel calculation (default 16).
- Average Length: Sets the smoothing period for the internal oscillators (default 4).
- Short Length: Adjusts the period for shorter-term calculations like Money Flow and RSI (default 4).
- Multi-exchange?: A toggle to enable data aggregation from multiple exchanges for a more comprehensive momentum reading.
FAQ
How do I use the alerts for this script?
You can set alerts for "Potential Long" (WT1 crossing 8) or "Long Warning" (WT2 exceeding 85) via the TradingView alert menu to receive notifications in real-time.
What markets is this indicator best suited for?
While it can be used on any asset, the "Multi-exchange" feature is specifically designed for BTCUSD to aggregate liquidity and price action across major platforms.
How can I access Godmode3.2 - Long Signals (with alerts)?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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