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Big Drops for Bargain Entries in Cryptocurrency Market Using TradingView

Big Drops for Bargain Entries in Cryptocurrency Market Using TradingView



Here's the TradingView link for the free indicator: 

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Recently, I've been seeing huge drops in the crypto market. This happens time and time again. I see these drops on almost every coin. 

Then I realized...

Why don't I create an indicator that will alert me whenever there is a sharp drop in the market. This way I can look for potential bargain entries instead of trading and then suddenly lose my position because of a sudden drop.

And that's when I started coding a simple indicator for my new trading strategy.

Criteria

So my criteria for big drops is when the price suddenly drops a certain % within a day.  Since I always look for entries in intraday charts (like 1m to 30m timeframes),  I can then highlight the bars during that day when the dropped happens.
  • dropped a certain %
  • highlight intraday bars that happened during that day

Conclusion

I created an indicator that will give me an alert whenever a coin dropped a certain % on a day. This way I have more free time doing important things and only looking for bargain entries after a sharp/big drop.   


Big Drops for Bargain Entries in Cryptocurrency Market Using TradingView - Big Drops by doppelgunner using TradingView



Where to go next...

We can create a strategy tester to test whether this trading idea/strategy is profitable in the long run. Or maybe we can add other criteria like volume. This way we only buy together with the big/smart money.

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