The Logical Trading Indicator V.2 is a powerhouse of an indicator that allows you to customize to your strategy in many different ways. This version of the indicator is a paid for lifetime use indicator that can be purchased from the Logical Trading Academy and is the version that I am keeping updated with new features.
I am constantly trying to find ways to make this indicator even more customizable. And in this latest update coming on Friday, Dec 1, 2023, we are adding a really cool feature!
New Basis Line Options
The newest feature is at the heart of the indicator and that is the basis line. Previously the basis line is based on a Bollinger Band using a choice of an exponential moving average (EMA) or simple moving average (SMA). Well with udpate 2.1 we are separating the Basis line settings into it's own section and adding a new option, the VWAP, or Volume Weighted Average Price!
Both the EMA and SMA options come with the outer Bollinger Bands, but the VWAP options removes them.
I have been trying to get the momentum arrows to activate automatically when this option is selected, but I am not getting the results I want. But I do suggest going to that setting and turning on the arrows to give you a measurement of volatility with the VWAP.
The VWAP is one of the best indicators to use on short term time frames which I consider below the 1HR time frame.
Squeeze Indicator Renamed To Momentum Indicator
One change you may notice in the Logical Trading Indicator V.2 is I have changed the wording of the Squeeze Indicator to the Momenutm indicator, as that is a bit better explanation of the feature vs using the word Squeeze. I also changed up all the coding variable to account for this change so that you can see what's up in the code.
More Features Coming Soon!
As I progress in the development of this indicator, I am going to continue to add new features that I find useful in my trading so that you can use those same tools in your strategy, or not. I try to make it as customizable as possible!
Still working on automatic trend lines and some other reversal indicators, but being that i am still learning Pinescript, I am working on learning how to accomplish the results I am looking for. Until then, for those that purchase the lifetime license for this indicator either with fiat from the Logical Trading Academy, or you can purchase it with various cryptocurrencies including $HBD on the Hivelist Store, which is currently 20% off for the holidays! And if you want an even bigger discount that includes a copy of my 'Anyone Can Be A Trader' ebook, you can get the NFT from NFTShowroom!
If you want to get started with the basics of the indicator, we have the Logical Trading Indicator V.1 available for FREE to use on TradingView. All I ask is you give it a boost and follow me there to help keep it trending on the community scripts!
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