Hello, everyone, and welcome to another software update from TrendSpider. In this update, we’ve added a cool new indicator to the platform; The Dots Indicator, created by Intromoto.
The Dots indicator has three identical, look-back specific indicators; small dot, medium dot, large dot, with specific colors. Additionally, there is another low and high dot placement with a different metric. The purpose of the secondary ‘low/high dot placement’ is to gauge how large of a position size to put on each pivot point. Users can edit the lengths of the Oscillators as well as the ‘Overbought’ and ‘Oversold Values’ via the parameters box pictured below.
Regardless of time frame, largest entries should be on candles with dots stacked up, large, and most extreme. Reddish pink for shorts, greenish for longs. Blue and red dots are essentially calling longer time frames and apply a filter, so should be respectful for higher time frames. Small dots are warnings, larger dots should be respected more so. Be aware of strong trends when the dots will appear as counter to successful trend.
The yellow, pink, and shades of green dots are RSI based, focusing on overbought and oversold conditions. The blue and red dots are also RSI based, but have a filter applied to reduce signal noise and lower time frame triggers.
This indicator was designed for low time frames, 15 minutes and under, but can certainly still work on higher time frames, as well!
We hope you find these new indicators useful, and as always, if you have any questions do feel free to reach out to us in chat via the ‘Contact Us’ button in the bottom right-hand corner of your chart!