Big Snapper Alerts R3.0 + Chaiking Volatility condition + TP RSI

This trading strategy is a modified version of the Big Snapper system. It integrates the JustUncleL script with additional filters for trend and volatility increase, alongside proportional stop losses and a dynamic take profit based on the RSI indicator, to produce long and short signals with defined stop loss (SL) levels.

To trade this strategy manually on TradingView:

• Use the Exponential Moving Average (EMA) with a length of 55 as the trend filter (MA_medium).
• Apply the Chaikin Volatility indicator to filter entries by volatility. Confirm long entries when the asset price is above the EMA (55) and the Chaikin Volatility is above its trigger level.
• Determine spike conditions using volume and price spike analysis. Spikes in the specified conditions show increased market activity, which can be a good entry point.
• Add a Relative Strength Index (RSI) component with an overbought level of 70 and the starting point for taking profit set to 63.5 when coming from the overbought area.
• For Stop Loss (SL), calculate it as 70% below the current candle's size, which can be considered in line with Fibonacci levels. If price goes below this SL, the trade is considered defunct.
• The entry signal for long is when all of the above conditions are met including the RSI being oversold. The entry signal for short would be satisfied by the opposite conditions.
• Include volume-weighted average price (VWAP) into this trading strategy for better trend assessment.
• Exit the trade (also through the RSI) when the indicator moves from the overbought territory (70) down to 63.5 or below, or the alternative for a short.
• Volume oscillator is used to filter out potential signals during little price actions.

Improving the "Big Snapper Alerts R3.0 + Chaiking Volatility condition + TP RSI" strategy for manual trading involves optimizing its components for better timing and accuracy. A systematic process, focusing on trend confirmation, volatility assessment, entry signal refinement, risk management, and exit strategy, can lead to more successful trades.

• Trend Confirmation: The current strategy utilizes a 55-period EMA as a trend filter. To enhance this, consider applying multiple moving averages with different periods (e.g. 50, 100, and 200) to identify stronger trend confirmations across different time frames. A confluence of the trend across these moving averages could indicate a more robust entry point.
• Volatility Assessment: While Chaikin Volatility is already incorporated, its sensitivity can be adjusted or combined with the Average True Range (ATR), providing a more comprehensive understanding of volatility. Recognizing high-volatility phases while avoiding whipsaws is critical for timing the market.
• Refine Entry Signals: The strategy should filter entry signals with a focus on significant price movements, such as breakouts from patterns or levels with high-confluence. Incorporating candlestick patterns or price action confirmations could lend additional credibility to the signals generated by the strategy conditions.
• Strengthen Risk Management: Current SLs are determined as a percentage of the candle size. This can be further improved by using a volatility-adjusted SL, such as placing the SL beyond a recent swing high or low, or using a multiple of the ATR.
• Enhanced Exit Strategies: While the RSI is used for TP, additional layers can be integrated, such as trailing stops or scaling out positions. This can help in riding the trend efficiently while safeguarding gains.
• Volume Analysis: Incorporating volume analysis can add an extra dimension to signal validation. An increase in volume in the direction of the trend adds more weight to the decision.
• Market Psychology: Pay close attention to market sentiment and be aware of key economic news releases which may cause volatility spikes contrary to your analysis.
• Continuous Education: Keep a trading journal to record the outcome and rationale behind each trade. Review periodically to refine your strategy with insights gained from past experiences.

The "Big Snapper Alerts R3.0 + Chaiking Volatility condition + TP RSI" trading strategy is tailored for traders who favor technical analysis and are proficient at interpreting multiple indicators to inform their trading decisions. Specifically, this strategy suits:

• Active Day Traders: Its reliance on volatility and RSI for entries and exits is ideal for those who can monitor the markets and make quick decisions during the trading day.
• Swing Traders: The use of a medium-period EMA allows for trend analysis that can support trades over several days, fitting the swing trading style.
• Trend Followers: The strategy's design to enter trades in the direction of the prevailing trend aligns with the classic trend-following approach.
• Risk-Managed Traders: Those who emphasize stop loss management and systematic exits will find this strategy’s dynamic SL and TP conditions beneficial.

• Strategy Essence: Utilizes the Big Snapper foundation, enhancing it with a volatility filter and a dynamic RSI-based take profit level.
• How it Works: A long or short signal is given when there’s a consensus between the trend (EMA 55), increased Chaikin Volatility, and specific RSI levels.
• Automation Potential: Designed for both fully automated trading using alerts and for supplementary tools in manual trading approaches.
• Manual Trading Synergy: Can be strengthened by combining with price action, other forms of technical analysis, and volume indicators for improved validation.
• Optimization Suggestions: Incorporate multi-period moving averages, fine-tune volatility sensitivity, and reinforce entry signals with price patterns.
• Risk Management: Strong emphasis on stop losses calculated from candle sizes, with the potential to adjust based on market volatility using ATR.
• Trader Profile Suitability: Best for active day and swing traders, trend followers, and those who prioritize strategic exit conditions.
• Continuous Improvement: Keep a trading journal to hone the strategy over time, using history to better predict the future.