Five MSM Vishnu Indicator & Daily Wickedness DHA Beta Indicator
In the world of trading, accurately identifying buy and sell signals is crucial for success. False signals can lead to significant losses, especially for beginners. Fortunately, TradingView offers powerful indicators that help traders avoid these pitfalls. In this comprehensive guide, we will explore two of the best TradingView indicators that can help you avoid false signals and improve your trading performance.
Introduction
Trading can be a complex and challenging task, whether you are dealing with Forex, cryptocurrencies, or stocks. Liquidity and market volatility often result in misleading signals. This is where reliable indicators come into play. In this guide, we will delve into the Five MSM Vishnu Indicator and the Daily Wickedness DHA Beta Indicator. By the end of this article, you will understand how to set up and use these indicators to enhance your trading strategies.
The Five MSM Vishnu Indicator
Overview
The Five MSM Vishnu Indicator is a powerful tool for traders looking to refine their entry and exit points. Developed by Patrick, this indicator focuses on market trends and helps in identifying potential buy and sell signals with a high degree of accuracy.
Setting Up the Five MSM Vishnu Indicator
To set up the Five MSM Vishnu Indicator on TradingView:
- Search for the Indicator: In the TradingView search box, type “Five MSM Vishnu.”
- Select the Indicator: Click on the “Five MSM Vishnu by Patrick” option.
- Adjust Settings: Change the key Vault option from 3 to 2.
Using the Five MSM Vishnu Indicator
Once the indicator is set up, you can use it to identify buy and sell signals. Here’s how it works:
- Buy Signal: The indicator will display a buy signal when it identifies an upward trend.
- Sell Signal: Conversely, it will show a sell signal during a downward trend.
The Five MSM Vishnu Indicator is particularly effective on shorter time frames, such as one minute or five minutes, making it ideal for day traders.
The Daily Wickedness DHA Beta Indicator
Overview
The Daily Wickedness DHA Beta Indicator is another excellent tool that complements the Five MSM Vishnu Indicator. It helps confirm the signals generated by the Vishnu Indicator, reducing the likelihood of false signals.
Setting Up the Daily Wickedness DHA Beta Indicator
To set up the Daily Wickedness DHA Beta Indicator on TradingView:
- Search for the Indicator: In the TradingView search box, type “Daily Wickedness DHA Beta.”
- Select the Indicator: Click on the “Daily Wickedness DHA Beta” option.
- Adjust Settings:
- Change the recent option from 6 to 7.
- Change the fast P option from 7 to 6.
- Change the slow P option from 21 to 22.
Using the Daily Wickedness DHA Beta Indicator
This indicator works by providing a visual confirmation of the trends identified by the Vishnu Indicator:
- Green Color Above Zero Line: Indicates a strong buy signal.
- Red Color Below Zero Line: Indicates a strong sell signal.
By using both indicators together, traders can significantly reduce the chances of acting on false signals.
Trading Strategy Using Both Indicators
Step-by-Step Guide
- Set Up the Indicators: Ensure both the Five MSM Vishnu Indicator and the Daily Wickedness DHA Beta Indicator are correctly set up on your chart.
- Identify a Signal: Look for a buy or sell signal from the Vishnu Indicator.
- Confirm the Signal: Check the DHA Beta Indicator to confirm the signal.
- Place Your Order: If the signals match, place your buy or sell order.
- Set Stop Loss: Place your stop loss at the high of the previous market for sell orders or the low of the previous market for buy orders.
- Determine Risk to Reward Ratio: Use a 1:1.5 risk to reward ratio for optimal results.
Example Trades
Trade 1: Sell Order
- Vishnu Indicator Signal: Sell
- DHA Beta Indicator Confirmation: Red color below the zero line
- Action: Place a sell order
- Stop Loss: High of the previous market
- Risk to Reward Ratio: 1:1.5
Trade 2: Buy Order
- Vishnu Indicator Signal: Buy
- DHA Beta Indicator Confirmation: Green color above the zero line
- Action: Place a buy order
- Stop Loss: Low of the previous market
- Risk to Reward Ratio: 1:1.5
Importance of Risk Management
Risk management is a critical aspect of successful trading. By using a stop loss and a predetermined risk to reward ratio, traders can protect their capital and ensure long-term profitability. As Warren Buffett famously said, “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.”
Tables for Quick Reference
Table 1: Five MSM Vishnu Indicator Settings
| Setting | Value |
|---|---|
| Key Vault | 2 |
| Initial Value | 3 |
Table 2: Daily Wickedness DHA Beta Indicator Settings
| Setting | Value |
|---|---|
| Recent | 7 |
| Fast P | 6 |
| Slow P | 22 |
Real-World Application
Forex Market
In the Forex market, these indicators can be particularly useful due to the high liquidity and volatility. Traders can use the one-minute or five-minute time frames to make quick decisions and capitalize on small price movements.
Cryptocurrency Market
Cryptocurrencies are known for their rapid price fluctuations. Using the Five MSM Vishnu Indicator and the Daily Wickedness DHA Beta Indicator can help traders navigate these volatile markets and make more informed decisions.
Stock Market
For stock traders, these indicators can be used on intraday charts to identify potential buying and selling opportunities. The confirmation from the DHA Beta Indicator adds an extra layer of confidence to the trades.
Conclusion
In conclusion, the Five MSM Vishnu Indicator and the Daily Wickedness DHA Beta Indicator are powerful tools that can help traders avoid false signals and improve their trading performance. By setting up these indicators correctly and using them in tandem, traders can make more informed decisions and increase their chances of success.
Remember, trading requires continuous learning and practice. Always test new strategies in a demo account before applying them to live trading. And most importantly, adhere to strict risk management rules to protect your capital.
For more great trading strategies and tips, be sure to subscribe to the Secret Indicator Strategies YouTube channel.
Happy trading!
References
- TradingView. “Five MSM Vishnu Indicator by Patrick.” Available at: TradingView
- TradingView. “Daily Wickedness DHA Beta Indicator.” Available at: TradingView
- Buffett, Warren. “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.”
By utilizing these indicators and following the strategies outlined in this guide, you can enhance your trading skills and work towards becoming a more successful trader.
Author: Simeon Bala
An Information technology (IT) professional who is passionate about technology and building Inspiring the company’s people to love development, innovations, and client support through technology. With expertise in Quality/Process improvement and management, Risk Management. An outstanding customer service and management skills in resolving technical issues and educating end-users. An excellent team player making significant contributions to the team, and individual success, and mentoring. Background also includes experience with Virtualization, Cyber security and vulnerability assessment, Business intelligence, Search Engine Optimization, brand promotion, copywriting, strategic digital and social media marketing, computer networking, and software testing. Also keen about the financial, stock, and crypto market. With knowledge of technical analysis, value investing, and keep improving myself in all finance market spaces. Pioneer of the following platforms were I research and write on relevant topics. 1. https://publicopinion.org.ng 2. https://getdeals.com.ng 3. https://tradea.com.ng 4. https://9jaoncloud.com.ng Simeon Bala is an excellent problem solver with strong communication and interpersonal skills.
