Setting Up Linear Regression Candles and UTBot Alert on tradingview: A Step-by-Step Guide

Achieving success in trading often relies on precise indicators and strategic configurations. In the context of the presented scalping strategy, the effective use of linear regression candles and UTBot alerts is paramount.

Below, we outline the recommended settings to implement these indicators and enhance your trading experience.

Linear Regression Candles:

1. Time Frame Selection:
   • Begin by selecting the appropriate time frame on your trading platform. For this strategy, the presenter recommends the one-minute time frame.
2. Accessing Indicators:
   • Open the “Indicators” tab on your trading view.
3. Adding Linear Regression Candles:
   • Search for “Linear Regression Candles” and add it to your chart.
4. Adjusting Indicator Settings:
   • Click on the linear regression candles indicator to open its settings.
   • In the input section, change the signal smoothing to 7 for optimal results.
5. Enhancing Visibility:
   • Navigate to the style section and adjust the plot line thickness for better visibility.
6. Hiding Normal Candles:
   • Click to hide the normal candles on your chart, focusing solely on the linear regression candles.

UTBot Alert:

1. Adding UTBot Alert Indicator:
   • Go back to the “Indicators” tab on your trading view.
2. Selecting UTBot Alert:
   • Search for “UTBot Alert” by Qunatnomad and add it to your chart.
3. Accessing UTBot Alert Settings:
   • Click on the UTBot Alert indicator to access its settings.
4. Configuring Key Values:
   • In the inputs tab, change the key value to 2 for optimal performance.
5. Setting ATR (Average True Range):
   • Adjust the ATR to 11 in the indicator settings.
6. Confirmation Signal:
   • Understand that the UTBot Alert will serve as a confirmation signal for both buy and sell entries. A Buy Signal triggers a long trade, while a Sell Signal initiates a short trade.

Final Notes:

Ensure that you fully comprehend the conditions for entering trades using these indicators, as outlined in the strategy. For long trades, wait for a Buy Signal from UTBot Alert, a green linear regression candle closing above the white line, and a green STC indicator line. For short trades, look for a Sell Signal, a red linear regression candle below the white line, and a red STC indicator line.

Remember, these settings are integral to the strategy’s success, but it’s advisable to test them thoroughly in a simulated environment before implementing them in live trading. This cautious approach ensures a nuanced understanding of how these indicators interact with real market conditions, ultimately contributing to a more informed and confident trading experience.