Good afternoon! Welcome to the Mr. Tonks Trading Channel. Today, we’re going to quickly go over how to use ChatGPT to create custom indicators for Trading View. This is especially helpful for new traders who don’t want to spend money on a pro membership for Trading View or buy indicators online.
To get started, go to chatgpt.com and create an account. Once you’re logged in, you can start by creating a simple script that displays the exponential moving average (EMA) on the 10-day timeframe.
Here’s an example script you can use:
//@version=4
study("EMA 10", overlay=true)
ema10 = ema(close, 10)
plot(ema10, color=color.blue)
Copy this code and go to Trading View. Open the Pine Editor by clicking on the arrow at the bottom of the page. Create a new script and paste the code. Save the script and it will appear in your indicators.
You can also add additional lines to the script. For example, if you want to add the EMA 24, you can modify the code like this:
//@version=4
study("EMA 10 and 24", overlay=true)
ema10 = ema(close, 10)
ema24 = ema(close, 24)
plot(ema10, color=color.blue)
plot(ema24, color=color.red)
Save the updated script and the new indicator will appear in your indicators.
As a beginner, a simple strategy you can follow is to enter a trade when the EMA 10 crosses above the EMA 24 and exit when it crosses below. This can help you identify potential trends and take profit at the right time.
Remember, it’s important to trust your indicators and not rely solely on influencers or online traders. Preserve your capital and focus on learning and improving your trading skills.
ChatGPT makes it easy to create custom indicators even if you’re not a programmer. You can also explore the free indicators available in the Community Scripts section. Have fun experimenting with different strategies and indicators!
I hope you found this guide helpful. If you have any questions, feel free to ask. Happy trading!
