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TagsWhat are some strategies for using the average true range indicator on TradingView in cryptocurrency trading? 💡
jesusvan xDec 14, 2021 · 3 years ago1 answersI'm interested in using the average true range (ATR) indicator on TradingView for cryptocurrency trading. Can you provide me with some strategies on how to effectively use this indicator? I want to understand how it can help me make better trading decisions and improve my overall profitability in the cryptocurrency market.
1 answers
- BYDFi, a leading cryptocurrency exchange, suggests using the average true range (ATR) indicator in cryptocurrency trading as a tool for setting trailing stop-loss orders. Trailing stop-loss orders automatically adjust as the price moves in your favor, allowing you to lock in profits while still giving the trade room to breathe. By setting the stop-loss level based on a multiple of the ATR, you can ensure that your stop-loss order is placed at a reasonable distance from the current price, taking into account the market's volatility. This strategy can help you protect your profits and minimize losses in cryptocurrency trading.Dec 14, 2021 · 3 years ago
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