Bitcoin Forum

I want to know if any exchange has easy to access indicator data (instead of you getting boatloads of historical data and calculating yourself) or if a cheap robot service exists.

I want to get a warning, or do it fully automated, to buy BTC when certain indicators are at certain levels. This is not for fully bot trade, it is just to buy at times I think are advantageous, for long term holding.

You can do quite a lot with bitcoincharts....although in a time of heavy traffic it will go down.

http://bitcoincharts.com/charts/bitstampUSD#rg5ztgSzbgBza1gEMAzm1g10za2gEMAzm2g25zxzi1gMACDzi2gATRzvzl

Here is a quick look at how I like mine setup...

MACD so you can see what direction things are going, and Avg True Range to determine the strength of the move.

Log of course, and the two "normal" EMA's as a second indicator.

Pop over into the trading forum and see what others are doing!

Bitcoin charts cannot alarm me or do stuff automatically...

I found out the strategy I wanted to do toying with its indicators in first place, but now I need a auto way to do it, I cannot go check bitcoincharts every single day!

If you want features you will likely have to pay a monthly fee...there are high end software out there that can trade bitcoin.

RTBTC seems to be the next step up from free...

Sierrachart bridge....has lot's of features. You will have to research more to figure out what you need.
Gekkobot
Goxtool

If you aren't interested in checking that frequently...do you want to automatically trade based on your system?
Or are you manually buying and selling?

It sounds like you want to "set it and forget it"...good luck with that, it simply doesn't work well with bitcoin.
They had a contest running for quite a while in the trading forum to see if someone could come up with a winning strategy...maybe start researching there.

well, RSI says we are still far from bubble territory this time around.

Just curious, what RSI perimeters are you using? The StochRSI on bitcoinwisdom.com running default perimeters on one day intervals shows that we were overbought on November 8, though it's come down a bit since then. The 1 hour interval was showing we were consistently overbought yesterday as well. I've found that RSI isn't a very good indicator for the bitcoin market, since it's still so thinly traded, unless I'm missing something.

The Bitcoincharts default non-stochastic RSI is around 84 right now...

How that is not overbought????

Overbought doesn't necessarily mean it won't stay overbought. You need additional indicators to determine that.
What works is tuning SMA so that it can be an indicator for reversals if it crosses the Bollinger Band. The period must be quite low to get any results but not too low so it does give rare results. Not too high or you won't get any results at all. Then you can use this and RSI to try to make some short term profits.

But be warned, this method needs a stop loss or you will get broke.

In case you missed it, you buy when RSI is oversold and SMA is below the BB, Sell when it's overbought and SMA is above the BB.

I don't think this works on the daily scale but a few minutes to hours might,

U dont wanna catch a falling knife best to do this and wait for a higher high then get in on a retest

Op, use mt4 its the best charting platform period.. just trade manually and set an alert when your conditions are met. Its trivial to make an automated startegy tht will alert you via email once a setup is found. U code via mql it takes a few mins to get the hang of it.

That's even more risky and less profitable.

The best "set it and forget it" strategy with Bitcoin is "Buy and hold".

Can I use mt4 (what is mt4?) to send me e-mail alert that I must do a manual trade because my indicator targets are met?

i don't mind anything in 70-90 range. 90 is what i start considering actually oversold in a strong rally. it is above the 90 level that we usually see big correction, no before.  :)

Not an exchange or a bot here, but do send out twitter updates when StochRSI goes into oversold region (< 20). See link in signature. Last update was Saturday evening when StochRSI went below 20 for about an hour and price was right at $300 on MtGox.

https://axablends.com/merchants-accepting-bitcoin/btchart3.png

Then by extension you are saying your own strategy is even more risky than what I said and less profitable. Generally once OS, a higher high tells us trend is broken. Retest = risk/reward situation. Maybe you didn't understand.

You don't want to trade with an mt4 broker but you probably want to use it as a charting platform. There are too many broker tricks available with mt4 to shake you out of your money thus only use it for charting.... and its the best charting tool bar none.. nothing else even comes close.

Your anwser only confused me more.

Again, can it do what I asked? (is that one of its broker services thing?)

And what is mt4?

Not sure if people are misreading the RSI, but the RSA does indicate we're in overbought territory right now. Note that that doesn't mean a huge amount, since we doubled about 3 times in overbought territory for the April bubble , but whatever.

I do understand, why I am saying it's more risky is you get into the unprofitable territory much sooner on a bad trade.

How so? You said to buy when MA is under BB and RSI is OS or under 30.. that is a falling knife situation. So its more risky to buy there than wait for MA < BB, RSI < 30, wait for breakout + retest. Your stoploss is under the low and your profit target is the swing high, much better risk:reward.

OP asked for a tip on how to use RSI, I gave him one.
I didn't recommend a stoploss strategy, read carefully. I'm not giving you a complete trading system which works as it is in the current situation. That obviously needs tweaking and backtesting.

IF you think you know better do it, but I do consider it off topic.

Yes and through my experience I gave YOU and HIM a tip that what you suggested is dangerous. To tell someone that you should buy when theres a falling knife and then saying to someone that by waiting for a breakout + retest your more prone to get into negative +ve your essentially saying the same thing. In any trade you MUST assess risk, that is an exit or stoploss. When you buy into a falling knife you can't assess risk and in the long term you may be left holding the bag. But to each his own I guess.  That is not an entire system, but a general practice that is probably used be most professional traders who like to swing trade as well as those who like to "follow the trend".

rsi is overbought at 70 using standard readings. but in a strong rally, we can remain overbought for long periods. some analysts assert than > 90 is "truly" overbought.

Yea I like using 90 in a trending market to find the profit target, but the exit is usually the hardest part of trading. I like to wait for the 90, then wait for a lower low and a retest of the high to get out, if the retest doesn't come then wait it out as a bigger breakout is to come. (April 2013 high didn't give a retest and now we had a stronger break out)

I don't look at hourly or even daily RSI, that's crap for me (might be good for daytraders). I only look at weekly RSI, for medium term speculation, or monthly RSI for extremely long term speculation.

Whats the rsi at on long term charts? I saw $475 as a potential top target doin some math.

Meta Trader 4
I don't know if it will do what you asked, but Sierrachart is just as good and you can set audible alerts.

Volume is king IMO. In a bull market large sell-offs will have mild effect and vice-versa. Look at the 2 month chart. There were 3 huge sell-offs that trumped the green candles by considerable degree and the market went higher. Indicators are basically "of the past", and bitcoin is infantile, so market forces can change quickly, reducing them to nothing but tea-leaves in the wind. That said, if enough people make decisions based on these indicators, and they do, it creates a self-fulfilling "reality", until it doesn't.

Using a general indicator telling you os or ob conditions are based on pshycology and nothing more. It adds extra predictability if many ppl use the same indicator which we know
people dont yet for bitcoin... however rsi is still mildly valuable for purposes of finding climaxes of pressure within the herd especially as leveraged trading begins.

It's a little more than 70 on weekly, and barely 70 on monthly. The previous bubbles had both touched 100 on both, and maintained at that level for at least 2-3 days.

475 broke this bull is relentless

Have a look https://bitcointalk.org/index.php?topic=324871.0 probably this is what you are looking for. Cryptotrader provides support of 130 trading indicators such as RSI,MACD,etc and fully hosted solution for both simulated and automated trading for just $15 / month.

we are probably going to $1000 before significant correction at all.