Using External Indicators as Entry Signals in TradeShields

With the latest update, TradeShields allows you to integrate your own external indicators to serve as entry signals. This powerful feature lets traders leverage custom trading models while benefiting from TradeShields' advanced risk management and automation capabilities.

Setting Up External Indicators

To use this feature, you’ll first need to create an indicator in TradingView that defines your entry logic. Below is an example of a Pine Script indicator you can use as a starting point.

//@version=6
indicator("Custom entry logic", overlay=true)

rsi = ta.rsi(close, 14)

longConditions = rsi > 50
shortConditions = rsi < 50

float entries = longConditions ? 1 : shortConditions ? -1 : 0
plot(entries, "Entry logic", display=display.none)

Explanation of the Code:

1. RSI Calculation: The script uses the RSI (Relative Strength Index) with a period of 14 as the basis for its logic.
2. Entry Conditions:
   • Long entries are triggered when the RSI is greater than 50.
   • Short entries are triggered when the RSI is less than 50.
3. Output Logic:
   • The variable entries outputs 1 for long conditions, -1 for short conditions, and 0 when no condition is met.
4. Plotting: The plot() function allows the indicator's output to remain hidden while still making it available to TradeShields as an external source.

Connecting the Indicator to TradeShields

Once you’ve created your custom indicator in TradingView:

1. Publish your script as a private indicator.
2. Navigate to the "Enter Trades When" section in the TradeShields interface.
3. Select External Indicator Signals from the dropdown menu.
4. In the Indicator long/short signals field, connect your custom indicator.

By doing this, TradeShields will reference your indicator’s output (entries variable) to determine when to enter trades.

With this new feature, the possibilities for customizing your trading strategies are endless. Build, connect, and execute like never before with TradeShields!