Is Market Cipher Worth It?
Is Market Cipher Worth It?
There are many indicators that you can use to trade in markets. Whether it’s crypto, stocks, forex, you name it. According to some, the right indicator can give you a real edge. One of the most popular options out there is Market Cipher, but is Market Cipher worth it? And should you invest in an indicator at all?
Trading Indicators: Worth the Investment?
Whether you get your trading information from YouTube or use some type of community like Discord, you’ll almost certainly run into people that tell you that their indicator is the very best out there. A prime example is Market Cipher, which is basically a combination of various indicators that supposedly takes your trading to the next level. So, how good are these indicators, and are they worth your investment?
Trading Indicators on TradingView
On TradingView, anyone can write their own indicator in a TradingView-proprietary language called Pine script. Of course, learning Pine script is not for everyone. It takes time, skill, and a good understanding of both scripting languages and the markets to write an indicator correctly.
People who wrote indicators before may share their work in several ways. They can open-source their code, effectively making it possible for anyone to use, edit and improve on their indicator. Anyone who has the indicator code can share their indicator with others on a per-account basis and there’s even an expiration timer that can be set, ideal for supporting a subscription model.
This is also where things get tricky. Because there is a lot of code available in the public domain, it’s easy for anyone to simply copy/paste that code into their Pine editor, change the indicator name, close the source, claiming ownership and share that indicator for a profit.
So when you are offered to purchase an indicator, you would do well to check what exactly that indicator does and whether or not there is a publicly available version of it. If an indicator has a high price, that should raise a big red flag.
Market Cipher Alternative
For Market Cipher, there are many free indicators available that mimic its behavior, examples are found here, here and here. Some of these indicators are shared through other places like Discord, Reddit, and so on. Most of them are not worth your time. So, if you were planning to spend hundreds of dollars on an indicator, better think twice.
Indicators that give you buy and sell labels often require Heikin Ashi candles. Heikin Ashi candles use averages and are perfect for spotting trend reversals, but fall short when establishing entries and exits. In addition, a long/short label will appear on the chart but can disappear again before the candle closes, so you must wait for a candle close to be sure the signal is accurate at which point, in some cases, the action has already happened
So is Market Cipher Worth It?
The best indicators are free. They’re called MA, EMA, MACD, and RSI. Especially when combined with Elliott theory and Fibonacci tools, that’s pretty much all you need. Learn to use those tools before you consider purchasing any indicator, so you will not spend money but earn it instead. There is no substitute for a technical analysis skillset and there are no shortcuts except outsourcing technical analysis to a trusted third party, which is also where things get tricky.
When using a third party, first establish trust. There are many YouTube channels with Oooh! and Aaaah! faces, screaming at you that BTC is going to the moon. Look for the reasoning behind such claims and don’t fly blindly to what some YouTuber tells you.
Things you will want to look for in an indicator include:
- Ability to configure alerts (for automatic trading)
- No dependence on Heikin Ashi candles
- A reliable source, not some random guy on the internet
- Reasonable pricing
If you'd like to learn more about the best trading indicators, and trading in general from me and the rest of the Filthy Rich Futures team, you can do so by joining our Discord group! Surround yourself with like-minded people, Filthy Rich Futures is a group of futures traders that is suitable for both beginners and (semi-) professionals, see you there!
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