Naveen %R (140) Top 40 Screener

Title: Naveen %R (140) Top 40 Screener

Description:

The "Naveen %R (140) Top 40 Screener" is a specialized TradingView indicator designed to assess the relative strength of the top 40 cryptocurrency pairs listed on Binance, excluding stablecoins. This indicator calculates the Naveen %R, a variant of the Williams %R indicator, over a span of 140 periods to determine overbought and oversold conditions.

Features:

Comprehensive Coverage: Tracks the top 40 crypto pairs, ensuring a broad market overview.
Custom %R Calculation: Uses a modified Williams %R formula tailored to crypto volatility and trading patterns.
Overbought and Oversold Alerts: Provides real-time alerts when a currency pair enters overbought (> -5) or oversold (< -95) territories, enabling traders to make timely decisions.
Visual Labels and Lines: Utilizes labels and horizontal lines to clearly indicate current market conditions, making it easy to scan multiple assets quickly.
Adaptability: Suitable for traders of all levels who require a reliable tool to gauge market sentiment and potential reversal points.
Ideal Use Cases:

Day Trading: Monitor quick shifts in market sentiment to capture short-term gains.
Swing Trading: Identify entry and exit points for mid-term positions based on overextended price movements.
Crypto Market Analysis: Gain a macro overview of market trends and trader behavior across major cryptocurrencies.
By integrating this indicator into your trading strategy, you can enhance your decision-making process with a robust, data-driven approach to identifying potential buy and sell opportunities based on proven technical analysis principles.