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There are lots of indicators in the trading arena. Free and paid ones, good and bad ones, lagging and leading, for short- and long term trading, for trend- and counter-trend trading. The list goes on and on, and everyone has their own favorite. Despite this, most traders still struggle to make a profit.
In today’s review, I will take a closer look at a paid option, that is specially popular among crypto traders – Market God. Is this indicator your ticket to profitable trading in the cryptocurrency market? Read on for all the details.
Market God X is currently one of the most popular indicators for crypto traders. It has been around for quite a while and has gone through multiple updates.
The latest version is named Market God X
It is especially prevalent in the crypto space, but it can be applied to other instruments (stocks, fx, indicies, commodities, etc.).
About Market God
Market God is an indicator that you can add on to any chat on tradingview.
When conditions align, market god will plot a small box on to your chart with a buy or sell signal. This will give you an indication of where the price might be going in the upcoming period.
A signal will be valid after the candle where the signal appears, closes.
In short, when you see a signal appear, wait for the candle to close, and execute the trade in the direction suggested by the signal with your prefered broker / exchange. Here is an example of what it will look like.
It looks simple and it is. Applying the indicator and trading the signals is as easy as it gets. Unfortunately there is a bit more to it than this, if you want to become profitable. More on this later.
Price and free trial
If you want to give Market God a go, you can do so with a free 7-day trial. If you’re going to buy a copy, it will cost you a total of $130 if paid with paypal and $99 if paid with bitcoin.
This will give you access to the different versions of the market god indicator, along with access to the discord channel (containing lots of valuable information).
In addition to this, you will also get access to future releases and updates to existing indicators.
Market God is not a trading strategy
Market God is not a stand-alone trading strategy.
When you purchase market god, you will get access to the indicator and a discord channel. But that’s pretty much it. There is some guidance on how to use the indicator (mostly that it should be applied to higher timeframes, as this will result in more reliable signals). You will not get any information on suggested risk management, suggested stop loss and take profit levels, etc. This is up to you to figure out. You can, however, find a lot of valuable information on the discord channel. More on this later.
Signals and trade execution
Trading the signals produced by market god, will be a manual process. Once market god is applied to your chart, signals will be posted automatically, but trading them is to be executed manually with your preferred broker / exchange (there may be options to automate this, using a third-party provider like 3 commas).
Market god is currently available on tradingview and soon on TrendSpider. A free account on tradingview is sufficient to use market god. As the actual trade execution isn’t linked to the signals generated, you can trade with your preferred broker / exchange.
When you purchase market god, you get access to the latest release (currently market god x) along with all the previous versions
According to Eric Thies, founder of Market God, the versions were released sequentially so each progressive version is essentially more accurate, reliable and performs better than its predecessor (ie. MarketGod v7 is better than MarketGod v6, and MarketGod v6 is better than v5, etc)
In addition, each “Version” number has its own unique buy and sell criteria from the predecessor. So MarketGodx, which was released after MarketGod v7, has a completely different buy and sell criteria than v7, making them completely different at the root.
In a perfect world, I would have everyone using the same version, which is the mot recent, MarketGodx.
But with so many users who joined over periods of different releases, there are a few people who have preferences for earlier versions, hence my efforts to offer it to everyone
While Market God does not come with any specific trading strategy, it is recommended to apply it on higher timeframes (Weekly, daily, 12 hours, 4 hours, etc.). This is true for all versions currently available.
The simple reason for this is that the signals generated on higher timeframes are far more reliable than on shorter timeframes (i.e. 1 min, 5min. 15 min.). The other reason for this is that on shorter timeframes, you will get more signals, hence you will be paying more in commission on less accurate signals.
My take on Market God
In my opinion, the weak spot for market god is the lack of a surrounding strategy to make the most of Market God. You get the indicator(s) along with help and support from the discord channel. There are also some youtube videos and a bit of written guidance. But it’s not a lot. In general, it is recommended to use market god on higher timeframes, as signals will be more accurate. From here, it is up to you, to use the backtest strategy, to find the optimal strategy with market god.
From Buy to Sell and Sell to Buy
A backtest on Market God 7 on the daily chart from 2011 till today, shows a return of return of +2,000%. At first you might think “good enough for me. I will just go with that“.
The problem with that is that this test is not using fixed take profit and stop loss levels. Hence you will never know the possible drawdown of the next trade. This return is based on the idea that you;
- Buy or sell at the first signal
- Close that same deal at the next (opposite signal)
- Open a new deal in the direction of the signal.
Here is what will look like.
As there cannot be a buy and sell signal on the same candle, and as signals are valid at the close of a candle, you will at the very least, have to hold the position in question, open for the full length of one candle. A lot can go bad, within the timespan of one candle.
In other words, trading the mentioned strategy, is to trade without a stoploss (but not without a plan to exit the position eventually). This is a risky route to take, and can potentially result in large losses. Hence if you plan it to trade in that manner, your position size will need to be adjusted accordingly, whatever that means. It depends entirely on your account balance, the risk you are willing to take, and how much you believe Bitcoin (or whichever asset you trade) can potentially move, within the timeframe you trade. With that final variable being uncontrollable, it’s needless to say your position size will need to be small – and because of this, your potential profit will be small.
The good thing is that there is a backtest strategy for Market God v7. So you can play around with different numbers. How will this perform if I use a 2% stop loss and a 4% take profit level? This is up to you to figure out. The strategy tester is easy and fast to use.
There are a couple of issues though. First of all, the strategy test seems a bit unreliable. I am by no means, an expert in the tradingview strategy tester, so I am not sure if I am doing something wrong, if there is an issue with the strategy tester itself, or if the backtest from the market god team is causing the issue. But more often than not, when I amend the stop loss and take profit %-levels, the outcome stays the same.
Another thing is that the backtest strategy is currently not available for Market God X (although I believe they are working on that).
Finally, just because you can run a backtest, does not mean you are close to the finish line. As you can amend several diffferent aspects, it is difficult to determine what the best options are (i.e. do I want to trade the daily chart of the 4-hour chart, do I want to sacrafice profit for a lower drawdown, what should the noise level be, what asset should I trade, etc.)
I am personally not a fan of tradingview strategy tester, and maybe thats because I havent spent much time learning all there is to know about it. But I prefer to use excel and run my tests there. It is very easy to export chart data from Tradingview, open it in excel along with market god´s historical signals, and run a test. This works perfectly fine for Market God v7, but not for Market God X. When I export the chart data, the signals from Market God X is not visible. This is unfortunate, as do not have the option to run a backtest in the strategy tester, nor in excel. I have reached out to Erik about this, so hopefully this is something that can be fixed.
No online marketing fluff
Eric seems like a standup guy. He is honest about market god, what it is, and what it isn´t. He mentions that Market God won’t win you every trade, but it will get you in on every trend. I think this is a very fair comment. He is not trying to show this indicator down your throat at any cost, like other online marketers in this space. This is also seen in that he offers a free trial. There are no sneaky upsells after you buy market god. Updates are free. There is no cross-selling, etc. From the chats on the discord channel, I get the feeling that Eris is a trader, and actively using market god. While this should be true for anyone seeling this kind of product/service, I guarantee you it´s not!
There are no promises of millions in profit. We are told what it is, and I love it. This is a prime example of how a business like this should be operated. Well done!
The future for Market God
I hope we will see a backtest strategy for Market God X and I hope there is a possible fix for the issue I am experiencing currently with the strategy tester. I also hope the signals for market god X will be exportable at some point.
Besides from this, Eric has announced that a new version of Market God X is just around the corner, and this should be specifically suited for short term trading. This is something I am very interested in. The word is that this will be released tomorrow (June 16th. 2020). I will make sure to cover that once it becomes available. Eric is seemingly also working on some stcuctured content with information about the indicator. I for one welcome this, as the currently content is posted many different places (marketgod website, youtube, discord, etc.)
I will continue to work on a strategy for market god, and I will make to post that here on the site once I have more information. My next step was to make a comparision between the performance of market god v7 vs. market god X but due to the above mentioned factors, this is currently a bit difficult (and may not make much sense due to the limited time Market god X has been on the market). Either way, expect to see more from me about market god in the future.
Is Market God worth it and is the price fair? I personally think this is a fair deal. This is, of course, very relative. Some will argue it’s expensive, as you can get lots of free indicators directly on tradingview. Meanwhile, there are other commercial options, with much higher price points. With Market God, you have the option to try it for free, before you make a final decision. The continued support and updates also justify the price point for this indicator. The community is active, and so is the founder Eric Thies. We have seen lots of updates to market god in the past, and the next update is seemingly just around the corner. Keep in mind the price is a one-time payment and that’s it. There is no subscription or recurring payments to be made here.
I guess the justification of the price comes down to the performance of the indicator from a PL perspective. But that ultimately comes down to the application of the indicator and the sorounding strategy, which is down to you, the client of market god. If you would like to skip the technical analysis part of trading, market god can be a helping hand. From the raw backtest, it has performed very well.