Cobra Algo Review
Ease of Use
Cobra Algo is an algorithmic trading platform designed to integrate with TradingView. This platform includes trade signals as well as take profit levels, stop loss levels, and trailing stop levels. Cobra Algo also includes the ability to draw support and resistance lines, top and bottom signals, alerts, and more. Learn more about this platform by reading our complete Cobra Algo review.
About Cobra Algo
Cobra Algo is an algorithmic trading platform that integrates with TradingView. The platform displays buy and sell signals, support and resistance lines, and stop loss and profit target lines on top of TradingView charts. It supports all of the assets and timeframes available on TradingView, making it useful for a very wide range of traders.
So, is Cobra Algo right for you? Our Cobra Algo review will take a closer look at everything this tool can do.
Cobra Algo Pricing Options
Cobra Algo costs $39.99 per month or $379.99 per year. You can try out the software for free for three days with no credit card required.
Cobra Algo Features
Cobra Algo is designed to integrate with TradingView’s charting software. You must have a TradingView account in order to use Cobra Algo, although you can use the tool even with a free TradingView account.
Cobra Algo supports all of the markets available on TradingView, including stocks, crypto, forex, and futures. You can configure the tool to show signals for any timeframe ranging from 1 second to 12 months.
Cobra Algo identifies long and short trade signals on every TradingView chart, regardless of asset or timeframe. Short signals double as exit signals for long trades.
In addition, the software is able to override the default bar color settings in TradingView to re-color candlesticks based on whether they are part of a strengthening or weakening trend. Green candlesticks indicate a strengthening bullish trend, red candlesticks indicate a strengthening bearish trend, and hollow candlesticks indicate that the prior trend is weakening. This is useful because you can see at a glance whether the trend on which the signals is based is continuing or beginning to weaken.
For every trade signal, Cobra Algo displays up to three take profit levels, a stop loss level, and a trailing stop level. These profit and stop levels are not calculated by the algorithm, but rather are set at fixed percentages that you can customize.
Support and Resistance
Cobra Algo can automatically draw support and resistance lines on your charts in TradingView. These lines begin from a single candlestick, so you can see the bar – usually the maximum or minimum point of a reversal – on which the support or resistance line is based.
Cobra Algo’s volatility band is a visual indicator of how volatile an asset’s price is over a given timeframe. A wider band indicates more volatility – and potentially more opportunities for directional trading – while a narrow band indicates that the asset’s price is relatively stable.
Top and Bottom Signals
The algorithm identifies potential tops and bottoms on any timeframe. This information can be used by traders to identify opportunities to lock in profits before a target price or to double down on an existing position.
Cobra Algo can also display a small dashboard on top of your charts. The dashboard offers information about whether the last trade signal for an asset was long or short on timeframes other than the timeframe you’re currently charting. For example, if you’re using Cobra Algo on a 1-hour chart, you can see whether signals on other timeframes for that same asset are bullish, bearish, or mixed.
The dashboard can also be used to keep an eye on other assets. You can add up to 10 additional assets to display in the dashboard, and Cobra Algo will show whether the last trade signal is long or short for the timeframe you’re currently charting. This is particularly useful for keeping an eye on other stocks in a sector or on major market indices.
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You can set up TradingView alerts based on Cobra Algo’s signals. You can create alerts for new long or short signals, new support or resistance lines, new tops or bottoms, or an asset crossing a stop loss or take profit level. Alerts can be sent by email or trigger a pop-up in your TradingView window.
Note that the number of active alerts you can create varies based on your TradingView plan. Free users can only have a single active alert.
Cobra Algo Customization and Layout
Cobra Algo is highly customizable, so you can modify the display to suit your trading style. You can toggle any of the software’s annotations on or off, or change their color or appearance. It’s up to you to choose what percentage change to use as the default stop loss and take-profit levels for trading signals. You can also adjust the sensitivity of support and resistance line calculations to see a greater or lesser number of potential support and resistance lines.
Cobra Algo also lets you adjust the sensitivity of trade signals. The sensitivity setting for trade signals consists of two numbers, one for long signals and one for short signals. The platform suggests sticking with the default settings, but offers potential sensitivity ranges to try for day trading, scalping, and swing trading.
It’s worth noting that you have retained access to all of TradingView’s built-in indicators and customization features when using Cobra Algo.
Cobra Algo Platform Differentiators
Cobra Algo is a well-designed algorithmic trading software that offers enough flexibility for virtually every trader to make use of it. This platform can be used by not only stock traders, but also crypto, forex, and futures traders. It can also be used by swing and longer-term traders who trade on daily or even weekly timeframes.
What’s especially nice about Cobra Algo is that it doesn’t force traders to rely blindly on the algorithmic trade signals. These signals are accompanied by automated support and resistance levels, trend strength indicators, and top and bottom signals that can help inform trades. Traders also have access to the enormous range of indicators and scripts available in TradingView.
What Type of Trader is Cobra Algo Best For?
Cobra Algo is designed in a way that makes it suitable for virtually any trader. For how capable this tool is, it’s also relatively inexpensive.
The algorithm can annotate charts on any timeframe, from seconds to months. It also works for stocks, crypto, forex, and futures. Even for active medium-term investors who don’t normally rely on tools designed for short-term traders, Cobra Algo can be quite useful for identifying entry and exit points.
- Algorithmic long and short signals
- Works on any timeframe from seconds to months
- Supports stocks, crypto, forex, and futures
- Integrates with TradingView charts
- Highly customizable to suit your trading style
- No strength or confidence ratings for trade signals
- Sensitivity settings can be confusing
1 thought on “Cobra Algo Review – Is This Trading Platform Right For You?”
hi just wanna know do cobra algo work with or in MetaTrader 4 or MetaTrader 5