• OpenAI released ChatGPT 4.0, the latest and smartest bot so far.
• The 3.5 bot can provide users with explanations on technical analysis tools and price action concepts.
• However, it cannot access live data to analyze current information such as prices or other relevant data points of the market.
OpenAI’s ChatGPT 4.0
OpenAI recently announced the release of their newest and smartest bot yet – ChatGPT 4.0 – which is better than version 3.5 in a multitude of ways. This AI model has been designed to give traders an extra edge when it comes to technical analysis and price action concepts, providing them with explanations and guides on how to begin analyzing markets using Elliot Wave Theory principles and more.
Limitations of ChatGPT
While this AI model can provide users with helpful insights into various trading tools, it unfortunately cannot access live data or alert traders on topics beginning to gain traction quickly (such as a low-cap coin in the crypto-market). As such, it should be used only as an assistant for basic strategies that do not require real-time information.
Using ChatGPT for Intraday Strategies
ChatGPT could help beginner traders devise a basic intra-day strategy by combining TradingView indicators such as RSI and Moving Averages together to generate buy/sell signals for day traders. For example, one simple strategy could be buying when RSI is above 50 and using Fibonacci numbers 13 & 21 as moving averages periods (which was suggested by ChatGPT itself!).
Testing the Strategy
To test out this strategy, one could use Cardano’s chart on a 2-minute timeframe which would allow for scalping trades based on the generated buy/sell signals from the chatbot’s advice above!
In conclusion, while ChatGPT cannot predict prices like AMBCrypto’s AI model can, it can still be useful when it comes to helping beginners understand various trading tools & strategies along with providing them some insight into potential trade opportunities!