This long only strategy determines the price of the last fractal top and enters a trade when the price breaks above the last fractal top. The strategy also calculates the average price of the last fractal tops to get the trend direction. The strategy exits the long trade, when the average of the fractal tops is falling (when the trend is lower highs as measured by fractals). And the user can manually set a time delay of this exit condition. The default setting is a long strategy exit always 3 bars after the long entry condition appeared.
In addition as gimmicks the fractals tops can be highlighted (the default is blue) and a line can be drawn based on the fractal tops.This fractal top line is colored by the fractal top average trend in combination with the fractal breakout condition.
This strategy works better on higher time-frames (weekly and monthly), but it also works on the daily and some other time-frames. This strategy does not repaint, no repainting.
P.S. I thank Tradingview user barracuda who helped me with the time based exit condition code. And user RicardoSantos for coding the definition of the fractal top, which he uses in his "[RS]Fractals" scripts.
All trading involves high risk; past performance is not necessarily indicative of future results. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
I'm looking at GBPUSD on 5m and getting a good backtest, so want to test this out going forwards with alerts, but I'm getting one every 5 minutes with just the placeholders, regardless of whether a long has been triggered or not. Am I doing something wrong with the alert settings or is it to do with the script, as I don't see any alert code? New here so sorry if this is very obvious!
wadza20002001
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can I use this indi on Metatrader 4 and where can I download it
Roadman2022
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@wadza20002001, yes..you can use..no problem. you can download at your home
MrTeal
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interesting have you consider testing with lower capital in every trade like $100
Germaine_Mills
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you can change the capital in the strategy to your liking.
maroof81
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Thank you
Sigep1901dl
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Awesome strategy. Quick question, does the fractal candle show blue right after it closes, or do a couple of bars have to pass before the fractal candle turns blue? Hope my question makes sense. Thanks!