OPEN-SOURCE SCRIPT
Hilly's 0010110 Reversal Scalping Strategy - 5 Min Candles

Key Features and Rationale:
Timeframe: Restricted to 5-minute candles as requested.
Pattern Integration: Includes single (Hammer, Shooting Star, Doji), two (Engulfing, Harami), and three-plus (Morning Star, Evening Star) candlestick patterns, plus reversal patterns based on RSI extremes.
VWAP Cross: Incorporates bullish (price crosses above VWAP) and bearish (price crosses below VWAP) signals, enhanced by trend context.
Volume Analysis: Uses a volume spike threshold to filter noise, with a simple day-start volume comparison for financial environment context.
Financial Environment: Approximates the day's sentiment using early-hour volume compared to current volume, adjusted by trend.
Aggregation: Scores each condition (e.g., 1 for basic patterns, 2 for strong patterns like Engulfing, 3 for three-candle patterns) and decides based on weighted consensus, with trendStrength as a tunable threshold.
Risky Approach: Minimal filtering and a low trendStrength (default 0.5) allow frequent signals, aligning with your $100-to-$200 goal, but expect higher risk.
Suggested Inputs:
EMA Length: 10 (short enough for 5-minute sensitivity).
VWAP Lookback: 1 (uses current session VWAP).
Volume Threshold Multiplier: 1.2 (moderate spike requirement).
RSI Length: 14 (standard, adjustable to 7 for more sensitivity).
Trend Strength Threshold: 0.5 (balance between signals; lower to 0.4 for more trades, raise to 0.6 for fewer).
Timeframe: Restricted to 5-minute candles as requested.
Pattern Integration: Includes single (Hammer, Shooting Star, Doji), two (Engulfing, Harami), and three-plus (Morning Star, Evening Star) candlestick patterns, plus reversal patterns based on RSI extremes.
VWAP Cross: Incorporates bullish (price crosses above VWAP) and bearish (price crosses below VWAP) signals, enhanced by trend context.
Volume Analysis: Uses a volume spike threshold to filter noise, with a simple day-start volume comparison for financial environment context.
Financial Environment: Approximates the day's sentiment using early-hour volume compared to current volume, adjusted by trend.
Aggregation: Scores each condition (e.g., 1 for basic patterns, 2 for strong patterns like Engulfing, 3 for three-candle patterns) and decides based on weighted consensus, with trendStrength as a tunable threshold.
Risky Approach: Minimal filtering and a low trendStrength (default 0.5) allow frequent signals, aligning with your $100-to-$200 goal, but expect higher risk.
Suggested Inputs:
EMA Length: 10 (short enough for 5-minute sensitivity).
VWAP Lookback: 1 (uses current session VWAP).
Volume Threshold Multiplier: 1.2 (moderate spike requirement).
RSI Length: 14 (standard, adjustable to 7 for more sensitivity).
Trend Strength Threshold: 0.5 (balance between signals; lower to 0.4 for more trades, raise to 0.6 for fewer).
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.