This is a strategy build inside tradingview, which I found it works great with swing/position trading.
It works based on parabolic sar indicator, when indicator is below the candle, is an uptrend and when its its above is a downtrend.
At the same time it's very nice, because it has a sort of stop loss which is dynamic, because it triggers when candle crosses with indicator, so you dont have to worry about stop loss or take profit .
The key here of course, is going to be the risk management, if you want to success with it, never trade more than 2% of you capital, and if you want you can always apply a rule inside the code to close all position if x % amount of equity was going down, although I recommend have patience and let the system do its job.
I recommend this strategy to be used with charts like 1 day or 1 week. If you need and want I can convert it to an indicator that uses alerts (although with strategy as well can be made to send alerts).
PS. When you add this strategy on chart, inside is has different versions, if you use first version(1), it uses the system I explain above. If you use the last one, its based on risk management when the stop loss is the difference between psar and the candle, but it still needs some adjustments to make. Overall first one is atm much more profitable, but I believe that the version with risk management can be much better, but it need much more adjustments to make which I dont have the time at the moment for it.
Enjoy it .
Note di rilascio
⋅
Added risk management. For currencies without JPY, change the dataL and dataS line to 100.000 instead of 1000. It still needs some adjustments and tweaks :)
Note di rilascio
⋅
Uncomment the line 84 and 98 to apply the risk management calculated by the difference between the sar and close candle
When commission is set to the crypto standard of 0.35% it breaks the script with the error:
"Study Error: Quantity for entry or Order must be a positive number less or equal to: 1000000000.000000, passed value is 1098521000.000000"
Also, it's useful to have a switch to turn off short-trades for exchanges that don't support them. The following accomplishes that allow_shorts = false // Use it as an input strategy.risk.allow_entry_in(allow_shorts? strategy.direction.all : strategy.direction.long)
rehanmarwat1
⋅
great work.
mfarrand07
⋅
I would like to convert this to send alerts on long and short. How can this happen. Thanks
"Study Error:
Quantity for entry or Order must be a positive number less or equal to: 1000000000.000000, passed value is 1098521000.000000"
Also, it's useful to have a switch to turn off short-trades for exchanges that don't support them.
The following accomplishes that
allow_shorts = false // Use it as an input
strategy.risk.allow_entry_in(allow_shorts? strategy.direction.all : strategy.direction.long)