Hello friends,
A member of the community approached me and asked me how to write an indicator that would achieve a particular set of goals involving comprehensive trend analysis, risk management, and session-based trading controls. Here is one example method of how to create such a system:
Core Strategy Components
- Multi-Moving Average System - Uses configurable MA types (EMA, SMA, SMMA) with short-term (9) and long-term (21) periods for primary signal generation through crossovers
- Higher Timeframe Trend Filter - Optional trend confirmation using a separate MA (default 50-period) to ensure trades align with broader market direction
- Band Power Indicator - Dynamic high/low bands calculated using different MA types to identify price channels and volatility zones
Advanced Signal Filtering
- Bollinger Bands Volatility Filter - Prevents trading during low-volatility ranging markets by requiring sufficient band width
- RSI Momentum Filter - Uses customizable thresholds (55 for longs, 45 for shorts) to confirm momentum direction
- MACD Trend Confirmation - Ensures MACD line position relative to signal line aligns with trade direction
- Stochastic Oscillator - Adds momentum confirmation with overbought/oversold levels
- ADX Strength Filter - Only allows trades when trend strength exceeds 25 threshold
Session-Based Trading Management
- Four Trading Sessions - Asia (18:00-00:00), London (00:00-08:00), NY AM (08:00-13:00), NY PM (13:00-18:00)
- Individual Session Limits - Separate maximum trade counts for each session (default 5 per session)
- Automatic Session Closure - All positions close at specified market close time
Risk Management Features
- Multiple Stop Loss Options - Percentage-based, MA cross, or band-based SL methods
- Risk/Reward Ratio - Configurable TP levels based on SL distance (default 1:2)
- Auto-Risk Calculation - Dynamic position sizing based on dollar risk limits ($150-$250 range)
- Daily Limits - Stop trading after reaching specified TP or SL counts per day
Support & Resistance System
- Multiple Pivot Types - Traditional, Fibonacci, Woodie, Classic, DM, and Camarilla calculations
- Flexible Timeframes - Auto-adjusting or manual timeframe selection for S/R levels
- Historical Levels - Configurable number of past S/R levels to display
- Visual Customization - Individual color and display settings for each S/R level
Additional Features
- Alert System - Customizable buy/sell alert messages with once-per-bar frequency
- Visual Trade Management - Color-coded entry, SL, and TP levels with fill areas
- Session Highlighting - Optional background colors for different trading sessions
- Comprehensive Filtering - All signals must pass through multiple confirmation layers before execution
This approach demonstrates how to build a professional-grade trading system that combines multiple technical analysis methods with robust risk management and session-based controls, suitable for algorithmic trading across different market sessions.
Good luck and stay safe!
Note di rilascio
- Added example slippage and commission for the presented
- In the code, there was a mention and usage of alexgrover's function from the following script: https://www.tradingview.com/script/gD1gDOyI-Intersection-Value-Functions/
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.
Coding services -> Telegram: @alex_everget
A list of FREE indicators:
bit.ly/2S7EPuN
A list of PAID indicators:
bit.ly/33MA81f
Earn $15:
tradingview.com/pricing/?share_your_love=everget
A list of FREE indicators:
bit.ly/2S7EPuN
A list of PAID indicators:
bit.ly/33MA81f
Earn $15:
tradingview.com/pricing/?share_your_love=everget
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.
Coding services -> Telegram: @alex_everget
A list of FREE indicators:
bit.ly/2S7EPuN
A list of PAID indicators:
bit.ly/33MA81f
Earn $15:
tradingview.com/pricing/?share_your_love=everget
A list of FREE indicators:
bit.ly/2S7EPuN
A list of PAID indicators:
bit.ly/33MA81f
Earn $15:
tradingview.com/pricing/?share_your_love=everget
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.