Bounce Manager S/R

17 apr 2022

This script is based on the bounce manager ATR script https://www.tradingview.com/script/xcLyHtYJ-Bounce-Manager-ATR/
The S/R script is made for manual input of horizontal S/R lines, the script will then see if price respects these levels by the parameters you input in settings panel. On a respectable bounce it will print buy/sell arrows. The script also has functionality to send alerts, this is helpful if you want to automate S/R lines.
An easy strategy to use would be the one you see in the preview using a grid of round numbers. This script in no way shape or form promises easy gains and like all algorithms should be forward tested on a paper trading account before using real money.

components:
- Max violation: When price moves past this the script will no longer look for entry until a new trend has been established. The line can also be used as a stop loss.
- Confirmation line: When price touches the line during a trend it
will wait to cross over this line to confirm a reaction from the line.
- Min past distance: A trend filtering system, this is a distance from
the line price has to break to confirm trend direction.
- Stop loss: This can be set to a percentage distance from the low after
bounce. Or it can be set to the max violation line
- Take profit: This can be a fixed take profit target or a risk to reward
based take profit. With risk to reward it will multiply the stop loss
distance by the input and use that to create target (green cross)
- ATR based or % based: there are 2 versions of the script, one for strict
percentage based logic and another one based on ATR values


Part of the Honest Algo service.

18 apr 2022

Note di rilascio

Added a bug fix where bounces did not create long/short signals from the lines 11 to 20.

24 apr 2022

Note di rilascio

Added zignaly integration, you can now use the settings panel to decide your risk management. Option to use a fixed take profit % or an automatic risk to reward calculation based on the stop loss. Stop loss can get calculated using the max violation setting as a stop loss or when not checked it will use 0.01% below the low of the signal candle as stop loss. Just add your zignaly private key in the settings and use any alert function call as alert. Make sure to use zignaly.com/api/signals.php as your webhook url.

This update makes it possible to become a service provider on zignaly or just for automating your signals using zignaly. Zignaly is free to use so it is a great alernative to the 3commas platform when using my service.

I also fixed a bug where the script would not send alerts for lines 11 to 20.

25 apr 2022

Note di rilascio

On request added the 'use big wick' checkbox. When you enable this it will only open trades when the bar opens above consolidation filter line. This to find long candles to the line giving the user the ability to find candles with a big wick. Especialy when using a strict confirmation line in combination with a very strict consolidation filter.

27 apr 2022

Note di rilascio

Added a run timer by Hewhomustnotbenamed. This is to ensure subscribers to my service pay on a monthly basis. Without a refresh of the chart the script will stop sending alerts after 30 days.