Entry conditions: - (a) when DI+ > DI- on timeframe #1, and - (b) Confirmation: when DI+ > DI- on timeframe #2 In the shown example, timeframe1 was same as the chart (1H) and timeframe2 was 1D.
Stop Loss: ATR based trailing stop
About DMI Can refer to Investopedia for general understanding. Applications of DMI in this strategy: - Assumes uptrend when DI+ is above DI- (when green DI+ lines above red DI-), vice versa for downtrend. This is checked in two different timeframes that can be set by user in settings. - DX is ignored, it doesn't give a direction of the trend. But if DX was applied, it would be a good indicator for quantifying the strength of uptrend/downtrend. This measurement would typically be read along a threshold (i.e. if below 20, then market is likely consolidating). All of these have been commented out (ignored by pinescript's interpreter via //) in the codes, as said; we are not using DX for sake of simplicity.
Visualizations To make the chart look cleaner, DMI plots have been simplified to just down/up arrows placed at bottom of the chart. Referring to the example chart: - Green arrows : when DI+ > DI- for both timeframes, implies uptrend - Red arrows: other way around (DI+ < DI-), implies downtrend
Note di rilascio
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Ensures non-repainting by ignoring developing bars from MTFs.
I can't see a way to setup an alert for each of the specific order types (enter, stops loss, take profit). Would be great if this was added so webhooks could be triggered from the events.
TradeConfirmed
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Thanks for your work. Does it repaint?
DojiEmoji
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@Crypto_Forecast, No problem. Starting from v2 (just updated) it doesn't repaint.