JustUncleL

Open Close Cross Strategy R5 revised by JustUncleL

This revision is an open Public release, with just some minor changes. It is a revision of the Strategy "Open Close Cross Strategy R2" originally published by @JayRogers.

*** USE AT YOUR OWN RISK ***
JayRogers : "There are drawing/painting issues in pinescript when working across resolutions/timeframes that I simply cannot fix here.. I will not be putting any further effort into developing this until such a time when workarounds become available."
NOTE: Re-painting has not been observed with the default set up, nor with Alternate resolution multiplier up to 5.

Description:
Strategy based around Open-Close Moving Average Crossovers optionally from a higher time frame.

Setup:
  • I have generally found that setting the strategy resolution to 3-5x that of the chart you are viewing tends to yield the best results, regardless of which MA option you may choose (if any) BUT can cause a lot of false positives - be aware of this. JustUncleL: using one of the Smoothed MA helps reduce false positives.
  • Don't aim for perfection. Just aim to get a reasonably snug fit with the O-C band, with good runs of green and red. JustUncleL: using SMMA (8 to 10) gives a good fit.
  • Option to either use basic open and close series data, or pick your poison with a wide array of MA types.
  • Optional Stop Loss and Target Profit for damage mitigation if desired (can be toggled on/off)
  • Positions get taken automatically following a crossover - which is why it's better to set the resolution of the script greater than that of your chart, so that the trades get taken sooner rather than later.
  • If you make use of the stops/target profit, be sure to take your time tweaking the values. Cutting it too fine will cost you profits but keep you safer, while letting them loose could lead to more draw down than you can handle.

Revsion R5 Changes by JustUncleL
  • Corrected cross over calculations, sometimes gave false signals.
  • Corrected Alternate Time calculation to allow for Daily,Weekly and Monthly charts.
  • Open Public release.

Revision R4 By JustUncleL
  • Change the way the Alternate resolution in selected, use a Multiplier of the base Time Frame instead, this makes it easy to switch between base time frames.
  • Added TMA and SSMA moving average options. But DEMA is still giving the best results.
  • Using "calc_on_every_tick=false" ensures results between back testing and real time are similar.
  • Added Option to Disable the coloring of the bars.
  • Updated default settings.

R3 Changes by JustUncleL:
  • Returned a simplified version of the open/close channel, it shows strength of current trend.
  • Added Target Profit Option.
  • Added option to reduce the number of historical bars, overcomes the too many trades limit error.
  • Simplified the strategy code.
  • Removed Trailing Stop option, not required and in my option does not work well in Trading View, it also gives false and unrealistic performance results in back testing.

R2 Changes by @JayRogers:
  • Simplified and cleaned up plotting, now just shows a Moving Average derived from the average of open/close.
  • Tried very hard to alleviate painting issues caused by referencing alternate resolution.

Note di rilascio: R5.1 Changes by JustUncleL
  • Upgraded to Version 3 Pinescript compliance.
  • Added option to select Trade type (Long, Short, Both or None)
  • Added bar colouring work around patch.
  • Some code corrections and changes to improve efficiency.

NOTE: To enable non-Repainting mode set "Delay Open/Close MA" to 1 or more, but expect the reported performance to drop dramatically.
Note di rilascio: Bug fix
Correction on SuperSmooth MA calculation.
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JustUncleL

Commenti

hi, just unclel, can this open close strategy be applied on automation if yes thn how or mannualy, pls suggest , thks
Rispondi
JustUncleL Knighteleven
@Knighteleven, This script was not designed to be used for automation, each signal should be processed manually on their own merits based on other tools like Support/Resistance analysis, Divergence etc and the Trader's experience.
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Knighteleven JustUncleL
@JustUncleL, thanks
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Hi, anychance I can get this Indicator for mt4?
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JustUncleL connorvice
@connorvice, TradingView Pinescript is not compatible to Mt4 platform.
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@JustUncleL, anyway of you making it for mt4 or anything like it on there, as I use this for 1 hour timeframe. And I can’t keep looking at charts for the signals. Is there anyway I can set it up so I can receive notifications on the signals ?
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JustUncleL Connorjamesforex
@Connorjamesforex, Sorry I don't write code for the MT4 platform.
Rispondi
JustUncleL, Are you sure there is no repainting if set Delay Open/Close to 1 ?
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JustUncleL engus7573
@engus7573, It should be non-repaint, but I cannot guarantee it as sometimes Pinescript exhibits unexpected behaviour. If you want a non-repainting OCC script please check out my new NoRepaint scripts:

"Open Close Cross Alerts NoRepaint Version by JustUncleL"

and

"Open Close Cross Strategy NoRepaint Version by JustUncleL"
Rispondi
JustUncleL,
wow...my eyes don't trust after seeing back testing data...that it's not repainting??? if its really a NRP one in live market...you are next to GOD..
thanks man, god bless.
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