RSI Box Strategy (pseudo- Grid Bot)This is a strategy intended primarily for algorithmic traders. It's a pseudo-grid bot that uses a dynamic, volume-weighted grid that only updates when the RSI meets certain conditions. It's also a breakout strategy, whereas normal grid bots are not (typical grid bots sell when a higher grid is reached, whereas this strategy sells when a lower grid is breached under specific conditions). This strategy also sells 100% of pyramiding orders on close.
In a nutshell, the strategy updates its grid to the volume-weighted highest/lowest values of your given source ("src" in the settings) each time that there is a RSI crossunder/crossover. From this range it produces an evenly-spaced grid of five lines, and uses the current source to determine which grid line is closest to the source. Then, if the source crosses over the line directly above the current line, it enters a buy order. If the source crosses under the line directly below the current line, it enters a sell order.
You can configure shorts, source, RSI length, and overbought/oversold levels in the settings.
For the strategy results below: fees are at 0.1% per trade, with order size 1% of equity and a max pyramiding value of 33. For a greater R/R profile, you can increase the order size, which will increase drawdown but potentially yield better results.
Indicatori e strategie
Grospector DCA V.4This is system for DCA with strategy and can trade on trend technique "CDC Action Zone".
We upgrade Grospector DCA V.3 by minimizing unnecessary components and it is not error price predictions.
This has 5 zone Extreme high , high , normal , low , Extreme low. You can dynamic set min - max percent every zone.
Extreme zone is derivative short and long which It change Extreme zone to Normal zone all position will be closed.
Every Zone is splitted 10 channel. and this strategy calculate contribution.
and now can predict price in future.
Idea : Everything has average in its life. For bitcoin use 4 years for halving. I think it will be interesting price.
Default : I set MA is 365*4 days and average it again with 365 days.
Input :
len: This input represents the length of the moving average.
strongLen: This input represents the length of the moving average used to calculate the strong buy and strong sell zone.
shortMulti: This input represents the multiplier * moveing average used to calculate the short zone.
strongSellMulti: This input represents the multiplier used to calculate the strong sell signal.
sellMulti: This input represents the multiplier * moveing average used to calculate the sell zone.
strongBuyMulti: This input represents the multiplier used to calculate the strong sell signal.
longMulti: This input represents the multiplier * moveing average used to calculate the long zone.
*Diff sellMulti and strongBuyMulti which is normal zone.
useDerivative: This input is a boolean flag that determines whether to use the derivative display zone. If set to true, the derivative display zone will be used, otherwise it will be hidden.
zoneSwitch: This input determines where to display the channel signals. A value of 1 will display the signals in all zones, a value of 2 will display the signals in the chart pane, a value of 3 will display the signals in the data window, and a value of 4 will hide the signals.
price: Defines the price source used for the indicator calculations. The user can select from various options, with the default being the closing price.
labelSwitch: Defines whether to display assistive text on the chart. The user can select a boolean value (true/false), with the default being true.
zoneSwitch: Defines which areas of the chart to display assistive zones. The user can select from four options: 1 = all, 2 = chart only, 3 = data only, 4 = none. The default value is 2.
predictFuturePrice: Defines whether to display predicted future prices on the chart. The user can select a boolean value (true/false), with the default being true.
DCA: Defines the dollar amount to use for dollar-cost averaging (DCA) trades. The user can input an integer value, with a default value of 5.
WaitingDCA: Defines the amount of time to wait before executing a DCA trade. The user can input a float value, with a default value of 0.
Invested: Defines the amount of money invested in the asset. The user can input an integer value, with a default value of 0.
strategySwitch: Defines whether to turn on the trading strategy. The user can select a boolean value (true/false), with the default being true.
seperateDayOfMonth: Defines a specific day of the month on which to execute trades. The user can input an integer value from 1-31, with the default being 28.
useReserve: Defines whether to use a reserve amount for trading. The user can select a boolean value (true/false), with the default being true.
useDerivative: Defines whether to use derivative data for the indicator calculations. The user can select a boolean value (true/false), with the default being true.
useHalving: Defines whether to use halving data for the indicator calculations. The user can select a boolean value (true/false), with the default being true.
extendHalfOfHalving: Defines the amount of time to extend the halving date. The user can input an integer value, with the default being 200.
Every Zone: It calculate percent from top to bottom which every zone will be splited 10 step.
To effectively make the DCA plan, I recommend adopting a comprehensive strategy that takes into consideration your mindset as the best indicator of the optimal approach. By leveraging your mindset, the task can be made more manageable and adaptable to any market
Dollar-cost averaging (DCA) is a suitable investment strategy for sound money and growth assets which It is Bitcoin, as it allows for consistent and disciplined investment over time, minimizing the impact of market volatility and potential risks associated with market timing
[blackcat] L1 MartinGale Scalping Strategy**MartinGale Strategy** is a popular money management strategy used in trading. It is commonly applied in situations where the trader aims to recover from a losing streak by increasing the position size after each loss.
In the MartinGale Strategy, after a losing trade, the trader doubles the position size for the next trade. This is done in the hopes that a winning trade will eventually occur, which will not only recover the previous losses but also generate a profit.
The idea behind the MartinGale Strategy is to take advantage of the law of averages. By increasing the position size after each loss, the strategy assumes that eventually, a winning trade will occur, which will not only cover the previous losses but also generate a profit. This can be especially appealing for traders looking for a quick recovery from a losing streak.
However, it is important to note that the MartinGale Strategy carries significant risks. If a trader experiences a prolonged losing streak or lacks sufficient capital, the strategy can lead to substantial losses. The strategy's reliance on the assumption of a winning trade can be dangerous, as there is no guarantee that a winning trade will occur within a certain timeframe.
Traders considering implementing the MartinGale Strategy should carefully assess their risk tolerance and thoroughly understand the potential drawbacks. It is crucial to have a solid risk management plan in place to mitigate potential losses. Additionally, traders should be aware that the strategy may not be suitable for all market conditions and may require adjustments based on market volatility.
In summary, the MartinGale Strategy is a money management strategy that involves increasing the position size after each loss in an attempt to recover from a losing streak. While it can offer the potential for quick recovery, it also comes with significant risks that traders should carefully consider before implementing it in their trading approach.
The MartinGale Scalping Strategy is a trading strategy designed to generate profits through frequent trades. It utilizes a combination of moving average crossovers and crossunders to generate entry and exit signals. The strategy is implemented in TradingView's Pine Script language.
The strategy begins by defining input variables such as take profit and stop loss levels, as well as the trading mode (long, short, or bidirectional). It then sets a rule to allow only long entries if the trading mode is set to "Long".
The strategy logic is defined using SMA (Simple Moving Average) crossover and crossunder signals. It calculates a short-term SMA (SMA3) and a longer-term SMA (SMA8), and plots them on the chart. The crossoverSignal and crossunderSignal variables are used to track the occurrence of the crossover and crossunder events, while the crossoverState and crossunderState variables determine the state of the crossover and crossunder conditions.
The strategy execution is based on the current position size. If the position size is zero (no open positions), the strategy checks for crossover and crossunder events. If a crossover event occurs and the trading mode allows long entries, a long position is entered. The entry price, stop price, take profit price, and stop loss price are calculated based on the current close price and the SMA8 value. Similarly, if a crossunder event occurs and the trading mode allows short entries, a short position is entered with the corresponding price calculations.
If there is an existing long position and the current close price reaches either the take profit price or the stop loss price, and a crossunder event occurs, the long position is closed. The entry price, stop price, take profit price, and stop loss price are reset to zero.
Likewise, if there is an existing short position and the current close price reaches either the take profit price or the stop loss price, and a crossover event occurs, the short position is closed and the price variables are reset.
The strategy also plots entry and exit points on the chart using plotshape function. It displays a triangle pointing up for a buy entry, a triangle pointing down for a buy exit, a triangle pointing down for a sell entry, and a triangle pointing up for a sell exit.
Overall, the MartinGale Scalping Strategy aims to capture small profits by taking advantage of short-term moving average crossovers and crossunders. It incorporates risk management through take profit and stop loss levels, and allows for different trading modes to accommodate different market conditions.
Heatmap MACD Strategy - Pineconnector (Dynamic Alerts)Hello traders
This script is an upgrade of this template script.
Heatmap MACD Strategy
Pineconnector
Pineconnector is a trading bot software that forwards TradingView alerts to your Metatrader 4/5 for automating trading.
Many traders don't know how to dynamically create Pineconnector-compatible alerts using the data from their TradingView scripts.
Traders using trading bots want their alerts to reflect the stop-loss/take-profit/trailing-stop/stop-loss to breakeven options from your script and then create the orders accordingly.
This script showcases how to create Pineconnector alerts dynamically.
Pineconnector doesn't support alerts with multiple Take Profits.
As a workaround, for 2 TPs, I had to open two trades.
It's not optimal, as we end up paying more spreads for that extra trade - however, depending on your trading strategy, it may not be a big deal.
TradingView Alerts
1) You'll have to create one alert per asset X timeframe = 1 chart.
Example : 1 alert for EUR/USD on the 5 minutes chart, 1 alert for EUR/USD on the 15-minute chart (assuming you want your bot to trade the EUR/USD on the 5 and 15-minute timeframes)
2) For each alert, the alert message is pre-configured with the text below
{{strategy.order.alert_message}}
Please leave it as it is.
It's a TradingView native variable that will fetch the alert text messages built by the script.
3) Don't forget to set the webhook URL in the Notifications tab of the TradingView alerts UI.
EA configuration
The Pyramiding in the EA on Metatrader must be set to 2 if you want to trade with 2 TPs => as it's opening 2 trades.
If you only want 1 TP, set the EA Pyramiding to 1.
Regarding the other EA settings, please refer to the Pineconnector documentation on their website.
Logger
The Pineconnector commands are logged in the TradingView logger.
You'll find more information about it from this TradingView blog post
Important Notes
1) This multiple MACDs strategy doesn't matter much.
I could have selected any other indicator or concept for this script post.
I wanted to share an example of how you can quickly upgrade your strategy, making it compatible with Pineconnector.
2) The backtest results aren't relevant for this educational script publication.
I used realistic backtesting data but didn't look too much into optimizing the results, as this isn't the point of why I'm publishing this script.
3) This template is made to take 1 trade per direction at any given time.
Pyramiding is set to 1 on TradingView.
The strategy default settings are:
Initial Capital: 100000 USD
Position Size: 1 contract
Commission Percent: 0.075%
Slippage: 1 tick
No margin/leverage used
For example, those are realistic settings for trading CFD indices with low timeframes but not the best possible settings for all assets/timeframes.
Concept
The Heatmap MACD Strategy allows selecting one MACD in five different timeframes.
You'll get an exit signal whenever one of the 5 MACDs changes direction.
Then, the strategy re-enters whenever all the MACDs are in the same direction again.
It takes:
long trades when all the 5 MACD histograms are bullish
short trades when all the 5 MACD histograms are bearish
You can select the same timeframe multiple times if you don't need five timeframes.
For example, if you only need the 30min, the 1H, and 2H, you can set your timeframes as follow:
30m
30m
30m
1H
2H
Risk Management Features
All the features below are pips-based.
Stop-Loss
Trailing Stop-Loss
Stop-Loss to Breakeven after a certain amount of pips has been reached
Take Profit 1st level and closing X% of the trade
Take Profit 2nd level and close the remaining of the trade
Custom Exit
I added the option ON/OFF to close the opened trade whenever one of the MACD diverges with the others.
Help me help the community
If you see any issue when adding your strategy logic to that template regarding the orders fills on your Metatrader, please let me know in the comments.
I'll use your feedback to make this template more robust. :)
What's next?
I'll publish a more generic template built as a connector so you can connect any indicator to that Pineconnector template.
Then, I'll publish a template for Capitalise AI, ProfitView, AutoView, and Alertatron.
Thank you
Dave
Double AI Super Trend Trading - Strategy [PresentTrading]█ Introduction and How It is Different
The Double AI Super Trend Trading Strategy is a cutting-edge approach that leverages the power of not one, but two AI algorithms, in tandem with the SuperTrend technical indicator. The strategy aims to provide traders with enhanced precision in market entry and exit points. It is designed to adapt to market conditions dynamically, offering the flexibility to trade in both bullish and bearish markets.
*The KNN part is mainly referred from @Zeiierman.
BTCUSD 8hr performance
ETHUSD 8hr performance
█ Strategy, How It Works: Detailed Explanation
1. SuperTrend Calculation
The SuperTrend is a popular indicator that captures market trends through a combination of the Volume-Weighted Moving Average (VWMA) and the Average True Range (ATR). This strategy utilizes two sets of SuperTrend calculations with varying lengths and factors to capture both short-term and long-term market trends.
2. KNN Algorithm
The strategy employs k-Nearest Neighbors (KNN) algorithms, which are supervised machine learning models. Two sets of KNN algorithms are used, each focused on different lengths of historical data and number of neighbors. The KNN algorithms classify the current SuperTrend data point as bullish or bearish based on the weighted sum of the labels of the k closest historical data points.
3. Signal Generation
Based on the KNN classifications and the SuperTrend indicator, the strategy generates signals for the start of a new trend and the continuation of an existing trend.
4. Trading Logic
The strategy uses these signals to enter long or short positions. It also incorporates dynamic trailing stops for exit conditions.
Local picture
█ Trade Direction
The strategy allows traders to specify their trading direction: long, short, or both. This enables the strategy to be versatile and adapt to various market conditions.
█ Usage
ToolTips: Comprehensive tooltips are provided for each parameter to guide the user through the customization process.
Inputs: Traders can customize numerous parameters including the number of neighbors in KNN, ATR multiplier, and types of moving averages.
Plotting: The strategy also provides visual cues on the chart to indicate bullish or bearish trends.
Order Execution: Based on the generated signals, the strategy will execute buy or sell orders automatically.
█ Default Settings
The default settings are configured to offer a balanced approach suitable for most scenarios:
Initial Capital: $10,000
Default Quantity Type: 10% of equity
Commission: 0.1%
Slippage: 1
Currency: USD
These settings can be modified to suit various trading styles and asset classes.
Manual Buy&Sell Alerts [Starbots]This is a simple Strategy created to help you manually execute open or close orders via Alerts on Exchanges or Platforms.
More and more Exchanges and Platforms allow Tradingview Alert trading and sometimes we come to a problem that we can not sell an open order on the exchanges other way than signaling a sell or buy from Tradingview Alerts.
This is a tool to solve that problem as your are able to manually:
- send alert on limit targets (Long limit target, Short limit target, Take Profit limit target, Stop Loss limit target)
- send alert when new live bar opens on the market (simple way for closing your open trades on the Exchange/Platform - it will sell your open Long/Short order after new live bar is opened on the market)
Functions:
- 🕛Start
Define a start time for strategy to open/close trades
- 🕐Stop Trading after your Order is Closed
If you wish to stop opening/closing trades after your first position is successfully closed keep this turned on. If you wish to keep opening/closing trades indefinitely when the conditions are met keep this turned off.
🏁Buy&Sell By Limit Target
-Buy Price
-Take Profit
-Stop Loss
-🟢Enable Long Limit Orders
-🔴Enable Short Limit Orders
If you enable Enable Long or Short limit orders you will be able to execute trades when the price reaches your limit target lines.
Please Note that if you turn on Shorting, your Take Profit limit target must be 'UNDER' your buy price and Stop Loss limit target must be 'ABOVE' your buy price.
Type in your limit values manually or re-apply the strategy to your chart to select limit targets again with a mouse - you can also drag the limit lines to your wanted areas.
(I recommend using low time-frame charts - 30s, 1minute for fast executions)
🏁Buy&Sell After New Bar Opens
-🟢Open Long
-Close Long on a new Open Bar
-🔴Open Short
-Close Short on a new Open Bar
This is a simple way for closing your open trade on Exchanges. If you select Open Long/Short and then Close Long/Short on a new Open bar it will sell your open order and send sell alert when the new bar is opened on the market. Choose your time-frame and execute immediate sell order when a new bar is opened. You can select low 15s-30s-1minute charts to quickly get a sell alert.
Alerts
Long Message
Short Message
Exit Long Message
Exit Short Message
You can type in your webhook alert messages in this inputs. Write this code in 'Message' when creating Alert for strategy to send your Buy/Sell messages from above inputs.
{{strategy.order.alert_message}}
If you trade on exchanges and use different dynamic alert message to trade from Strategies, then you can just leave Alert inputs empty and write down your message alert in 'Message' box when creating new alert normally.
>> Do not forget to also set order size and pyramiding in properties tab correctly in this case.
Heatmap MACD StrategyHello traders
A customer gave me the idea indirectly after I made an update to that script:
Supertrend MTF Heatmap
Important Notes
The backtest results aren't relevant for this educational script publication.
I used realistic backtesting data but didn't look too much into optimizing the results, as this isn't the point of why I'm publishing this script.
I wanted to showcase that any Heatmap script can be converted into a strategy.
The strategy default settings are:
Initial Capital: 100000 USD
Position Size: 1 contract
Commission Percent: 0.075%
Slippage: 1 tick
No margin/leverage used
For example, those are realistic settings for trading CFD indices with low timeframes, but not the best possible settings for all assets/timeframes.
Concept
The Heatmap MACD Strategy allows selecting one MACD in five different timeframes.
You'll get an exit signal whenever one of the 5 MACDs changes direction.
Then, the strategy re-enters whenever all the MACDs are in the same direction again.
It takes:
long trades when all the 5 MACD histograms are bullish
short trades when all the 5 MACD histograms are bearish
You can select the same timeframe multiple times if you don't need five timeframes.
For example, if you only need the 30min, the 1H, and 2H, you can set your timeframes as follow:
30m
30m
30m
1H
2H
Risk Management Features
Nothing too fancy
All the features below are pips-based
Stop-Loss
Trailing Stop-Loss
Stop-Loss to Breakeven after a certain amount of pips has been reached
Take Profit 1st level and closing X% of the trade
Take Profit 2nd level and close the remaining of the trade
What's next?
I'll publish this script's open-source Pineconnector, ProfitView, and AutoView versions for educational purposes.
Thank you
Dave
Adaptive SMI Ergodic StrategyThe Adaptive SMI Ergodic Strategy aims to capture the momentum and direction of a financial asset by leveraging the Stochastic Momentum Index Indicator (SMI) in an ergodic form. The strategy uses two lengths for the SMI, a shorter and a longer one, and an Exponential Moving Average (EMA) to serve as the signal line. Additionally, the strategy incorporates customizable overbought and oversold thresholds to improve the probability of successful trade execution.
How It Works:
Long Entry: A long position is taken when the ergodic SMI crosses over the EMA signal line, and both the SMI and EMA are below the oversold threshold.
Short Entry: A short position is initiated when the ergodic SMI crosses under the EMA signal line, and both the SMI and EMA are above the overbought threshold.
The strategy plots the SMI in yellow and the EMA signal line in purple. Horizontal lines indicate the overbought and oversold thresholds, and a colored background helps in visually identifying these zones.
Parameters:
Long Length: The length of the long EMA in SMI calculation.
Short Length: The length of the short EMA in SMI calculation.
Signal Line Length: The length for the EMA serving as the signal line.
Oversold: Customizable threshold for the oversold condition.
Overbought: Customizable threshold for the overbought condition.
Historical Context: The SMI Indicator
The Stochastic Momentum Index (SMI) was developed by William Blau in the early 1990s as an enhancement to traditional stochastic oscillators. The SMI provides a range of values like a traditional stochastic, but it differs in that it calculates the distance of the current close relative to the median of the high/low range, as opposed to the close relative to the low. As a result, the SMI is less erratic and more responsive, offering a clearer picture of market trends.
In recent years, the SMI has been adapted into ergodic forms to facilitate smoother data analysis, reduce lag, and improve trading accuracy. The Adaptive SMI Ergodic Strategy leverages these modern enhancements to offer a more robust, customizable trading strategy that aligns with various market conditions.
2Mars strategy [OKX]The strategy is based on the intersection of two moving averages, which requires adjusting the parameters (ratio and multiplier) for the moving average.
Basis MA length: multiplier * ratio
Signal MA length: multiplier
The SuperTrend indicator is used for additional confirmation of entry into a position.
Bollinger Bands and position reversal are used for take-profit.
About stop loss:
If activated, the stop loss price will be updated on every entry.
Basic setup:
Additional:
Alerts for OKX:
Keltner Channel Strategy with Golden CrossOnly trade with the trend.
This Keltner Channel-based strategy that will only enter into a trade if the signal of the Keltner Channel agrees with a moving average crossover as defined by the user.
Long Position Entries
2 Conditions must be present
1. There must be a Golden Cross (lower period moving average is above higher period moving average). ex 50 period MA > 200 period MA.
2. Price must cross above the Keltner Channel ATR defined by the user.
Short Position Entries
2 Conditions must be present
1. There must be a Death Cross (lower period moving average is below higher period moving average). ex 50 period MA < 200 period MA.
2. Price must cross below the Keltner Channel ATR defined by the user
Closing Trades:
The strategy closes trades as follows:
1. Price crossing the Keltner Channel's Take Profit ATR (defined by User)
2. Price crossing the Keltner Channel's Stop Loss ATR (defined by User)
Advanced EMA Cross with Normalized ATR Filter, Controlling ADX
Description:
This strategy is based on EMA cross strategy and additional filters are used to get better results, a normalized ATR filter, and ADX control...
It aims to provide traders with a code base that generates signals for long positions based on market conditions defined by various indicators.
How it Works:
1. EMA: Uses short (8 periods) and long (20 periods) EMAs to identify crossovers.
2. ATR: Uses a 14-period ATR, normalized to its 20-period historical range, to filter out noise.
3. ADX: Uses a 14-period RMA to identify strong trends.
4. Volume: Filters trades based on a 14-period SMA of volume.
5. Super Trend: Uses a Super Trend indicator to identify the market direction.
How to Use:
- Buy Signal: Generated when EMA short crosses above EMA long, and other conditions like ATR and market direction are met.
- Sell Signal: Generated based on EMA crossunder and high ADX value.
Originality and Usefulness:
This script combines EMA, ATR, ADX, and Super Trend indicators to filter out false signals and identify more reliable trading opportunities.
USD Strength in the code is not working, just simulated it as PSEUDO CODE:
Strategy Results:
- Account Size: $1000
- Commission: Not considered
- Slippage: Not considered
- Risk: Manageable through parameters, now less than 5% per trade
- Dataset: Aim for more than 100 trades for a sufficient sample size
- Test Conditions: Test in 30 min chart for BTCUSDT
IMPORTANT NOTE: This script should be used for educational purposes and should not be considered as financial advice.
Chart:
- The script's output is plotted as Buy and Sell signals on the chart.
- No other scripts are included for clarity.
- Have tested with 30mins period
- You are encouraged to play with parameters, let me know if it helps you and/or if you can upgrade the code to a better level.
WHY DID I USE ATR AND ADX?
ATR filter is usually used for the following purposes.
Market Volatility: ATR measures how volatile the market is. High ATR values indicate that the price is experiencing significant fluctuations.
Filtering: Crossing a certain ATR threshold may indicate that the market is active enough to present trading opportunities.
Risk Management: ATR can also be used to set stop-loss and take-profit levels, helping to manage risk effectively.
And ADX is usually used for;
Trend Strength: ADX measures the strength of a trend. High ADX values indicate a strong trend.
Filtering: An ADX value above a certain level suggests that the trend is strong and it might be safer to trade.
Versatility: ADX does not indicate the direction of the trend, only its strength. This makes it useful in both bullish and bearish markets.
Using these indicators together can help filter out false signals and produce more reliable trading signals. While ATR helps to determine if the market is active enough, ADX measures the strength of the trend. Combined, they can create a more complex and effective trading strategy.
I've used ADX data to support generating a buy signal after a golden cross (bullish trend) and waiting until this is a strong trend. It sounds good to check for different trend strengths for bullish and bearish markets to decide a buy signal. Additionally I used ATR to check if the market has enough fluctuations.
IU Break of any session StrategyHow this script works:
1. This script is an intraday trading strategy script which buy and sell on the bases of user-defined intraday session range breakout and gives alert(if the alert is set) message too when the new position is open.
2. It calculate the session as per the user inputs or user defined custom session.
3. The script stores the highest and lowest value of the whole session.
4. It take a long position on the first break and close above the highest value.
5. It take a short position on the break and close below the lowest value.
6. The script takes one position in one day.
7. The stop loss for this script is the previous low(if long) or high(if short).
8. Take profit is 1:2 and it's adjustable.
9. This script work on every kind of market.
How The Useful For The User :
1. User can backtest any session range breakout he wants to trade.
2. User can get alert when the new position is open.
3. User can change the Risk to Reward in order to find the best Risk to Reward.
4. User can see the highest and lowest value of the session with respect to analyzing his trading objective.
5. This strategy script highlights which session range breakout performs best and which performs worst.
[Round Numbers] Signal Clean Up Analysis with Backtest (TSO)Round Numbers NEW GEN indicator!
===========================================================================
===========================================================================
This is a full-cycle trading system indicator - it will show and alert each step of the trade from open to close. The algorithm here uses Round Numbers for generating signals, TP (Take Profit) and SL (Stop Loss) levels. Round numbers play big role in trading and can easily become strong support and resistance levels where price can bounce and go the opposite way or go through with a very nice run afterwards.
In addition there is a chained (NOTE: You can select several or ALL of the features, this is not limited to either one) signal cleanup and analysis approach with scheduling and alerting capabilities. Works with most popular timeframes: 1M, 3M, 5M, 15M, 30M, 1H, 4H, D.
NOTE: Every action of the trade is calculated on a confirmed closed candle bar state (barstate.isconfirmed), so the indicator will never repaint!
NOTE: At position open - there will be calculated Take-Profit and Stop-Loss targets, however each target is considered hit, when candle bar closes breaking that target, so Take-Profit and Stop-Loss when hit will slightly differ then what you see at trade/position open.
===========================================================================
===========================================================================
Round Numbers up|down unit setting and overall explanation
---------------------------------------------------------------------------
Round Number up|down unit: is the distance between round numbers on the chart. Since these round number levels are also used by the algorithm to open/close trades, it is important to set this setting to a logical number, which will correspond to an average price movement of the instrument.
Here are some examples for a few popular instruments on what will the default 1 round number unit correspond to and what would be suggested:
BTCUSD > $1 (this won't work for Bitcoin, try at least $100 - 100units)
SPY: > $1 (one of the best settings for SPY or QQQ, 50cents shows good results as well - 0.5units)
FOREX (all major pairs): > 10PIPs (that may be a bit small, unless scalping, try 50PIPs - 5units)
===========================================================================
===========================================================================
Explanation of all the Features | Strategy Configuration Guide | Indicator Settings | Signal Cleanup Analysis
---------------------------------------------------------------------------
>>> Customizable Backtesting for a specific date range, results via TradingView strategy, which includes “Deep Backtesting” for largest amounts of data on trading results.
>>> Trading Schedule with customizable trading daily time range, automatic closing/alert trades before Power Hour or right before market closes or leave it open until next day.
>>> 3 Trading Systems.
>>> Static/Dynamic/Trailing Take-Profit and Stop-Loss setups (HIGHLIGHT: Stop-Loss will be moved to Entry after TP1 is taken or a smart trailing Stop-Loss can be used with Stop-Loss dynamically following the trade to minimize risk).
>>> Single or Multiple profit targets (up to 5).
>>> Take-Profit customizable offset feature (set your Take-Profit targets slightly before everyone is expecting it!).
>>> Candle bar signal analysis (matching candle color, skip opposite structured and/or doji candle uncertain signals).
>>> Additional analysis of VWAP/EMA/ATR/EWO (Elliot Wave Oscillator)/Divergence MACD+RSI/Volume signal confirmation (clean up your chart with indicator showing only the best potential signals!).
>>> Advanced Alerts setup, which can be potentially setup with a trading bot over TradingView Webhook (NOTE: This will require advanced programming knowledge).
===========================================================================
Labels, plots, colors explanations:
---------------------------------------------------------------------------
>>>>> LONG open: green "house" looking arrow below candle bar.
>>>>> SHORT open: red "house" looking arrow above candle bar.
>>>>> LONG/SHORT take-profit target: green/red circles (multi-profit > TP2/3/4/5 smaller circles).
>>>>> LONG/SHORT stop-loss target: green/red + crosses.
>>>>> LONG/SHORT take-profit hits: green/red diamonds.
>>>>> LONG/SHORT stop-loss hits: green/red X-crosses.
>>>>> LONG/SHORT EOD (End of Day | Intraday style) close (profitable trade): green/red squares.
>>>>> LONG/SHORT EOD (End of Day | Intraday style) close (loss trade): green/red PLUS(+)-crosses.
===========================================================================
Date Range and Trading Schedule Settings
---------------------------------------------------------------------------
>>>>> Date Range: Select your start and/or end dates (uncheck “End” for indicator to show results up to the very moment and to use for LIVE trading) for backtesting results, if not using backtesting – uncheck “Start”/“End” to turn it off.
>>>>> Use TradingView “Strategy Tester” to see backtesting results
NOTE: If Strategy Tester does not show any results with Date Ranged fully unchecked, there may be an issue where a script opens a trade, but there is not enough TradingView power to set the Take-Profit and Stop-Loss and somehow an open trade gets stuck and never closes, so there are “no trades present”. In such case you will need to manually check “Start”/“End” dates or use “Depp Backtesting” feature!
>>>>> Trading Schedule: This is where you can setup Intraday Session or any custom session schedule you wish. Turn it ON. Select trading hours. Select EOD (End of Day) setting (NOTE: If it will be OFF, the indicator will assume you are holding your position open until next day!). Please note the EOD trade closure times with the 2 different Intraday close settings when turned on:
At Market Close:
1/3/5min > will close at 15:55pm ET
15min > will close at 15:45pm ET
30min > will close at 15:30pm ET
45min > will close at 15:45pm ET
60min > will close at 15:00pm ET
Before Power Hour:
1/3/5min > will close at 15:00pm ET
15min > will close at 15:00pm ET
30min > will close at 15:00pm ET
45min > will close at 15:00pm ET
60min > will close at 15:00pm ET
>>> Trading Systems: 1) "Open Until Closed by TP or SL": the signal will only open a trade if no trades are currently open/trunning, a trade can only be closed by Take Profit, Stop Loss or End of Day close (if turned on) | 2) "Open Until Closed by TP or SL + OCA": Same as 1), but if there is an opposite signal to the trade which is currently open > it will immediately be closed with new trade open or End of Day close (if turned on) | 3) "OCA (no TP or SL)": There are is Take Profit or Stop Loss, only an opposite signal will close current trade and open an opposite one or End of Day close (if turned on).
>>> Turn On/Off: Current Position SL + Opposite Position Open Signal on the same closing candle bar (If current trade hits Stop-Loss and at that same closing candle bar there is a signal for an opposite direction trade > indicator will close current position as Stop-Loss and immediately open an opposite position). NOTE: With this option turned on, there will be more trades, but not necessarily better results, since after Stop-Loss is hit, it may make sense to wait a little before opening an opposite trade, even if it matches the condition at the same time when Stop-Loss is hit, but sometimes it shows great results, so this setting/feature is included. NOTE: This setting only will work/make sense with TP and SL style/behavior both be set to "Fully Closed Candle"!
>>> Turn On/Off: Turn On/Off: Current Position REGULAR SL | Only the SL + Opposite Position Open will trigger if turned on, IF NOT - THERE WILL BE NO STOP-LOSS AT ALL!!! NOTE: It is very dangerous to trade without Stop-Loss!
>>>>> Signal Candle Bar consuming Take-Profits - position/trade signal candle bar is big enough to "consume"/close ahead the first TP setting > the signal can either be skipped, or all Take-Profit areas pushed ahead using smart formula)
>>>>> MULTIPROFIT | TP (Take-Profit) System: 1) Static – Once the trade is open, all Take-Profit target(s) are immediately calculated and set for the trade > once the target(s) is hit > trade will be partially closed (if candle bar closes beyond several Take-Profit targets > trade will be reduced accordingly to the amount of how many Take-Profit targets were hit) ||| 2) Dynamic – Once the trade is open, only the 1st Take-Profit target is calculated, once the 1st Take-Profit is hit > next Take-Profit distance is calculated based on the distance from trade Entry to where 1st Take-Profit was taken, once 2nd Take-Profit is taken > 3rd Take-Profit is calculated per same logic, these are good for price momentum as with price speeding up – profits increase as well!
>>>>> MULTIPROFIT: SL (stop loss) System | Static: SL is set at position open and remains such; Dynamic: Once ANY TP is taken > SL will be moved to Entry; Trailing: SL will be moved along the position (smart trailing stop-loss), at TP1 taken > SL moves to Entry, at TP2 taken > SL moves to TP1, at TP3 taken > SL moves to TP2 and so on.
>>>>> # of TPs (number of take profit targets): Just like it is named, this is where you select the number of Take-Profit targets for your trading system (NOTE: If "OCA (no TP or SL)" Trading System is selected, this setting won’t do anything, since there are no TP or SLs for that system).
>>>>> TP(s) offset: This is a special feature for all Take-Profit targets, where you can turn on a customizable offset, so that if the price is almost hitting the Take-Profit target, but never actually touches it > you will capture it. This is good to use with HHLL (Highest High Lowest Low), which is pretty much a Support/Resistance as often the price will nearly touch these strong areas and turn around…
===========================================================================
Dynamic/Static/Trailing Take-Profit and Stop-Loss visual examples:
---------------------------------------------------------------------------
1) Fully Static Take-Profit and Stop-Loss
This one is a fully static setup for both Take-Profit and Stop-Loss, you can also observe how trade is closed right before the Power Hour (trade can be closed right before Power Hour or right before Market Closes or left overnight as desired).
2) Static/Dynamic, Static Take-Profit and Dynamic Stop-Loss
You can see a static Take-Profit set at position open, while Stop-Loss moves to Entry once TP1 target is taken.
3) Static/Trailing, Static Take-Profit and Trailing Stop-Loss
In here with each Take-Profit taken, Stop-Loss moves along the trade to previous Take-Profit level, you can notice how stop-loss literally follows the trade and reduces the potential loss.
4) Dynamic/Trailing, Dynamic Take-Profit and Trailing Stop-Loss
See how Take-Profit distances increase with price momentum. Just like in previous example - Trailing Stop-Loss is following the trade and reducing the riks.
===========================================================================
Signal Analysis and Cleanup Settings
---------------------------------------------------------------------------
>>>>> Candle Analysis | Candle Color signal confirmation: If closed candle bar color does not match the signal direction > no trade will be open.
>>>>> Candle Analysis | Skip opposite candle signals: If closed candle bar color will match the signal direction, but candle structure will be opposite (for example: bearish green hammer, long high stick on top of a small green square) > no trade will be open.
>>>>> Candle Analysis | Skip doji candle signals: If closed candle bar will be the uncertain doji > no trade will be open.
>>>>> Divergence/Oscillator Analysis | EWO (Elliot Wave Oscillator) signal confirmation: LONG will only be open if at signal, EWO is green or will be at bullish slope (you can select which setting you desire), SHORT if EWO is red or will be at bearish slope.
>>>>> Divergence/Oscillator Analysis | VWAP signal confirmation: LONG will only be open if at signal, the price will be above VWAP, SHORT if below.
>>>>> Divergence/Oscillator Analysis | Moving Average signal confirmation: LONG will only be open if at signal, the price will be above selected Moving Average, SHORT if below.
>>>>> Divergence/Oscillator Analysis | ATR signal confirmation: LONG will only be open if at signal, the price will be above ATR, SHORT if below.
>>>>> Divergence/Oscillator Analysis | RSI + MACD signal confirmation: LONG will only be open if at signal, RSI + MACD will be bullish, SHORT if RSI + MACD will be bearish.
>>>>> Volume signal confirmation: LONG/SHORT will only be opened with strong Volume matching the signal direction, by default, strong Volume percentage is set to 150% and weak to 50%, but you can change it as you desire.
===========================================================================
||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| *** |||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| *** |||||||||||||||||||||||||||||||||||
TP System - VERY IMPORTANT INFO!
-------------------------------------------------------------------------------------------------------------------
"TP PERCENTAGE" - amount by which current trade/position needs to be reduced/partially closed/sold.
-------------------------------------------------------------------------------------------------------------------
TP System: Dynamic
"TP PERCENTAGE" - will always be the same amount (trade/position size divided by the # of take-profit(TP) targets) and percentage to be closed will always be of the ORIGINAL trade/position.
-------------------------------------------------------------------------------------------------------------------
TP System: Static
"TP PERCENTAGE" - will always be the same amount IF take-profit(TP) targets are hit 1-by-1 (TP1 > TP2 > TP3 > TP4 > TP5), otherwise it will vary and unless it is a 1st take-profit(TP1), the REMAINING trade/position size will always be smaller than original and therefore the percentage to be closed will always be of the REMAINING trade/position and NOT the original one!
-------------------------------------------------------------------------------------------------------------------
"TP PERCENTAGE" CheatSheet (these are the only percentages you may see)
-----------------------------------------------------------------------
TP PERCENTAGE---Close/Sell Amount-------------Example (trade size: 50 stocks)
20%-------------trade size * 0.2--------------50 * 0.2 = 10 stocks
25%-------------trade size * 0.25-------------50 * 0.25 = 12.5(~13) stocks
34%-------------trade size * 0.34-------------50 * 0.34 = 17 stocks
40%-------------trade size * 0.4--------------50 * 0.4 = 20 stocks
50%-------------trade size * 0.5--------------50 * 0.5 = 25 stocks
60%-------------trade size * 0.6--------------50 * 0.6 = 30 stocks
66%-------------trade size * 0.66-------------50 * 0.66 = 33 stocks
75%-------------trade size * 0.75-------------50 * 0.75 = 37.5(~38) stocks
80%-------------trade size * 0.8--------------50 * 0.8 = 40 stocks
100%------------trade size--------------------50 = 50 stocks
-----------------------------------------------------------------------
If for any reason a portion of the current/remaining trade closed at such occurrence was slightly wrong, it is not an issue. Such occurrences are rare and with slight difference in partial TP closed is not significant to overall performance of our algorithms.
||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| *** |||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||| *** ||||||||||||||||||||||||||||||||||| *** |||||||||||||||||||||||||||||||||||
Alert Settings (you don’t have to touch this section unless you will be using TradingView alerts through a Webhook to use with trading bot)
---------------------------------------------------------------------------
Here is how a LONG OPEN alert looks like.
NOTE: Each label , , etc. is customizable, you can change the text of it within indicator Input settings.
ALERT >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
COIN: BTCUSD
TIMEFRAME: 15M
LONG: OPEN
ENTRY: 20000
TP1: 20500
TP2: 21000
TP3: 21500
TP4: 22500
TP5: 23500
SL: 19000
Leverage: 0
---------------------------------------------------------------------------
Here is how a TP1 alert will look with 5 TPs breakdown of the trade.
NOTE1: Next to TP1 taken it will show at which price it was triggered.
NOTE2: Next to "TP Percentage" it shows how much of the CURRENT/ACTIVE/REMAINING trade needs to be closed.
NOTE2: If TP2/3/4/5 comes before TP1 - the alert will tell you exactly how many percent of the trade needs to be closed!
ALERT >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
COIN: BTCUSD
TIMEFRAME: 15M
LONG: TP1
TP1: 20500
TP Percentage: 20%
---------------------------------------------------------------------------
Here is how an alert will look for LONG - STOP-LOSS.
ALERT >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
COIN: BTCUSD
TIMEFRAME: 15M
ENTRY: 20000
LONG: SL
SL: 19000
---------------------------------------------------------------------------
Here is how an alert will look for LONG - EOD (End of Day) In Profit close.
ALERT >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
COIN: BTCUSD
TIMEFRAME: 15M
LONG: EOD-Close (profit)
ENTRY: 20000
EOD-Close: 21900
===========================================================================
Adding Alerts in TradngView
---------------------------------------------------------------------------
-Add indicator to chart and make sure the correct strategy is configured (check Backtesting results)
-Right-click anywhere on the TradingView chart
-Click on Add alert
-Condition: Select this indicator by it’s name
-Immediately below, change it to "alert() function calls only", as other wise there will be 2 alerts for every alert!
-Expiration: Open-ended (that may require higher tier TradingView account, otherwise the alert will need to be occasionally re-triggered)
-Alert name: Whatever you desire
-Hit “Create”
-Note: If you change ANY Settings within the indicator – you must DELETE the current alert and create a new one per steps above, otherwise it will continue triggering alerts per old Settings!
===========================================================================
If you have any questions or issues with the indicator, please message me directly via TradingView.
---------------------------------------------------------------------------
Good Luck! (NOTE: Trading is very risky, past performance is not necessarily indicative of future results, so please trade responsibly!)
---------------------------------------------------------------------------
NOTE: There seems to be a strange glitch when strategy is running live, it will show "double-take" take-profits labels on the chart. This is not affecting the script logic and backtesting results, if you simply change the timeframe real quick to something else then back - it will no longer show the duplicate orders... this must be some sort of a glitch as every alert was thoroughly tested to make sure everything is working!
Bonsai BX (Backtester)In today's trading landscape, traders need precision and deep analytical tools to navigate the sea of strategies. The Bonsai Backtester is one such tool, meticulously designed to evaluate multiple trading strategies in an integrated manner.
═════════════════════════════════════════════════════════════════════════
🌳 Bonsai BX 🌳 Universal Strategy Testing
📘 Overview
A product of collaboration with the Bonsai community, this backtester is both a reflection of collective insights and a means to provide traders with data-driven insights on TradingView.
📌 Current Backtest
• Dataset: BTCUSD daily candles from Coinbase, starting from March 2015.
• Source Signals: The Bonsai indicator signals are employed for both long and short entries. These are directly visible on the publication chart.
• Trading Assumptions:
• Initial Capital: $1,000
• Maximum Position Size: 10% of equity per trade
• Stop Loss: 10% per position
• Commission: 0.1%
• Slippage: 100 ticks (1.00)
🛠 Key Features
The Bonsai BX is equipped with a range of features aimed at providing traders with a more comprehensive analysis environment:
Features on Chart
• External Indicator Adaptability: Easily incorporate signals from both built-in and custom TradingView indicators.
• Snapshot Table: Delivers on-the-spot insights into crucial strategy performance metrics, including equity, open profit, position size, and entry price. While these details are available in TradingView's 'Performance Summary' panel, we've integrated them directly onto the chart for a more streamlined and accessible viewing experience.
• Trade Labels: Visualize profit metrics for individual trades directly on the chart, allowing for a more immediate grasp of trade outcomes.
• Long & Short Behaviors: Modify long behaviors to either open new long positions while closing short ones, or simply to close short positions. Conversely, for short behaviors, opt to either initiate new short positions while closing any active long ones or simply close long positions.
• Multiple Signals Integration: The tool can currently handle up to three different external signals for long and short trades.
• Condition-based Initiation: Define whether longs and shorts are triggered when 'All Conditions Met' or just 'Any Single Condition Met'. This flexibility allows for a more nuanced trading approach. For example, if you're using a trade signal alongside the RSI, you can specify that a long position should only open when the trade signal is active and the RSI is below 30 at the same time. This lets you combine multiple signals or conditions for more precise trade initiation.
• TP & SL Customization:
• Single TP: Set a specific Take Profit percentage.
• SL: Define a Stop Loss percentage and choose between a standard or trailing stop.
• Trail From: Specify the starting point of the trailing stop, be it the breakeven point or a certain percentage.
• Interface Theme: Users can select between light and dark themes for their interface.
Performance and Trailing
🎛 Using Bonsai BX
1. Add it to your TradingView chart.
2. Adjust script parameters and settings. Integrate external indicator signals as needed.
3. Activate the backtester to refine trading strategies.
Backtester Settings Menu
🪝 Webhook (Beta)
The Webhook functionality, now in beta, augments the Bonsai BX utility. This feature offers a more intuitive method for users to direct webhooks to trading bots, exchanges, and brokers. It simplifies the process by eliminating the need to adjust JSON structures or other payload formats, making alert automation more accessible.
📜 Feedback & Community
The feedback from the Bonsai community has been instrumental in the tool's development and will continue to shape its evolution. As part of our commitment to adaptive, smart trading, this script will continually be updated to meet the ever-changing requirements of traders.
❗️ Disclaimer
Backtesting tools, including the Bonsai BX , simulate trading strategies based on historical data. The following key points should be kept in mind:
1. Past Performance is Not Predictive: While backtesting can offer insights, it's essential to understand that past performance does not guarantee or predict future results. Historical data might not account for future market changes or unforeseen events.
2. External Influences: Market outcomes can be significantly influenced by various external factors like geopolitical events, economic announcements, and sudden shifts in market sentiment. Such factors are often not considered in backtesting simulations.
3. Market Dynamics: Elements like market volatility, liquidity constraints, and slippage can drastically alter expected outcomes. These dynamics might not always be accurately represented in backtest simulations.
4. Limitations of Simulated Trades: Backtesting operates under the assumption that historical trends and patterns will replicate. However, market conditions evolve, and what worked in the past might not necessarily be viable in the future.
5. Informed Decisions: Always base your trading decisions on a mix of comprehensive research, current market analysis, and risk assessment. Relying solely on backtested results can lead to misconstrued perceptions and potential pitfalls.
Trading involves risks, and it's crucial to be fully informed and cautious before making any investment decisions. Always consider seeking advice from financial experts or professionals when in doubt.
Long-Only Opening Range Breakout (ORB) with Pivot PointsIntraday Trading Strategy: Long-Only Opening Range Breakout (ORB) with Pivot Points
Background:
Opening Range Breakout (ORB) is a popular long-only trading strategy that capitalizes on the early morning volatility in financial markets. It's based on the idea that the initial price movements during the first few minutes or hours of the trading day can set the tone for the rest of the session. The strategy involves identifying a price range within which the asset trades during the opening period and then taking long positions when the price breaks out to the upside of this range.
Pivot Points are a widely used technical indicator in trading. They represent potential support and resistance levels based on the previous day's price action. Pivot points are calculated using the previous day's high, low, and close prices and can help traders identify key price levels for making trading decisions.
How to Use the Script:
Initialization: This script is written in Pine Script, a domain-specific language for trading strategies on the TradingView platform. To use this script, you need to have access to TradingView.
Apply the Script: You can do this by adding it to your favorites, then selecting the script in the indicators list under favorites or by searching for it by name under community scripts.
Customize Settings: The script allows you to customize various settings through the TradingView interface. These settings include:
Opening Session: You can set the time frame for the opening session.
Max Trades per Day: Specify the maximum number of long trades allowed per trading day.
Initial Stop Loss Type: Choose between using a percentage-based stop loss or the previous candles low for stop loss calculations.
Stop Loss Percentage: If you select the percentage-based stop loss, specify the percentage of the entry price for the stop loss.
Backtesting Start and End Time: Set the time frame for backtesting the strategy.
Strategy Signals:
The script will display pivot points in blue (R1, R2, R3, R4, R5) and half-pivot points in gray (R0.5, R1.5, R2.5, R3.5, R4.5) on your chart.
The green line represents the opening range.
The script generates long (buy) signals based on specific conditions:
---The open price is below the opening range high (h).
---The current high price is above the opening range high.
---Pivot point R1 is above the opening range high.
---It's a long-only strategy designed to capture upside breakouts.
---It also respects the maximum number of long trades per day.
The script manages long positions, calculates stop losses, and adjusts long positions according to the defined rules.
Trailing Stop Mechanism
The script incorporates a dynamic trailing stop mechanism designed to protect and maximize profits for long positions. Here's how it works:
1. Initialization:
The script allows you to choose between two types of initial stop loss:
---Percentage-based: This option sets the initial stop loss as a percentage of the entry price.
---Previous day's low: This option sets the initial stop loss at the previous day's low.
2. Setting the Initial Stop Loss (`sl_long0`):
The initial stop loss (`sl_long0`) is calculated based on the chosen method:
---If "Percentage" is selected, it calculates the stop loss as a percentage of the entry price.
---If "Previous Low" is selected, it sets the stop loss at the previous day's low.
3. Dynamic Trailing Stop (`trail_long`):
The script then monitors price movements and uses a dynamic trailing stop mechanism (`trail_long`) to adjust the stop loss level for long positions.
If the current high price rises above certain pivot point levels, the trailing stop is adjusted upwards to lock in profits.
The trailing stop levels are calculated based on pivot points (`r1`, `r2`, `r3`, etc.) and half-pivot points (`r0.5`, `r1.5`, `r2.5`, etc.).
The script checks if the high price surpasses these levels and, if so, updates the trailing stop accordingly.
This dynamic trailing stop allows traders to secure profits while giving the position room to potentially capture additional gains.
4. Final Stop Loss (`sl_long`):
The script calculates the final stop loss level (`sl_long`) based on the following logic:
---If no position is open (`pos == 0`), the stop loss is set to zero, indicating there is no active stop loss.
---If a position is open (`pos == 1`), the script calculates the maximum of the initial stop loss (`sl_long0`) and the dynamic trailing stop (`trail_long`).
---This ensures that the stop loss is always set to the more conservative of the two values to protect profits.
5. Plotting the Stop Loss:
The script plots the stop loss level on the chart using the `plot` function.
It will only display the stop loss level if there is an open position (`pos == 1`) and it's not a new trading day (`not newday`).
The stop loss level is shown in red on the chart.
By combining an initial stop loss with a dynamic trailing stop based on pivot points and half-pivot points, the script aims to provide a comprehensive risk management mechanism for long positions. This allows traders to lock in profits as the price moves in their favor while maintaining a safeguard against adverse price movements.
End of Day (EOD) Exit:
The script includes an "End of Day" (EOD) exit mechanism to automatically close any open positions at the end of the trading day. This feature is designed to manage and control positions when the trading day comes to a close. Here's how it works:
1. Initialization:
At the beginning of each trading day, the script identifies a new trading day using the `is_newbar('D')` condition.
When a new trading day begins, the `newday` variable becomes `true`, indicating the start of a new trading session.
2. Plotting the "End of Day" Signal:
The script includes a plot on the chart to visually represent the "End of Day" signal. This is done using the `plot` function.
The plot is labeled "DayEnd" and is displayed as a comment on the chart. It signifies the EOD point.
3. EOD Exit Condition:
When the script detects that a new trading day has started (`newday == true`), it triggers the EOD exit condition.
At this point, the script proceeds to close all open positions that may have been active during the trading day.
4. Closing Open Positions:
The `strategy.close_all` function is used to close all open positions when the EOD exit condition is met.
This function ensures that any remaining long positions are exited, regardless of their current profit or loss.
The function also includes an `alert_message`, which can be customized to send an alert or notification when positions are closed at EOD.
Purpose of EOD Exit
The "End of Day" exit mechanism serves several essential purposes in the trading strategy:
Risk Management: It helps manage risk by ensuring that positions are not left open overnight when markets can experience increased volatility.
Capital Preservation: Closing positions at EOD can help preserve trading capital by avoiding potential adverse overnight price movements.
Rule-Based Exit: The EOD exit is rule-based and automatic, ensuring that it is consistently applied without emotions or manual intervention.
Scalability: It allows the strategy to be applied to various markets and timeframes where EOD exits may be appropriate.
By incorporating an EOD exit mechanism, the script provides a comprehensive approach to managing positions, taking profits, and minimizing risk as each trading day concludes. This can be especially important in volatile markets like cryptocurrencies, where overnight price swings can be significant.
Backtesting: The script includes a backtesting feature that allows you to test the strategy's performance over historical data. Set the start and end times for backtesting to see how the long-only strategy would have performed in the past.
Trade Execution: If you choose to use this script for live trading, make sure you understand the risks involved. It's essential to set up proper risk management, including position sizing and stop loss orders.
Monitoring: Monitor the long-only strategy's performance over time and be prepared to make adjustments as market conditions change.
Disclaimer: Trading carries a risk of capital loss. This script is provided for educational purposes and as a starting point for your own long-only strategy development. Always do your own research and consider seeking advice from a qualified financial professional before making trading decisions.
Filtered Bollinger Bands By @TradingadeThis is a reversal strategy based on Bollinger Bands combined with a Trend filter.
The most important part of this strategy is the Trend filter. When applied, it will increase the likelihood of confirming an exhausted movement (it will help find the maximum "elastic bent"), and may reduce chances of getting bad entries condition.
The logic of this code is:
Enter Long : price goes outside lower band, then close cross above lower band
Stop Loss : Percentage %
Take profit : Percentage %
Exit Cond : when high crosses above upper band. It could be both in profit or in loss.
Filter: Yesterday low was the lowest in previous X days
Enter Short : price goes outside lower band, then close cross above lower band
Stop Loss : Percentage %
Take profit : Percentage %
Exit Cond : when low crosses below lower band. It could be both in profit or in loss.
Filter: Yesterday high was the highest in previous X days
FILTER Notes:
You could switch both timeframe and N. of candles in input section. Even tough generally daily data are more reliable, you could find interesting to change it to 1H tf, so filter would be:
"1H high/low was the lowest/highest in previous X hours"
EXIT Notes:
Please note that "% exits" will always override "Exit Cond".
Set % exits to 0 if you want to exit only by "Exit Cond".
Settings used to get the results below :
Initial Capital = 10000
Order Size = 10000 USDT
Commission = 0.06 %
TREND FILTER
Trend filter = True
Trend intensity = 4 Candles , TF 1 day
BB FILTER
Lenght = 20
Source = Close
StdDev = 2
STRATEGY SETTINGS
Position Side = LONG
Stop Loss % = 8
Take Profit % = 0
Exit Cond = True
