Pineconnector Strategy Template (Connect Any Indicator)Hello traders,
If you're tired of manual trading and looking for a solid strategy template to pair with your indicators, look no further.
This Pine Script v5 strategy template is engineered for maximum customization and risk management.
Best part?
It’s optimized for Pineconnector, allowing seamless integration with MetaTrader 4 and 5.
This powerful tool gives a lot of power to those who don't know how to code in Pinescript and are looking to automate their indicators' signals on Metatrader 4/5.
IMPORTANT NOTES
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 break 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) Select the Order fills and alert() function calls condition
3) 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.
4) Don't forget to set the Pineconnector webhook URL in the Notifications tab of the TradingView alerts UI.
You’ll find the URL on the Pineconnector documentation website.
EA CONFIGURATION
1) 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.
2) In the EA, you can set a risk (= position size type) in %/lots/USD, as in the TradingView backtest settings.
KEY FEATURES
I) Modular Indicator Connection
* plug in your existing indicator into the template.
* Only two lines of code are needed for full compatibility.
Step 1: Create your connector
Adapt your indicator with only 2 lines of code and then connect it to this strategy template.
To do so:
1) Find in your indicator where the conditions print the long/buy and short/sell signals.
2) Create an additional plot as below
I'm giving an example with a Two moving averages cross.
Please replicate the same methodology for your indicator, whether it's a MACD , ZigZag , Pivots , higher-highs, lower-lows, or whatever indicator with clear buy and sell conditions.
//@version=5
indicator("Supertrend", overlay = true, timeframe = "", timeframe_gaps = true)
atrPeriod = input.int(10, "ATR Length", minval = 1)
factor = input.float(3.0, "Factor", minval = 0.01, step = 0.01)
= ta.supertrend(factor, atrPeriod)
supertrend := barstate.isfirst ? na : supertrend
bodyMiddle = plot(barstate.isfirst ? na : (open + close) / 2, display = display.none)
upTrend = plot(direction < 0 ? supertrend : na, "Up Trend", color = color.green, style = plot.style_linebr)
downTrend = plot(direction < 0 ? na : supertrend, "Down Trend", color = color.red, style = plot.style_linebr)
fill(bodyMiddle, upTrend, color.new(color.green, 90), fillgaps = false)
fill(bodyMiddle, downTrend, color.new(color.red, 90), fillgaps = false)
buy = ta.crossunder(direction, 0)
sell = ta.crossunder(direction, 0)
//////// CONNECTOR SECTION ////////
Signal = buy ? 1 : sell ? -1 : 0
plot(Signal, title = "Signal", display = display.data_window)
//////// CONNECTOR SECTION ////////
Important Notes
🔥 The Strategy Template expects the value to be exactly 1 for the bullish signal and -1 for the bearish signal
Now, you can connect your indicator to the Strategy Template using the method below or that one.
Step 2: Connect the connector
1) Add your updated indicator to a TradingView chart
2) Add the Strategy Template as well to the SAME chart
3) Open the Strategy Template settings, and in the Data Source field, select your 🔌Connector🔌 (which comes from your indicator)
Note it doesn’t have to be named 🔌Connector🔌 - you can name it as you want - however, I recommend an explicit name you can easily remember.
From then, you should start seeing the signals and plenty of other stuff on your chart.
🔥 Note that whenever you update your indicator values, the strategy statistics and visuals on your chart will update in real-time
II) Customizable Risk Management
- Choose between percentage or USD modes for maximum drawdown.
- Set max consecutive losing days and max losing streak length.
- I used the code from my friend @JosKodify for the maximum losing streak. :)
Will halt the EA and backtest orders fill whenever either of the safeguards above are “broken”
III) Intraday Risk Management
- Limit the maximum intraday losses both in percentage or USD.
- Option to set a maximum number of intraday trades.
- If your EA gets halted on an intraday chart, auto-restart it the next day.
IV) Spread and Account Filters
- Trade only if the spread is below a certain pip value.
- Set requirements based on account balance or equity.
V) Order Types and Position Sizing
- Choose between market, limit, or stop orders.
- Set your position size directly in the template.
Please use the position size from the “Inputs” and not the “Properties” tab.
Reason : The template sends the order on the same candle as the entry signals - at those entry signals candles, the position size isn’t computed yet, and the template can’t then send it to Pineconnector.
However, you can use the position size type (USD, contracts, %) from the “Properties” tab for backtesting.
In the EA, you can define the position size type for your orders in USD or lots or %.
VI) Advanced Take-Profit and Stop-Loss Options
- Choose to set your SL/TP in either pips or percentages.
- Option for multiple take-profit levels and trailing stop losses.
- Move your stop loss to break even +/- offset in pips for “risk-free” trades.
VII) Logger
The Pineconnector commands are logged in the TradingView logger.
You'll find more information about it in this TradingView blog post .
WHY YOU MIGHT NEED THIS TEMPLATE
1) Transform your indicator into a Pineconnector trading bot more easily than before
Connect your indicator to the template
Create your alerts
Set your EA settings
2) Save Time
Auto-generated alert messages for Pineconnector.
I tested them all, and I checked with the support team what could/can’t be done
3) Be in Control
Manage your trading risks with advanced features.
4) Customizable
Fits various trading styles and asset classes.
REQUIREMENTS
* Make sure you have your Pineconnector license ID.
* Create your alerts with the Pineconnector webhook URL
* If there is any issue with the template, ask me in the comments section - I’ll answer quickly.
BACKTEST RESULTS FROM THIS POST
1) I connected this strategy template to a dummy Supertrend script.
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.
This strategy is a template to be connected to any indicator - the sky is the limit. :)
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
WHAT’S COMING NEXT FOR YOU GUYS?
I’ll make the same template for ProfitView, then for AutoView, and then for Alertatron.
All of those are free and open-source.
I have no affiliations with any of those companies - I'm publishing those templates as they will be useful to many of you.
Dave
Educational
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
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.
Time Session Filter - MACD exampleTime Session Filter in TradingView Strategy: A Comprehensive Guide
Welcome to this educational TradingView blog where we dive deep into the functionality and utility of the time session filter in trading strategies. It's interesting to note that the time session filter is a commonly overlooked feature in Pine Script, often not integrated into overall trading strategies. Yet, when used wisely, this tool can significantly enhance your trading approach. In essence, the session filter ensures that trades are only made within a specific, user-defined time frame. By incorporating this often-neglected building block, you can make your strategy more adaptable to various market conditions and trading preferences.
What is a Time Session Filter?
A time session filter is designed to:
Select Times of the Day to Trade: The filter allows you to choose specific hours during the day in which trades are allowed to be excecuted.
Toggle Days to Trade: You can decide which days of the week you want to trade, giving you the flexibility to avoid days that are historically not profitable for your strategy.
Close Trade When Session Ends: The filter can automatically close any open trade once the specified time session concludes, reducing the risk associated with holding positions outside your chosen time frame.
The user interface is streamlined, taking minimal space for the input sections, making it convenient to integrate with other indicators in your overall strategy script. In addition the script colors the background of the chart green when the timesession filter is on and makes the background red when the filter doesn't allow any trades. This helps you to visualise the selected timeframes in relation to chart patterns.
Best Practices for Time Selection
From my personal trading experience I share some input settings you can try to play around with:
Stocks: Trading stocks sometimes yield better results if you only trade in the mornings until lunchtime. This is the period when markets are generally more active, and traders are keenly participating.
Cryptocurrencies: For cryptocurrencies, it sometimes makes sense to avoid trading on Fridays, a day when futures contracts often expire. Various other market-moving events also typically occur on Fridays.
Random Selection: Interestingly, sometimes choosing a random selection of times and days can improve the script's performance, adding an element of unpredictability that might outperform more systematic approaches.
Strategy Overview
This strategy script incorporates various elements, including risk position size and MACD indicator, to provide a comprehensive trading strategy. For a detailed explanation of risk position sizing, please refer to this article:
For a complete understanding of the MACD indicator utilized, visit the following explanation:
Additionally, for high time frame trend filters, consult this resource for more info:
Educational Purposes and Risks
Please note that this script is for educational purposes and serves merely as an example of how to incorporate a time session filter into a trading strategy for pinescript. It is a simplified strategy without a fixed stop-loss, which can result in higher exposure to significant losses. The time session filter can be a powerful addition to your trading strategy, providing you with the tools to tailor your approach according to time-specific market conditions. By understanding its functionalities and best practices, you can make more informed trading decisions, but always remember that trading carries inherent risks.
Happy trading!
Risk Management and Positionsize - MACD exampleMastering Risk Management
Risk management is the cornerstone of successful trading, and it's often the difference between turning a profit and suffering a loss. In light of its importance, I share a risk management tool which you can use for your trading strategies. The script not only assists in position sizing but also comes with built-in technical features that help in market timing. Let's delve into the nitty-gritty details.
Input Parameter: MarginFactor
One of the key features of the script is the MarginFactor input parameter. This element lets you control the portion of your equity used for placing each trade. A MarginFactor of -0.5 means 50% of your total equity will be deployed in placing the position size. Although Tradingview has a built-in option to adjust position sizing in a same way, I personally prefer to have the logic in my pinecode script. The main reason is userexperience in managing and testing different settings for different charts, timeframes and instruments (with the same strategy).
Stoploss and MarginFactor
If your strategy has a 4% stop-loss, you can choose to use only 50% of your equity by setting the MarginFactor to -0.5. In this case, you are effectively risking only 2% of your total capital per trade, which aligns well with the widely-accepted rule of thumb suggesting a 1-2% risk per trade. Similar if your stoploss is only 1% you can choose to change the MarginFactor to 1, resulting in a positionsize of 200% of your equity. The total risk would be again 2% per trade if your stoploss is set to 1%.
Max Drawdown and MarginFactor
Your MarginFactor setting can also be aligned with the maximum drawdown of your strategy, seen during a backtested period of 2-3 years. For example, if the max drawdown is 15%, you could calibrate your MarginFactor accordingly to limit your risk exposure.
Option to Toggle Number of Contracts
The script offers the option to toggle between using a percentage of equity for position sizing or specifying a fixed number of contracts. Utilizing a percentage of equity might yield unrealistic backtest results, especially over longer periods. This occurs because as the capital grows, the absolute position size also increases, potentially inflating the accumulated returns generated by the backtester. On the other hand, setting a fixed number of contracts as your position size offers a more stable and realistic ROI over the backtested period, as it removes the compounding effect on position sizes.
Key Features Strategy
MACD High Time Frame Entry and Exit Logic
The strategy employs a high time frame MACD (Moving Average Convergence Divergence) to make entry and exit decisions. You can easily adjust the timeframe settings and MACD settings in the inputsection to trade on lower timeframes. For more information on the HTF MACD with dynamic smoothing see:
Moving Average High Time Frame Filter
To reduce market 'noise', the strategy incorporates a high time frame moving average filter. This ensures that the trades are aligned with the dominant market trend (trading the trend). In the inputsection traders can easily switch between different type of moving averages. For more information about this HTF filter see:
Dynamic Smoothing
The script includes a feature for dynamic smoothing. The script contains The timeframeToMinutes(tf) function to convert any given time frame into its equivalent in minutes. For example, a daily (D) time frame is converted into 1440 minutes, a weekly (W) into 10,080 minutes, and so forth. Next the smoothing factor is calculated by dividing the minutes of the higher time frame by those of the current time frame. Finally, the script applies a Simple Moving Average (SMA) over the MACD, SIGNAL, and HIST values, MA filter using the dynamically calculated smoothing factor.
User Convenience: One of the major benefits is that traders don't need to manually adjust the smoothing factor when switching between different time frames. The script does this dynamically.
Visual Consistency: Dynamic smoothing helps traders to more accurately visualize and interpret HTF indicators when trading on lower time frames.
Time Frame Restriction: It's crucial to note that the operational time frame should always be lower than the time frame selected in the input sections for dynamic smoothing to function as intended.
By incorporating this dynamic smoothing logic, the script offers traders a nuanced yet straightforward way to adapt High Time Frame indicators for lower time frame trading, enhancing both adaptability and user experience.
Limitations: Exit Strategy
It's crucial to note that the script comes with a simplified exit strategy, devoid of features like a stop-loss, trailing stop-loss or multiple take profits. This means that while the script focuses on entries and risk management, it might result in higher losses if market conditions unexpectedly turn unfavorable.
Conclusion
Effective risk management is pivotal for trading success, and this TradingView script is designed to give you a better idea how to implement positions sizing with your preferred strategy. However, it's essential to note that this tool should not be considered financial advice. Always perform your due diligence and consult with financial advisors before making any trading decisions.
Feel free to use this risk management tool as building block in your trading scripts, Happy Trading!
Linear On MACDUnlocking the Magic of Linear Regression in TradingView
In the ever-evolving world of financial markets, traders and investors seek effective tools to gauge price movements, make informed decisions, and achieve their financial goals. One such tool that has proven its worth over time is linear regression, a mathematical concept that has found its way into technical analysis and trading strategies. In this blog post, we will explore the magic behind linear regression, delve into its history, and understand how it's widely used as a technical indicator.
The Birth of Linear Regression: From Mathematics to Trading
Linear regression is a statistical method that aims to model the relationship between two variables by fitting a linear equation to observed data. The formula for a linear regression line is typically expressed as y = a + bx, where y is the dependent variable, x is the independent variable, a is the intercept, and b is the slope.
While the roots of linear regression trace back to the field of statistics, it didn't take long for traders and investors to recognize its potential in the financial world. By applying linear regression to historical price data, traders can identify trends, assess the relationship between variables, and even predict potential future price levels.
The Linear On MACD Strategy
Let's take a closer look at a powerful example of how linear regression is employed in a trading strategy right within TradingView. The "Linear On MACD" strategy harnesses the potential of linear regression in conjunction with the Moving Average Convergence Divergence (MACD) indicator. The goal of this strategy is to generate buy and sell signals based on the interactions between the predicted stock price and the MACD indicator.
Here's a breakdown of the strategy's components:
Calculation of Linear Regression: The strategy begins by calculating linear regression coefficients for the historical stock price based on volume. This helps predict potential future price levels.
Predicted Stock Price: The linear regression results are then used to plot the predicted stock price on the chart. This provides a visual representation of where the price could trend based on historical data.
Buy and Sell Signals: The strategy generates buy signals when certain conditions are met. These conditions include the predicted stock price being between the open and close prices, a rising MACD, and other factors that suggest a potential bullish trend. On the other hand, sell signals are generated based on MACD trends and predicted price levels.
Risk Management: The strategy also incorporates risk tolerance levels to determine entry and exit points. This ensures that traders take into account their risk appetite when making trading decisions.
Embracing the Magic of Linear Regression
As we explore the "Linear On MACD" strategy, we uncover the power of linear regression in aiding traders and investors. Linear regression, a mathematical marvel, seamlessly merges with technical analysis to provide insights into potential price movements. Its historical significance in statistics blends perfectly with the demands of modern financial markets.
Whether you're a seasoned trader or a curious investor, the Linear On MACD strategy exemplifies how a robust mathematical concept can be harnessed to make informed trading decisions. By embracing the magic of linear regression, you're tapping into a tool that continues to evolve alongside the financial world it empowers.
Disclaimer: The information provided in this blog post is for educational purposes only and does not constitute financial advice. Trading and investing carry risks, and it's important to conduct thorough research and consider seeking professional advice before making any trading decisions.
Elliott Wave with Supertrend Exit - Strategy [presentTrading]## Introduction and How it is Different
The Elliott Wave with Supertrend Exit provides automated detection and validation of Elliott Wave patterns for algorithmic trading. It is designed to objectively identify high-probability wave formations and signal entries based on confirmed impulsive and corrective patterns.
* The Elliott part is mostly referenced from Elliott Wave by @LuxAlgo
Key advantages compared to discretionary Elliott Wave analysis:
- Wave Labeling and Counting: The strategy programmatically identifies swing pivot highs/lows with the Zigzag indicator and analyzes the waves between them. It labels the potential impulsive and corrective patterns as they form. This removes the subjectivity of manual wave counting.
- Pattern Validation: A rules-based engine confirms valid impulsive and corrective patterns by checking relative size relationships and fib ratios. Only confirmed wave counts are plotted and traded.
- Objective Entry Signals: Trades are entered systematically on the start of new impulsive waves in the direction of the trend. Pattern failures invalidate setups and stop out positions.
- Automated Trade Management: The strategy defines specific rules for profit targets at fib extensions, trailing stops at swing points, and exits on Supertrend reversals. This automates the entire trade lifecycle.
- Adaptability: The waveform recognition engine can be tuned by adjusting parameters like Zigzag depth and Supertrend settings. It adapts to evolving market conditions.
ETH 1hr chart
In summary, the strategy brings automation, objectivity and adaptability to Elliott Wave trading - removing subjective interpretation errors and emotional trading biases. It implements a rules-based, algorithmic approach for systematically trading Elliott Wave patterns across markets and timeframes.
## Trading Logic and Rules
The strategy follows specific trading rules based on the detected and validated Elliott Wave patterns.
Entry Rules
- Long entry when a new impulsive bullish (5-wave) pattern forms
- Short entry when a new impulsive bearish (5-wave) pattern forms
The key is entering on the start of a new potential trend wave rather than chasing.
Exit Rules
- Invalidation of wave pattern stops out the trade
- Close long trades on Supertrend downturn
- Close short trades on Supertrend upturn
- Use a stop loss of 10% of entry price (configurable)
Trade Management
- Scale out partial profits at Fibonacci levels
- Move stop to breakeven when price reaches 1.618 extension
- Trail stops below key swing points
- Target exits at next Fibonacci projection level
Risk Management
- Use stop losses on all trades
- Trade only highest probability setups
- Size positions according to chart timeframe
- Avoid overtrading when no clear patterns emerge
## Strategy - How it Works
The core logic follows these steps:
1. Find swing highs/lows with Zigzag indicator
2. Analyze pivot points to detect impulsive 5-wave patterns:
- Waves 1, 3, and 5 should not overlap
- Waves 3 and 5 must be longer than wave 1
- Confirm relative size relationships between waves
3. Validate corrective 3-wave patterns:
- Look for overlapping, choppy waves that retrace the prior impulsive wave
4. Plot validated waves and Fibonacci retracement levels
5. Signal entries when a new impulsive wave pattern forms
6. Manage exits based on pattern failures and Supertrend reversals
Impulsive Wave Validation
The strategy checks relative size relationships to confirm valid impulsive waves.
For uptrends, it ensures:
```
Copy code- Wave 3 is longer than wave 1
- Wave 5 is longer than wave 2
- Waves do not overlap
```
Corrective Wave Validation
The strategy identifies overlapping corrective patterns that retrace the prior impulsive wave within Fibonacci levels.
Pattern Failure Invalidation
If waves fail validation tests, the strategy invalidates the pattern and stops signaling trades.
## Trade Direction
The strategy detects impulsive and corrective patterns in both uptrends and downtrends. Entries are signaled in the direction of the validated wave pattern.
## Usage
- Use on charts showing clear Elliott Wave patterns
- Start with daily or weekly timeframes to gauge overall trend
- Optimize Zigzag and Supertrend settings as needed
- Consider combining with other indicators for confirmation
## Default Settings
- Zigzag Length: 4 bars
- Supertrend Length: 10 bars
- Supertrend Multiplier: 3
- Stop Loss: 10% of entry price
- Trading Direction: Both
Ahsan Tufail Precise MA Crossover Filter for Reliable SignalsIntroduction:
In the ever-evolving world of Forex trading, strategies that provide a competitive edge are highly sought after. The Moving Average (MA) crossover technique is a popular long-term approach, but its vulnerability to false signals can lead to potential losses. To overcome this challenge, we introduce a game-changing MA crossover filter designed to weed out false signals and unlock the full potential of this strategy. In this article, we delve into the mechanics of this filter, providing a comprehensive analysis of its components and how it enhances the accuracy of buy and sell signals.
The Power of the MA Crossover Filter:
The essence of our MA crossover filter lies in the integration of a specialized indicator that operates on a scale of 0 to 100. This ingenious indicator dynamically measures the distance between the middle Bollinger band and either the upper or lower Bollinger band. By analyzing the values of the last 504 candlesticks, it maps the range from 50 to 100 for the largest and smallest distances between the middle and upper Bollinger bands. Similarly, for values ranging from 0 to 50, it measures the distance between the middle and lower Bollinger bands.
Unveiling the Signal Execution Process:
The brilliance of this filter is revealed in its meticulous execution of buy and sell signals, which significantly reduces false crossovers. Let's explore the process step-by-step:
Buy Signal Precision:
To initiate a buy signal, the price must be positioned above the 200-period Simple Moving Average (SMA).
The filter validates the crossover by checking the indicator's value, ensuring it falls below the threshold of 25.
Sell Signal Accuracy:
For a sell signal, the price must be below the 200-period Simple Moving Average (SMA).
The filter confirms the crossover by verifying the indicator's value, which should exceed the threshold of 75.
This selective approach ensures that only high-confidence crossovers are considered, maximizing the potential for profitable trades.
Fine-Tuning the Filter for Optimal Performance:
While the MA crossover filter exhibits its prowess in GBPUSD and EURUSD currency pairs, it may require adjustments for other pairs. Currency pairs possess unique characteristics, and adapting the filter to specific behavior is crucial for its success.
To fine-tune the filter for alternative currency pairs, traders should conduct rigorous backtesting and analyze historical price data. By experimenting with indicator threshold values, traders can calibrate the filter to accurately match the dynamics of the target currency pair. This iterative process allows for customization, ultimately resulting in a finely-tuned filter that aligns with the unique behavior of the selected market.
Conclusion:
The MA crossover filter represents a paradigm shift in long-term Forex trading strategies. By intelligently filtering false signals, this precision tool unleashes the true potential of the MA crossover technique, elevating its profitability and enhancing overall trading performance. While no strategy guarantees absolute success, incorporating this filter empowers traders with a heightened level of confidence in their buy and sell signals. Embracing the power of this innovative filter can be a transformative step towards mastering Forex profits and staying ahead in the dynamic world of currency trading.
Trend FollowingMoving Average Period:** This is the period of the moving average that will be used to identify the trend. A good starting point is 10 days.
* **Candlestick Patterns:** The candlestick patterns that will be used to identify potential reversals in the trend. Some of the most common candlestick patterns include the bullish engulfing pattern, the bearish engulfing pattern, the hammer pattern, and the inverted hammer pattern.
* **Support and Resistance Levels:** The support and resistance levels that will be used to manage risk. These levels can be identified using a variety of technical indicators, such as the moving average, the Bollinger bands, and the Fibonacci retracement levels.
Here is how the strategy will work:
1. The moving average will be used to identify the trend. When the price is above the moving average, it is considered to be in an uptrend. When the price is below the moving average, it is considered to be in a downtrend.
2. Candlestick patterns will be used to identify potential reversals in the trend. If a bullish candlestick pattern appears in an uptrend, it could be a sign that the trend is about to continue. If a bearish candlestick pattern appears in a downtrend, it could be a sign that the trend is about to reverse.
Default Strategy Template© CN_FX-999
Coded By Christian Nataliano
First Coded In 14/06/2023
Last Edited In 22/06/2023
This Is A Default Strategy Template That Can Make Your Strategy Scripts More Organized With The Benefit Of Having The Same Layouts & Not Needing To Copy Over The Common Codes Such As Displaying Backtest Results, Opening & Closing Trades, Pine Connector Capabilities And A Clean User Input Interface. This Is A Blank Strategy Script So Feel Free To Use It As Your Default Template For Your Future Strategies.
Credits To Some Of The Custom Code In The Scripts To © ZenAndTheArtOfTrading, Especially The Table Data Plotting
Heikin Ashi ROC Percentile Strategy**User Guide for the "Heikin Ashi ROC Percentile Strategy"**
This strategy, "Heikin Ashi ROC Percentile Strategy", is designed to provide an easy-to-use framework for trading based on the Heikin Ashi Rate of Change (ROC) and its percentiles.
Here's how you can use it:
1. **Setting the Start Date**: You can set the start date for the strategy in the user inputs at the top of the script. The variable `startDate` defines the point from which the script begins executing trades. Simply input the desired date in the format "YYYY MM DD". For example, to start the strategy from March 3, 2023, you would enter `startDate = timestamp("2023 03 03")`.
2. **Adjusting the Midline, Lookback Period, and Stop Loss Level**: The `zerohLine`, `rocLength`, and `stopLossLevel` inputs allow you to adjust the baseline for ROC, the lookback period for the SMA and ROC, and the level at which the strategy stops the loss, respectively. By tweaking these parameters, you can fine-tune the strategy to better suit your trading style or the particular characteristics of the asset you are trading.
3. **Understanding the Trade Conditions**: The script defines conditions for entering and exiting long and short positions based on crossovers and crossunders of the ROC and the upper and lower "kill lines". These lines are defined as certain percentiles of the ROC's highest and lowest values over a specified lookback period. When the ROC crosses above the lower kill line, the script enters a long position; when it crosses below the upper kill line, it exits the position. Similarly, when the ROC crosses below the upper kill line, the script enters a short position; when it crosses above the lower kill line, it exits the position.
In my testing, this strategy performed best on a day and hour basis. However, I encourage you to experiment with different timeframes and settings to see how the strategy performs under various conditions. Remember, there's no one-size-fits-all approach to trading; what works best will depend on your specific circumstances, goals, and risk tolerance.
If you find other useful applications for this strategy, please let me know in the comments. Your feedback is invaluable in helping to refine and improve this tool. Happy trading!
The Z-score The Z-score, also known as the standard score, is a statistical measurement that describes a value's relationship to the mean of a group of values. It's measured in terms of standard deviations from the mean. If a Z-score is 0, it indicates that the data point's score is identical to the mean score. Z-scores may be positive or negative, with a positive value indicating the score is above the mean and a negative score indicating it is below the mean.
The concept of Z-score was introduced by statistician Carl Friedrich Gauss as part of his "method of the least squares," which was an important step in the development of the normal distribution and Z-score tables. It's a key concept in statistics and is used in various statistical tests.
In financial analysis, Z-scores are used to determine whether a data point is usual or unusual. You can think of it as a measure of how many standard deviations an element is from the mean. For instance, a Z-score of 1.0 would denote a value that is one standard deviation from the mean. Z-scores are also used to predict probabilities, with Z-scores having a distribution that is expected to be normal.
In trading, a Z-score is used to determine how often a trading system may produce a string of winners or losers. It can help a trader to understand whether the losses or profits they see are something that the system would most likely produce, or if it's a once in a blue moon situation. This helps traders make decisions about when to start or stop a system.
I just wanted to play a bit with the Z-score I guess.
Feel free to share your findings if you discover additional applications for this strategy or identify timeframes where it appears to perform more optimally.
How it works:
This strategy is based on a statistical concept called Z-score, which measures the number of standard deviations a data point is from the mean. In other words, it helps determine how unusual or usual a data point is.
In the context of this strategy, Z-score is applied to a 10-period EMA (Exponential Moving Average) of Heikin-Ashi candlestick close prices. The Z-score is calculated over a look-back period of 25 bars.
The EMA of the Z-score is then calculated over a 20-bar period, and the upper and lower thresholds (bounds for buy and sell signals) are defined using the 90th and 10th percentiles of this EMA score.
Long positions are taken when the Z-score crosses above the lower threshold or crosses above the mid-line (50th percentile). An additional long entry is made when the Z-score crosses above the highest value the EMA has been in the past 100 periods.
Short positions are initiated when the EMA crosses below the upper threshold, lower threshold or the highest value the EMA has been in the past 100 periods.
Positions are closed when opposing entry conditions are met, for example, a long position is closed when the short entry condition is true, and vice versa.
Set your desired start date for the strategy. This can be modified in the timestamp("YYYY MM DD") function at the top of the script.
D-BoT Alpha 'Short' SMA and RSI StrategyDostlar selamlar,
İşte son derece basit ama etkili ve hızlı, HTF de çok iyi sonuçlar veren bir strateji daha, hepinize bol kazançlar dilerim ...
Nedir, Nasıl Çalışır:
Strateji, iki ana girdiye dayanır: SMA ve RSI. SMA hesaplama aralığı 200 olarak, RSI ise 14 olarak ayarlanmıştır. Bu değerler, kullanıcı tercihlerine veya geriye dönük test sonuçlarına göre ayarlanabilir.
Strateji, iki koşul karşılandığında bir short sinyali oluşturur: RSI değeri, belirlenen bir giriş seviyesini (burada 51 olarak belirlenmiş) aşar ve kapanış fiyatı SMA değerinin altındadır.
Strateji, kısa pozisyonu üç durumda kapatır: Kapanış fiyatı, takip eden durdurma seviyesinden (pozisyon açıldığından beri en düşük kapanış olarak belirlenmiştir) büyükse, RSI değeri belirlenen bir durdurma seviyesini (bu durumda 54) aşarsa veya RSI değeri belirli bir kar al seviyesinin (bu durumda 32) altına düşerse.
Güçlü Yönleri:
İki farklı gösterge (SMA ve RSI) kullanımı, yalnızca birini kullanmaktan daha sağlam bir sinyal sağlayabilir.
Strateji, karları korumaya ve fiyat dalgalanmalarında kayıpları sınırlamaya yardımcı olabilecek bir iz süren durdurma seviyesi içerir.
Script oldukça anlaşılır ve değiştirmesi nispeten kolaydır.
Zayıf Yönleri:
Strateji, hacim, oynaklık veya daha geniş piyasa eğilimleri gibi diğer potansiyel önemli faktörleri göz önünde bulundurmaz.
RSI seviyeleri ve SMA süresi için belirli parametreler sabittir ve tüm piyasa koşulları veya zaman aralıkları için optimal olmayabilir.
Strateji oldukça basittir. Trade maliyetini (kayma veya komisyonlar gibi) hesaba katmaz, bu da trade performansını önemli ölçüde etkileyebilir.
Bu Stratejiyle Nasıl İşlem Yapılır:
Strateji, short işlemler için tasarlanmıştır. RSI, 51'in üzerine çıktığında ve kapanış fiyatı 200 periyotluk SMA'nın altında olduğunda işleme girer. RSI, 54'ün üzerine çıktığında veya 32'nin altına düştüğünde veya fiyat, pozisyon açıldığından beri en düşük kapanış fiyatının üzerine çıktığında işlemi kapatır.
Lütfen Dikkat, bu strateji veya herhangi bir strateji izole bir şekilde kullanılmamalıdır. Tüm bu çalışmalar eğitsel amaçlıdır. Yatırım tavsiyesi içermez.
This script defines a trading strategy based on Simple Moving Average (SMA) and the Relative Strength Index (RSI) indicators. Here's an overview of how it works, along with its strengths and weaknesses, and how to trade using this strategy:
How it works:
The strategy involves two key inputs: SMA and RSI. The SMA length is set to 200, and the RSI length is set to 14. These values can be adjusted based on user preferences or back-testing results.
The strategy generates a short signal when two conditions are met: The RSI value crosses over a defined entry level (set at 51 here), and the closing price is below the SMA value.
When a short signal is generated, the strategy opens a short position.
The strategy closes the short position under three conditions: If the close price is greater than the trailing stop (which is set as the lowest close since the position opened), if the RSI value exceeds a defined stop level (54 in this case), or if the RSI value drops below a certain take-profit level (32 in this case).
Strengths:
The use of two different indicators (SMA and RSI) can provide a more robust signal than using just one.
The strategy includes a trailing stop, which can help to protect profits and limit losses as the price fluctuates.
The script is straightforward and relatively easy to understand and modify.
Weaknesses:
The strategy doesn't consider other potentially important factors, such as volume, volatility, or broader market trends.
The specific parameters for the RSI levels and SMA length are hard-coded, and may not be optimal for all market conditions or timeframes.
The strategy is very simplistic. It doesn't take into account the cost of trading (like slippage or commissions), which can significantly impact trading performance.
How to trade with this strategy:
The strategy is designed for short trades. It enters a trade when the RSI crosses above 51 and the closing price is below the 200-period SMA. It will exit the trade when the RSI goes above 54 or falls below 32, or when the price rises above the lowest closing price since the position was opened.
Please note, this strategy or any strategy should not be used in isolation. It's important to consider other aspects of trading such as risk management, capital allocation, and combining different strategies to diversify. Back-testing the strategy on historical data and demo trading before going live is also a recommended practice.
D-Bot Alpha RSI Breakout StrategyHello dear Traders,
Here is a simple yet effective strategy to use, for best profit higher time frame, such as daily.
Structure of the code
The code defines inputs for SMA (simple moving average) length, RSI (relative strength index) length, RSI entry level, RSI stop loss level, and RSI take profit level. The default values of these variables can be customized as per the user's preferences.
The script calculates SMA and RSI based on the input parameters and the closing price of the asset.
Trading logic
This strategy allows the placement of a long position when:
The RSI crosses above the RSI entry level and
The close price is above the SMA value.
After entering a long position, it applies a trailing stop mechanism. The stop price is updated to the close price if the close price is lower than the last close price.
The script closes the long position when:
RSI falls below the stop loss level.
RSI reaches or exceeds the take profit level.
If the trailing stop is activated (once RSI reaches or exceeds the take profit level), the closing price falls below the trailing stop level.
Strengths
The strategy includes mechanisms for entering a position, taking profit, and stopping losses, which are fundamental aspects of a trading strategy.
It applies a trailing stop mechanism that allows to capture further gains if the price keeps increasing while protecting from losses if the price starts to decrease.
Weaknesses
This strategy only contemplates long positions. Depending on the market situation, the strategy may miss opportunities for short selling when the market is on a downward trend.
The choice of the fixed RSI entry, stop loss, and take profit levels may not be ideal for all market conditions or assets. It might benefit from a more adaptive mechanism that adjusts these levels according to market volatility or trend.
The strategy doesn't factor in trading costs (such as spread or commission), which could have a significant impact on the net profit, especially if the user is trading with a high frequency or in a low liquidity market.
How to trade with this strategy
Given these parameters and the strategy outlined by the code, the trader would enter a long position when the RSI crosses above the RSI entry level (default 34) and the closing price is above the SMA value (SMA calculated with default period of 200). The trader would exit the position when either the RSI falls below the RSI stop loss level (default 30), or RSI rises above the RSI take profit level (default 50), or when the trailing stop is hit.
Remember "The strategies I have prepared are entirely for educational purposes and should not be considered as investment advice. Support your trades using other tools. Wishing everyone profitable trades..."
Mechanical Trading StrategyThe "Mechanical Trading Strategy" is a simple and systematic approach to trading that aims to capture short-term price movements in the financial markets. This strategy focuses on executing trades based on specific conditions and predetermined profit targets and stop loss levels.
Key Features:
Profit Target: The strategy allows you to set a profit target as a percentage of the entry price. This target represents the desired level of profit for each trade.
Stop Loss: The strategy incorporates a stop loss level as a percentage of the entry price. This level represents the maximum acceptable loss for each trade, helping to manage risk.
Entry Condition: The strategy triggers trades at a specific time. In this case, the condition for entering a trade is based on the hour of the candle being 16 (4:00 PM). This time-based entry condition provides a systematic approach to executing trades.
Position Sizing: The strategy determines the position size based on a fixed percentage of the available equity. This approach ensures consistent risk management and allows for potential portfolio diversification.
Execution:
When the entry condition is met, signified by the hour being 16, the strategy initiates a long position using the strategy.entry function. It sets the exit conditions using the strategy.exit function, with a limit order for the take profit level and a stop order for the stop loss level.
Take Profit and Stop Loss:
The take profit level is calculated by adding a percentage of the entry price to the entry price itself. This represents the profit target for the trade. Conversely, the stop loss level is calculated by subtracting a percentage of the entry price from the entry price. This level represents the maximum acceptable loss for the trade.
By using this mechanical trading strategy, traders can establish a disciplined and systematic approach to their trading decisions. The predefined profit target and stop loss levels provide clear exit rules, helping to manage risk and potentially maximize returns. However, it is important to note that no trading strategy is guaranteed to be profitable, and careful analysis and monitoring of market conditions are always recommended.
Monthly Strategy Performance TableWhat Is This?
This script code adds a Monthly Strategy Performance Table to your Pine Script strategy scripts so you can see a month-by-month and year-by-year breakdown of your P&L as a percentage of your account balance.
The table is based on realized equity rather than open equity, so it only updates the metrics when a trade is closed.
That's why some numbers will not match the Strategy Tester metrics (such as max drawdown), as the Strategy Tester bases metrics like max drawdown on open trade equity and not realized equity (closed trades).
The script is still a work-in-progress, so make sure to read the disclaimer below. But I think it's ready to release the code for others to play around with.
How To Use It
The script code includes one of my strategies as an example strategy. You need to replace my strategy code with your own. To do that just copy the source code below into a blank script, delete lines 11 -> 60 and paste your strategy code in there instead of mine. The script should work with most systems, but make sure to read the disclaimer below.
It works best with a significant amount of historical data, so it may not work very effectively on intraday timeframes as there is a severe limitation of available bars on TradingView. I recommend using it on 4HR timeframes and above, as anything less will produce very little usable data. Having a premium TradingView plan will also help boost the number of available bars.
You can hover your mouse over a table cell to get more information in the form of tooltips (such as the Long and Short win rate if you hover over your total return cell).
Credit
The code in this script is based on open-source code originally written by QuantNomad, I've made significant changes and additions to the original script but all credit for the idea and especially the display table code goes to them - I just built on top of it:
Why Did I Make This?
None of this is trading or investment advice, just my personal opinion based on my experience as a trader and systems developer these past 6+ years:
The TradingView Strategy Tester is severely limited in some important ways. And unless you use complex Excel formulas on exported test data, you can't see a granular perspective of your system's historical performance.
There is much more to creating profitable and tradeable systems than developing a strategy with a good win rate and a good return with a reasonable drawdown.
Some additional questions we need to ask ourselves are:
What did the system's worst drawdown look like?
How long did it last?
How often do drawdowns occur, and how quickly are they typically recovered?
How often do we have a break-even or losing month or year?
What is our expected compounded annual growth rate, and how does that growth rate compare to our max drawdown?
And many more questions that are too long to list and take a lifetime of trading experience to answer.
Without answering these kinds of questions, we run the risk of developing systems that look good on paper, but when it comes to live trading, we are uncomfortable or incapable of enduring the system's granular characteristics.
This Monthly Performance Table script code is intended to help bridge some of that gap with the Strategy Tester's limited default performance data.
Disclaimer
I've done my best to ensure the numbers this code outputs are accurate, and according to my testing with my personal strategy scripts it appears to work fine. But there is always a good chance I've missed something, or that this code will not work with your particular system.
The majority of my TradingView systems are extremely simple single-target systems that operate on a closed-candle basis to minimize many of the data reliability issues with the Strategy Tester, so I was unable to do much testing with multiple targets and pyramiding etc.
I've included a Debug option in the script that will display important data and information on a label each time a trade is closed. I recommend using the Debug option to confirm that the numbers you see in the table are accurate and match what your strategy is actually doing.
Always do your own due diligence, verify all claims as best you can, and never take anyone's word for anything.
Take care, and best of luck with your trading :)
Kind regards,
Matt.
PS. If you're interested in learning how this script works, I have a free hour-long video lesson breaking down the source code - just check out the links below this script or in my profile.
Break even stop loss (% of instrument price)Simply proof of concept to place a stop loss a percentage below entry price and move it to break even if the price moves the same percentage above the entre price.
FRAMA & CPMA Strategy [CSM]The script is an advanced technical analysis tool specifically designed for trading in financial markets, with a particular focus on the BankNifty market. It utilizes two powerful indicators: the Fractal Adaptive Moving Average (FRAMA) and the CPMA (Conceptive Price Moving Average), which is similar to the well-known Chande Momentum Oscillator (CMO) with Center of Gravity (COG) bands.
The FRAMA is a dynamic moving average that adapts to changing market conditions, providing traders with a more precise representation of price movements. The CMO is an oscillator that measures momentum in the market, helping traders identify potential entry and exit points. The COG bands are a technical indicator used to identify potential support and resistance levels in the market.
Custom functions are included in the script to calculate the FRAMA and CSM_CPMA indicators, with the FRAMA function calculating the value of the FRAMA indicator based on user-specified parameters of length and multiplier, while the CSM_CPMA function calculates the value of the CMO with COG bands indicator based on the user-specified parameters of length and various price types.
The script also includes trailing profit and stop loss functions, which while not meeting expectations, have been backtested with a success rate of over 90%, making the script a valuable tool for traders.
Overall, the script provides traders with a comprehensive technical analysis tool for analyzing cryptocurrency markets and making informed trading decisions. Traders can improve their success rate and overall profitability by using smaller targets with trailing profit and minimizing losses. Feedback is always welcome, and the script can be improved for future use. Special thanks go to Tradingview for providing inbuilt functions that are utilized in the script.
Risk Reward Calculator [lovealgotrading]
OVERVIEW:
This Risk Reward Calculator strategy can help you maximize your RR value with help of algorithmic trading.
INDICATOR:
I wanted to setup my trades more easier with this indicator, I didn't want to calculate everytime before orders, with help this indicator we can calculate R:R value, avarage price, stoploss price, take-profit price, order prices, all position cost and more ...
Our strategy is a risk revard calculation indicator that is made easy to use by using visualized lines and panels, and also has algorithmic trading support.
With the help of this indicator, we can quickly and easily calculate our risk reward values and enter the positions.
If we want to ensure that our balance grows regularly while trading in the stock market, we need to manage the risks and rewards otherwise we may fall below our initial balance at the end of the day, even if we seem to be winning.
What is the Risk-Reward value ?
This value is a value that shows how many times the amount of risk we take when entering the position is successful, we will earn.
- For example, you risked $100 while entering the trade, so if your trade stops, you will lose 100 $.
Your Risk-Reward(RR) value is 2 means that if your position is successful, you will have 200 $ in your pocket.
A trader's success is determined by the amount of R he earns monthly or yearly, not how much money he makes.
What is different in this indicator ?
I want to say thank you to © EvoCrypto. His Calculator (weighted) – evo indicator helped me when I was developed my indicator.
I want to explain what I have improved:
1-In this strategy, we can determine the time period in which we want to open our positions.
2-We can open a maximum of 4 positions in the same direction and close our positions at a single level. StopLoss or TakeProfit
3-This indicator, which works in the form of a strategy, shows where our positions have been opened or closed. With the help of this, it helps us to determine our strategy in our future positions more accurately.
4-The most important improvement is that we do not miss our positions with the help of alarms (WEB HOOK). if we want, we receive by quickly connecting all these positions to our robot, the software can enter and exit the position while we are busy.
IMPLEMENTATION DETAILS – SETTINGS:
1 - We can set the start and end dates of the positions we will take.
2- We can set our take profit, stoploss levels.
3- If your trade is stopped, we can determine the amount of the trade that we will lose.
4- We can adjust our entry levels to positions and our position sizes at entry levels.
(Sum of positions weight must be 100%)
5- We can receive our positions even if we are busy with the help of algorithmic trading. For this, we must paste our Jshon codes into the fields specified in the settings panel.
6- Finally, we can change the settings we want and don't want to have in our visual elements.
Let's make a LONG side example together
We have determined our positions to enter stoploss, take profit and long positions. We did not forget to set the start time of our strategy
Our strategy appear on the graph as follows.
Our strategy has calculated the total position size, our R-R value, the distance of the current price to the stop and take profit levels, in short, a lot of things we could look visually.
Notes:
If you're going to connect this bot to an automatic Long or Short direction,
Don’t forget! you need to Webhook URL,
Don’t miss paste this code to your message window {{strategy.order.alert_message}}
ALSO:
If you have any ideas what to add to my work to add more sources or make calculations cooler, feel free to write me.
Dynamic Stop Loss DemoWhat does this script do ?
This script is for pine script programmers and explains how to implement a dynamic stop-loss strategy. It is different from trailing stop-loss. Trailing stop-loss can only set the retracement value, but this script can take profit on part of the position at a fixed price and allows users to decide whether to take profit on all positions based on whether a certain track is breached or other conditions author want. In this demo, it use rsi crossover and crossunder to decide the strategy condition, and use close price as open price, and use lowest low / highest high as stop price, and use 1.5 risk ratio to calculate the fixed first profit price. It will take 50% position size when the first profit price was reached. Then it will close all rest positions when the inverse condition come out or the dynamic stop(calculated by ATR) breached or when the price back to the open price or the stop price.
How is this script implemented
When start strategy by strategy.entry , it gives a custom id which contains direction, openPrice, stopPrice, profitPrice, qty, etc. It can be get from the global variable strategy.posiition_entry_name .
Strategy DesignerHello traders.
Thanks to the tool I have published, everyone who knows or does not know coding will be able to create strategies and see the results instantly on the screen. Yes it looks very nice :)
What does this script do?
Thanks to this tool, even if you don't know any coding, you will be able to create your own strategies. You can add and remove indicators.
Entrance
The first thing you need to do is to set a strategy in your mind.
Then you need to adjust the settings of the indicators installed in the system. Please set the indicators first, because later they are forgotten.
The screen for entering the parameters of the indicators will be as follows.
After entering the parameters there is an important part . In this section, we can adjust the strategy settings.
First we choose between which dates we want the strategy to run. We then choose whether we want the strategy results to be displayed in a table or not.
We choose how the Terms should be linked together. For example, if you have a condition that is expected to produce more than one receive signal, select whether these conditions are connected to each other with and or with the connector.
In this way, you can determine whether all or any of the rules in your strategy should apply.
Next, we choose whether our strategy will work in the spot market or in a bidirectional market. Yes, you can design a strategy for both spot and bidirectional trades :)
At the bottom of the above image, we see a screen where we can adjust the stop level and tp level. As a standard, adjustments are made according to the percentage level you enter. However, if you remove the tick next to the percent sign, the previous stop level and the next profit level are determined as much as the value you entered.
At the bottom is the trailing stop. When you open the trailing stop, the trailing stop becomes active in your strategy.
Very important, when the trailing stop and the stop are active at the same time, the trailing stop value is valid.
It's time to design our strategy. Each chapter that begins with an exclamation point is a separate fiction.
If you do not mark the Active button, that condition will not be included in the calculation.
Direction = It is the direction for which the fiction in this region is valid.
We came to the indicator setting screen. Here, there is a screen where we can select two different indicators on the right and left.
We choose the first indicator starting with 1.
Then we choose from the middle region how we want these two indicators to interact.
We choose our second indicator from the place starting with 2.
If you want an indicator to interact with any value, tick the box where it says Value and fill in the value in the blank. When Value is ticked, the second indicator does not work.
Educational Strategy : TRIPLE DRAG-ON SYSTEM V.1The Triple Dragon System is a technical trading strategy that uses a combination of three different indicators to identify potential buy and sell signals in the market. The three indicators used in this strategy are the Extended Price Volume Trend (EPVT), the Donchian Channels, and the Parabolic SAR. Each of these indicators provides different types of information about the market, and by combining them, we can create a more comprehensive trading system.
The EPVT is used to identify potential trend changes and measure the strength of a trend. The Donchian Channels are used to identify the direction of the trend, while the Parabolic SAR is used to provide additional confirmation of trend changes and help determine potential entry and exit points.
In this strategy, we first use the EPVT and Donchian Channels to identify the direction of the trend. When the EPVT is above its baseline and the price is above the upper Donchian Channel, it suggests an uptrend. Conversely, when the EPVT is below its baseline and the price is below the lower Donchian Channel, it suggests a downtrend.
Once we have identified the trend direction, we use the Parabolic SAR to help determine potential entry and exit points. When the Parabolic SAR is below the price and flips to above the price, it suggests a potential buy signal. Conversely, when the Parabolic SAR is above the price and flips to below the price, it suggests a potential sell signal.
To further refine our trading signals, we use multiple timeframes to confirm the trend direction and ensure that we are not entering the market during a period of high volatility. We also use multiple take-profit levels to lock in profits and manage risk.
Overall, the Triple Dragon System is a comprehensive technical trading strategy that combines multiple indicators to provide clear entry and exit signals. By using a combination of trend-following and momentum indicators, we can identify potential trading opportunities while minimizing risk. Please note that this strategy is for educational purposes only and should not be taken as financial advice.
Strategy Template + Performance & Returns table + ExtrasA script I've been working on since summer 2022. A template for any strategy so you just have to write or paste the code and go straight into risk management settings
Features:
>Signal only Longs/only Shorts/Both
>Leverage system
>Proper fees calculation (even with leverage on)
>Different Stop Loss systems: Simple percentage, 4 different "move to Break Even" systems and Scaling SL after each TP order (read the disclaimer at the bottom regarding this and the TV % profitable metric)
>2 Take Profit systems: Simple percentages, or Risk/reward ratios based on SL level
>Additional option on TP so last one "rides free" until closure of position or Stoploss is hit (for more than 1 orders)
>Up to 5 TP orders
>Show or hide SL/TP levels on demand
>2 date filters. Manual filter is nothing new, enter two dates/hours and filter will turn on. BUT automatic filter is another thing (thanks to user @bfr_ for his help in codingthis feature)
>AUTOMATIC DATE FILTER. Allows you to split all historical data on the chart in X periods, then choose the range of periods used. Up to 10 but that can be changed, instructions included. Useful for WalkForward simulations, haven't seen a script in TradingView that allows you to do this and test your strategy on "unseen data" automatically
EXTRA SETTINGS
Besides, some additions I like to add to my codes:
>Returns table for monthly and weekly performance. Requires recalculation on every tick. This is a modified version of @QuantNomad's work. May add lower TF options later on
>Volume Based S/R system. Original work from @shtcoinr
>One feature that was made by me, the "portfolio table". Yields info and metrics of your strategy, current position and balance. You're able to turn it off and change its size
Should anyone find an error, or have any idea on how to improve this code, please contact me. Future updates could come, stay tuned
DISCLAIMER:
In order to have accurate StopLoss hit, I had to change the previous system, which was a "close position on candle close" instead at actual stoploss level. It was fixed, but resulted on inflation of the number of trading orders, thus reducing the percent profitable and making it strongly biased and unreal. Keep that in mind, that "real" profitability could be 2x or 3x the metric TradingView says. If your strategy has a really high trading frequency, resulting in 3000+ orders, might be a problem. Try to make use of the automatic/manual date filter as workaround, I have no means of changing this, seems it is not a bug but an intended design of the PineScript Code
