After many different tests and tries we found a strategy which is suited for people that likes to trade in shorter time frames. It uses multiple indications for entries. Entries include indications like Double ATR, Consolidation Detection, Dynamic RSI Calculation with Overbought and Oversold lines and also previous bars highs and lows. Although this strategy has been coded and tested on short time frames, after many additions it turns out it can be very profitable in every time frame if you play with the settings. Also it has some helpers for people that likes to optimize and see how their choices affects the outcome.
The strategy calculates the entry with the rules below:
LONG ENTRY RULES - Price must be in consolidation zone - Fast ATR Must be higher than Slow ATR - Dynamic RSI must be below the oversold line (Green Line as Default) - The Signal lookback must allow entry. (For example if you set signal lookback to 5, if the LOW of current price is LOWEST point of last 5 bars it is okay to enter LONG) If you check the lookback helper it will show you as green arrow at the bottom.
SHORT ENTRY RULES - Price must be in consolidation zone - Fast ATR Must be higher than Slow ATR - Dynamic RSI must be above the overbought line (Red Line as Default) - The Signal lookback must allow entry. (For example if you set signal lookback to 5, if the HIGHEST of current price is HIGHEST point of last 5 bars it is okay to enter SHORT) If you check the lookback helper it will show you as red arrow at the top.
This strategy has additional settings that are not available in indicator version that is previously released so i suggest everyone to use this instead. Happy trading everyone!
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v1.1: Set default EMA to 200. This should fix "it shows nothing" complaints by people. - Enabled "calc on every tick" by default. This should make strategy exit as soon as the exit call is shown.
Also a warning: Backtesting ranges won't show too far past in low time frames like 5 min. This is a tradingview limitation based on account sub level. Premium users have the highest number of bar lookback limits but it's still not that high. So in 5 mins you will most likely won't be able to see 10 months of data because the bars won't go that far back so the script won't be able to calculate it. If you go to higher time frames you will see that you're able to see those months its because TV calculates it as BARS not the time range. Unfortunately this is not something i can fix.
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v1.2: Adjusted the code to be way more strategy friendly rather than first adapted indicator version. Filtered out a lot of unnecessary code. A lot of the bugs should be fixed now. The script works way more reliable.
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v1.2a: Fixed "Fixed ATR" value calculation.
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v1.2b: Fixed further enterance bugs that caused new entries unintentionally.
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v1.3: Added "Trailing % Stop Loss" option. Removed win and loss values on comments since there were calculation errors on them. They will most likely be re-added after control and fix.
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v1.3a: Changed default values to be more beginner friendly.
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v1.3b: Fixed some bugs on alerts and changed the working method. From now on you need to type " {{strategy.order.alert_message}} " to alert message box when you are creating alerts. This will send every single message you set in your strategy settings in a faster and more stable way. Also disabled calc_on_every_tick as default since it didn't work well with confirmed entry code i've been implemented. Make sure you disable "Calc on Every Tick" in strategy properties tab as well if it's left open.
Also always make sure your strategy version says the latest updated version in your strategy settings. If it doesn't you can remove and re-add the strategy and it should show the latest version at the top of strategy settings.
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v1.4: - Added Repainting warning if Dynamic RSI resolution is lower than chart timeframe. This will fix all the repainting complaints about exiting in different areas. Simply any MTF resolution can't be lower than chart resolution because of avarage requirements which extremely complicates things. Also Tradingview doesn't suggest using it that way too. - Added new entry strategy called Magic Ribbon which uses Cora Wave and Lazy Line methods by RedK (with his permission), if enabled uses only magic ribbon trends as entry and overrides all other rules. Default values might not be the best i suggest you backtest before using it. - Changed some title names so backtesting with some tools are easier.
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v1.5: - Added time and day selector for entries. - Changed default settings to show more entries. - Fixed some bugs causing problems on replays. - Added summary table to top right. - Added monthly results to bottom right.
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v1.4a: Updated the backend to be more in line with latest pinescript changes along with fixing some minor bugs.
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v1.5a: I accidentally updated the old version of the script over main code, now this update should fix it all. Make sure you have 1.5a version open.
Question can this strategy work with forex & gold?
serkany88
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@jzunigafx, Thank you, it should work for forex pairs, haven't tried in gold. You may need to adjust the settings and play with them based on currency.
Teybad
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@serkany88, Do you have any suggestions for Gold configs?
ratzingerali
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@Teybad, yes . very good gold . 1 minut , 70% win rate r/r 1.4 . suggestions for Gold configs : ma type => lsma
croatabatata
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Hi, first of all I love your script. Could you please check into alerts problem. I am getting my alerts triggered on every second or third entery, somethimes it doesnt trigger at all and strategy gets into a trade, is it a TW servers side problem or something else? Thank you!
croatabatata
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@serkany88 ps. exits do triger alerts properly, so thats working
croatabatata
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***pps. This was TW support response:
According to your alert log, the script on which the alert was placed is prone to repainting. Some indicators and strategies can potentially get repainted, and if your alert is set on such a script, alert behavior and chart behavior may differ. Scripts that are prone to repainting may show different results when using historical and real-time data. This discrepancy can be observed when adding a script to the chart: wait until the script compiles and calculates on real-time data and refresh the page afterwards. Repainting can be caused by a number of reasons. At the moment, there is no workaround for this behavior. Because of this, we strongly recommend not to set alerts on scripts that are prone to repainting. Hope this helps! Kind regards.
serkany88
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@croatabatata, This shouldn't happen. I'm using for a long time. Make sure you have "On Every Tick" off and do not change your settings after you create the alert. Remember if you change your settings you need to make a new alert. This script does not repaint because it calculates things on candle close.
croatabatata
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@serkany88, Ok, after some more testing I found out why it doesnt trigger TW alert. It is alertraton code for long and short placed inside the brackets. Ive tried it with same settings without the code and alert trigers. It was working before with wunderbit becuse it used https link. I tried removing any spaces within the code and still no alert. Can you please check into that, alertraton is the fastest bot by my experience and I really like your strattegy.
This is example of the code which goes inside the LONG/SHORT bracket! TEST(SHIB1000USDT)market(side=buy,amount=100%);stopMarket(position=0,offset=e1%,trigger=mark);limit(position=0,offset=e2%,reduceOnly=true);oneCancelsOther(which=all);}#bot
You can try it yourself, put that kind of code and make alert, on entry it will not trigger TW alerts anymore.
serkany88
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@croatabatata, you may need to use escape characters instead of no speaces. use js escape tool and copy paste.