This is a short term Pullback / Bounce Strategy. Recommend using this on . Option strategies that work the best are (weekly options credit spread).
Further advanced traders can take advantages with Gamma Scalping on low IV.
Few more revision are planned
Rev 1. Add stoploss and target signals
Rev 2. Conservative Trade Entries.
Rev 3. Customized Settings for trading short and long term, with signals only plotted on .
For further understanding - https://www.youtube.com/watch?v=6tvigvpNJdI
This revision is from 2011. There are more information and hints on the recent versions, it seems. I do not own this strategy. I did not create this strategy. For further information and the current version -
Myself and tradearcher will keep this upto date. As he has volunteered to help with the track record of Steve primo strategies.
Version 2 -
// Created by ucsgears // Currently Setup and Triggers are coded. // This is a veryshort term trading strategy Last for 5 days. // Stoploss is Low or high of the Setup bar // Target is the 100% Price Projection from the Trigger, Trigger is 2 ticks above / below for the setup bar. study(title = "UCS_S_Steve Primo - Strategy 4", overlay = true) basisma = sma(close,50) upper = basisma + (0.382 * stdev(close, 20)) lower = basisma - (0.382 * stdev(close, 20)) plot (basisma) trendup = close > upper trenddn = close < lower // Pullback & Bounce Criteria lowest = lowest(low,5) highest = highest(high,5) plot (lowest) plot (highest) pullback = (low == lowest) or (low == lowest) ? 1 : 0 bounce = (high == highest) or (high == highest) ? 1 : 0 // Top 25% Close hilowidth = high - low // Long Setup longcandle = close > low+hilowidth*.75 ? 1:0 // Short Setup shortcandle = close < low+hilowidth*.25 ? 1:0 //Setups setuplong = trendup == 1 and pullback == 1 and longcandle == 1 ? 1:0 setupshort = trenddn == 1 and bounce == 1 and shortcandle == 1 ? 1:0 plotchar(setuplong, title="Long Setup Bar", char='⇑', location=location.belowbar, color=green, transp=0) plotchar(setupshort, title="Short Setup Bar", char='⇓', location=location.abovebar, color=red, transp=0) // Trade Trigger tiggerlongcandle = (setuplong == 1) and (high > high) ? 1 : 0 tiggershortcandle = (setupshort == 1) and (low < low) ? 1 : 0 //bgcolor (tiggerlongcandle) //bgcolor (tiggershortcandle) plotshape(tiggerlongcandle ? tiggerlongcandle : na, title="Triggered Long",style=shape.triangleup, location=location.belowbar, color=green, transp=0, offset=0) plotshape(tiggershortcandle ? tiggershortcandle : na, title="Triggered Short",style=shape.triangledown, location=location.abovebar, color=red, transp=0, offset=0)
I appreciate you coding the strategy, I would still like to fully understand it and be able to see what it is I'm looking at