How does it works: the script use Commercials Delta Conctract, EMA of the selected ticker, EMA of 2 auxiliary tickers (e.g. correlated ticker) to generates buy and sell signals, it allows to include or not each of these.
If you use all the indicator, The buy or sell signals are generated following that rules:
(Example for buy signals on GBPCAD)
1) Commercials add net contract to GBP futures + remove net contract to CAD
2) EMA of GBPCAD is rising
3) EMA of 1st aux ticker is rising (or decline if select inv option)
4) EMA of 2nd aux ticker is rising (or decline if select inv option)
The scripts set the stop at low of the week for long orders and high of the week for shorts.
The exit strategy is to exit at first week of profit
How could you use it:
1) Choose your FX Ticker e.g. GBPCAD and set 1W TimeFrame
2) Select ticker in the strategy setting, remember to select the currency in right order, if you want to study GBP CAD 1st currency is GBP and 2nd CAD
3) Choose if you want to use EMA (and its period of calculation)
4) Choose if you want to use a aux ticker, the direction, and the relative ema period
What could be better;
1) you can just buy on begin of the week.
2) the exit strategy isn't best you can do
3) No level of delta contract is consider, its generate a buy signial also for 1 contract in the right direction
For any question, suggestion of improvemet, ideas, insult:) write to me
It all started from a script i find here on tradingview that extract COT data. Don't remember the name of that guy but Thanks a lot.
My English isn't perfect but i hope you can understand as well.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.