Long Trade Setups: To go long (to buy), you have to wait for one of the candlesticks to close above the BB upper band. (background color is green) Short Trade Setups: To go short (to sell), you have to wait for one of the candlesticks to close below the BB lower band. (background color is red) How To Maximize Your Profit? As I explained above, this trading system is good in catching the trends. Therefore, you’d better to take the advantage of the strong movements and maximize your profit.
When there is a strong trade setup, you can also take two positions with the same stop loss, when there is a trade setup based on the Double Bollinger Bands trading system. Set a 2 x SL target for the first position, and no target for the second one. If the first position hits the target, move the second’s position stop loss to breakeven and hold it (TLDR : Hold a sell as long as background is red)
In case of a long position, hold the second position as long as the candlesticks form between the BB1 and BB2 upper bands, or above the Bollinger Middle Band. Close the second position when candlesticks start crossing the BB1 upper bands, or when one of the candlesticks breaks below the Bollinger Middle Band . (TLDR : Holda buy as long as background is green)
This script is the best script I have seen on Tradingview and frankly I can't believe one has commented (except @Chakku) on this! I just wanted to say thanks for coding this! It's amazing!!
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@TradeIQ207, hey, thank you i'm glad that you like it! i liked very much that strategy and made a script based on it.
doctradez
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Just came across - might give it a try - looks cleans d I like clean
tradez4sure
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super script
sbasirati
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I like it, thank you.
cymraeg
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I think it would be better if the upper was set where dev = 2 and the lower is set to dev = 1. Or have line 7 read upper = basis + dev*2 if that is the correct syntax. I do not know if this would be possible since i do not know the script language. This would work better I think in an up market.
AJ
Chakku
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Appreciate that!
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@Chakku, thank you i am happy that you liked my script.