The strategy based on a medium-term EMA identifies a trend depending on the medium-term EMA, and then creates a position in the direction of the trend based on a fast and slow EMA.
Strategy Logic
Long Entry: When EMA fast > EMA slow, send LE
Long Exit: Either when SL or Target is hit. If SL/TGT is not hit, and EMA fast < EMA slow, send LX and SE
Short Entry: When EMA fast < EMA slow, send SE
Short Exit: Either when SL or Target is hit. If SL/TGT is not hit, When EMA fast > EMA slow, send SX and LE
EMA Slope Trend Follower Strategy Parameters for TradingView Charts
Source MA Type: Choose whether to use EMA or SMA
Source MA Length: Medium term time frame MA to identify slope
Fast Slope MA Length: Length of fast MA to calculate over the slope
Slow Slope MA Length: Length of slow MA to calculate over the slope
Trend Filter: When the price is above EMA200, the strategy opens only long positions. If price < EMA200, only shorts allowed. If the slope gives a long signal and price is below EMA200, for example, the eventual short position is closed, but the long entry is postponed to the moment when both conditions (slope uptrending and price > EMA200) are met.
Volatility Filter: When the standard deviation of the last 20 candles is below its 50 samples moving average, no positions are opened, as market is going sideways. The purpose of this filter is to prevent false positives (positions which open and close in a matter of candles due to false signals in sideways market).
Quantity: This is used to specify the trade quantity
Custom Stop Loss in Points: Movement in chart price against the momentum which will trigger exit
Setting Up Alert
Before setting up an alert make sure that You have selected the desired script, timeframe, strategy settings, API bridge is configured and running. Click in settings add alert and paste {{strategy.order.comment}} in the message box.
Important: do not change any settings during live trading.