It features a proprietary daily and intraday trend confirmation filter using an integrated second Open Close Cross instance usually on a higher timeframe or longer MA length to help filtering signals that go against the general current price trend and a proprietary "Cross Strength" filter (min/max relative cross strength) to help against noise and weaker cross signals. Without this proprietary filtering the underlying MA open close cross strategy has usually not proven to be profitable as its signals flip too much in weaker sideways price action or the opposite, with too strong wicks / "fake" breakouts.
Further sideways protection is achieved by integrating a variable length standard deviation rate of change filter adapted from "Volatility Switch" by Ron McEwan combined with a proprietary "Price Variation" filter and optionally requesting external volatility indices.
Whenever a timeframe is selected (eg. for trend filtering) that is non-native to the chart the script automatically enforces using historic chart data so it is impossible to get into a situation where "re-painting" occurs.
The script also contains a complete trade simulation based on virtual positions for realistic backtesting (once per bar close) including detailed filter statistics and entry/exit signal information to help with adaptation to different market situations.
Trades are automatically sized according to configured risk of maximum loss per trade and leverage can be maximized according to configured SL (based on isolated margin!).
ProfitView Open Close Cross is based – with permission – on an original idea by Albert Yang which was later adapted for Pine/TV by JustUncleL.
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact conando for more information, or follow the author's instructions below.
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