Tested on SPY , QQQ and AAPL. Especially when you look at AAPL results , it has 60% profitable in recent trades. ( Dont assume this will be same for other stocks or ETFs)
Aroon Oscillator setting : 169 ( 169 is square root of 13 ... you can also use fib level 144 , which is square root of 12 )
When Aroon Oscillator crosses above zero line
if Long position is already opened, and current close is less than BUY price and RSI 13 crossing above 30 line
when Aroon Oscialltor crosses below zero line
default stop loss has been set to 5%
Note: I have not plotted RSI to the chart. Please include RSI 13 to see how position gets added ... Also add ema 169 to see how the price is aligned with the Aroon Oscillator
For the educational purposes only
This will also allow us to stay in the traded by sticking to our stoploss 5% , rather than just exiting on a whipsaw signal.
2. Entry quantity and Addition quantity calculation has been changed
3. bar color changed to purple when Aroon Oscillator is above 90
4. if Aroon Osc cross down zero setting is selected --- stop loss value is not considered , it simply exits on oscillator crossing below zero line
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.