- Intraday trading strategy (Scalping).
Time Frames Tested with best Results:
- 30 Minutes.
- 5 Minutes.
- 15 Minutes.
- 1 Minute
How it Works:
Once the Price Hits the 1 or -1 Fibonacci Level and bounces a little bit, It checks the if Over Bought or Over Sold According to 30 - 70.
If both conditions are satisfied, it triggers a Long or Short Positions.
- I have put a Stop-loss with a 2% just for further upgrades.
- Not advised to use in High Markets.
- No Repaint was observed during a 2-Weeks Tests.
If you have any suggestions or modifications please contact to add.
If you have observed any bad behavior please contact to fix.
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.
From my perspective the number of trades doesnt matter as long as you stay in the green, that's why the strategy rules are a little bit tough which results in some fewer trades with higher probability.
probably its a little bit strict in the rules that this particular stock has not met for the past few months.. but i will take a look on that.
It is really good, i checked it for BankNifty, it is not showing anything. I think there is some problem in using VWMA, if you change to EMA or WMA it is working but it not as expected. So, can you help to add VWMA to add NSE.
secondly, as said by devesh, unable to get trades for index - i noticed for both indian(nifty/niftybank) and US(Dow/S&p) is that bug? appreciate if you can help