Decent Martingale Strategy [Pinescript v3]

In my experimentation to add some sort of hedging to trades, I stumbled on the Martingale roulette betting strategy.
If it works in the casino, why not here?

The principle is simple:
If you lose a trade, immediately go the opposite direction and double your bet.

In this case, we're just applying a multiplier.

The strategy is a simple EMA crossover - defaulted to my favorite periods 8 and 62.

Enjoy :) I'll make a new one that's contained in a function, so you can simply implement it in your own strategy and have it monitor winning/losing trades automatically.

Open-source script

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.

Want to use this script on a chart?


Hahahaha, holy cow. When you said "hilarious" I didn't think you meant laugh-all-the-way-to-the-bank hilarious.

Excellent work as usual. There's a lot that can be learned from this script.
EmpiricalFX chrysopoetics
@chrysopoetics, IT's so bad please don't ever use this ahah. Martingale is notorious for making people bankrupt
+3 Reply
chrysopoetics EmpiricalFX
@EmpiricalFX, hahaha of course, I meant your handy use of strategy scripts in general. Most find it difficult to compose strategy scripts in general and I think you're an asset in that regard.
+1 Reply