A strategy focused on opening trades during a retracement of the so-called Big Candles. Instead of having to recalibrate a strategy every so often (so it stays consistent with the current trend), this Candle strategy tries to use a different approach. It will detect candles with big bodies (which are usually created during a strong push upwards or downwards and supported with some nice volume). Then, it will wait until an opposite candle (or candles) retrace the Big Candle to a predefined level. Once there, it opens a trade with Stop Loss at the peak of that last Big Candle and Take Profit at the beginning of a trend that was ended by that Big Candle itself (or one of its immediate successors).
This strategy also utilizes TradingView's own "Pivot Points Standard" indicator code which helps to detect really strong (and thus tradable) Big Candles. If a candle crosses multiple pivot points in one go, it is automatically considered tradeable. Otherwise, a Big Candle needs to cross the pivot point with at least 50% of its height to be considered tradeable.
This is a very simple indicator with as little settings as possible. You shouldn't need to change much apart from Big Candle size and retracement settings. Once you got the settings that will yield you highest average Net Profit along with the highest Percent Profitable, simply set alarms to let the strategy tell you when to open and close trades and you're all set.
If you want, you can experiment with different Pivot Points settings as well, however the Camarilla option and 25 bars lookback selected by default is usually the best match for this strategy.
1) pivot point breakouts calculated incorrectly
1) ability to enable automatic SL moving to the end of the Big Candle's trend
2) ability to set how much percent of Big Candle is required to break through a Pivot Point to consider it a tradeable candle
1) ability to use the "Cyclic RSI High Low With Noise Filter" (or cRSI for short) indicator from @RozaniGhani-RG to detect current trend direction. Please be aware that this is what I was initially trying to prevent - using indicators which are highly dependent on the state of the market. cRSI is one of them and needs recalibration every now and then. However, I found out that with cRSI active, you can get a lot better results than without it, so I'm including it here.
2) ability to use the "MESA Adaptive Moving Average - Improved MTF" indicator from @DasanC to detect current trend direction. Same applies to what I wrote about cRSI. These 2 indicators can be used separately or together.
3) option to set maximum % for your SL (if you need to limit your SL manually instead of letting the strategy calculate one for you from the Big Candle size)
4) option to require the Big Candle to have at least X candles in the same trend preceding it (default is 1, as I found out that this excludes quite a bit of false positives when detecting Big Candles and their retracements)
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.