OPEN-SOURCE SCRIPT
Updated XARD Like v1.0 Simple Trend Following Strategy
This is my understanding on one of trend following strategy (Original Strategy Creator is XARD at forex-station forum) utilizing several indicators:
How to trade this strategy?
There are 4 different color of semaphore:
1a. Identify where a Magenta semaphore then wait for Red semaphore with the same direction as Magenta to appear.
1b. Locate daily open line, if candles are above it then only looking for buy trade and vice versa.
2. After a red semaphore appear, wait for Moving Average Cross (I put a trade signal for each cross) then you can enter a trade
3. If you think you want more confirmation, you can also wait for an Orange semaphore with the same direction as magenta and red semaphore to enter a trade.
I hope this description is clear enough
- Semaphore to identify potential reversal points
- Moving averages to confirm semaphore signal
- Daily Open line to give general trend direction bias
- Zigzag also to help clarify trend direction
How to trade this strategy?
There are 4 different color of semaphore:
- Magenta to show general trend direction bias
- Red to show a more immediate trend direction
- Orange to confirm red semaphore dot
- green to add position once you are on a trade
1a. Identify where a Magenta semaphore then wait for Red semaphore with the same direction as Magenta to appear.
1b. Locate daily open line, if candles are above it then only looking for buy trade and vice versa.
2. After a red semaphore appear, wait for Moving Average Cross (I put a trade signal for each cross) then you can enter a trade
3. If you think you want more confirmation, you can also wait for an Orange semaphore with the same direction as magenta and red semaphore to enter a trade.
I hope this description is clear enough
Release Notes
Version 1.1I added additional Donchian Channel, now there are 2 Channels, I personally use them to see where the last Red and orange semaphore also to mark pulldown
Release Notes
Small update on Donchian Channels, now line color will change when price is above or below mid line.Release Notes
In this version, I added:- Bollinger band with option between Heiken Ashi Close and Default Close
- Average Daily Range showing 15%, 25%, 50%, 75% and 100%
Release Notes
A little bit of house keeping. Optimizing code, no change in appearance nor functionRelease Notes
Version 1.4 Made a small grouping mistake, corrected and published
Release Notes
I have to replace zig zag script with a new one because it did not work properly on M1 timeframe.Release Notes
I decided to remove Donchian Channel and Bollinger band as they are not really giving any significant confluence to the system, instead I added 3 bollinger stop.1 way to use them is to wait for red or orange semafor dot to form among 3 bollinger stop lines and place your entry as soon as candle cross EMA 36.
Release Notes
After several trial and error, I decided to remove bollinger stops as it appears prevent zigzag from acting up in 1 minute time frameRelease Notes
Error has been fixed, hope we'll have a smooth trading experience from now on...Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.