BankNifty_Bullish_Intraday — Strategy by makarandpatil

bandsandchannels movingaverage multitimeframe banknifty bankniftytrend bankniftybullish

The script uses following mechanism to give a signal of BUY if multiple parameters evaluated are all passed.

ENTRY-
1. 5 min MACD should be more than its previous tick
2. 15 min MACD should be more than its previous tick
3. 60 min MACD should be more than its previous tick
4. ADX should be more than 12
5. RSI should be more than 60
6. Stochastic %k should have cross over with %d
7. Bollinger band upper band value should be more than previous tick

EXIT
If the 5 min bar price closes below 5 min EMA , it gives an exit signal.

Release Notes:

Added a condition to evaluate MACD on 5 minute time frame whether it is above zero line or not.

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.

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.

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