The idea here is to enter a trade upon trend reversal (unless we have a white background - this indicates choppy/sideways market).
Follow the background color for signals of a trend reversal.
- Bright green = long
- Bright red = short
- White = no trade
We use a fixed stop loss here of 6% but I have included the option to apply an ATR based stop loss in Settings. No take profit. No re-entering until we get an opposing signal.
I use a function to detect when we should stay out due to choppy sideways price action.
This strategy was optimised for XBT/USD on Bitmex 1 day chart, ideal settings for other pairs will differ.
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.