8 Day Run - Momentum Strategy

Inspired by Linda Bradford Raschke.

Entry criteria:

This strategy is used to capture momentum effects on the daily periodicities. Once prices have had a run of 8 or more consecutive closes above or below the 5-period simple moving average the strategy is primed to trade.

It will then enter a short on the first close above the 5sma after a run of 8 or more closes below the 5sma (it will enter a long when the price closes below the 5sma after a run of 8 or more closes above the 5sma).

Exit criteria:

All trades are exited on the first close back above/ below the 5sma.

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.


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