This is trend following strategy. Which takes entries on the pullbacks when long term trend is up.
It allows you to enter / add on pullback of Fib 0.618 of prebious N number of candles. I have defaulted this to 9.
BUY ==== 1. Long term trend is UP i.e ema 50 is above ema 200 2. wait for Fib0.618 pulls back to trend zone (orange line ) 3. when the close cross above Fib0.618 line , Enter BUY or ADD to existing position
Exit ==== 1. Wait for Fib0.618 come out of Trend zone 2. close partial , when price cross down below Fib0.236
Stop Loss ======== 1. Stop Loss set as Trailing Stop Loss , defaulted to 5%
you can also use ATR as trailing stop loss.
I have tested with SPY , QQQ and AAPL on hourly chart
Warning ======== for the use of educational purpose only. If you want to trade the startegy signals, please do yor own research.
Can you make this script open-source? I would like to add some features to it such as taking partial profit in percentage and more. This is a great script. Thanks
trollerd7u95813
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repaint
wsport3
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I add it to favorites with the button but it does not appear in the list of favorites