Everyday 0002 _ MAC 1st Trading Hour Walkover

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This is the second strategy for my Everyday project.
Like I wrote the last time - my goal is to create a new strategy everyday
for the rest of 2016 and post it here on TradingView.

I'm a complete beginner so this is my way of learning about coding strategies.
I'll give myself between 15 minutes and 2 hours to complete each creation.

This is basically a repetition of the first strategy I wrote - a Moving Average Crossover,
but I added a tiny thing.

I read that "Statistics have proven that the daily high or low is established within the first hour of trading on more than 70% of the time."
(source: )

My first Moving Average Crossover strategy, tested on VOLVB daily, got stoped out by the volatility
and because of this missed one nice bull run and a very nice bear run.

So I added this single line: if time("60", "1000-1600") regarding when to take exits:
if time("60", "1000-1600")
strategy.exit("Close Long", "Long", profit=2000, loss=500)
strategy.exit("Close Short", "Short", profit=2000, loss=500)

Sweden is UTC+2 so I guess UTC 1000 equals 12.00 in Stockholm. Not sure if this is correct, actually.
Anyway, I hope this means the strategy will only take exits based on price action which occur in the afternoon, when there is a higher probability of a lower volatility .

When I ran the new modified strategy on the same VOLVB daily it didn't get stoped out so easily.
On the other hand I'll have to test this on various stocks .
Reading and learning about how to properly test strategies is on my todo list - all tips on youtube videos or blogs
to read on this topic is very welcome!

Like I said the last time, I'm posting these strategies hoping to learn from the community - so any feedback, advice, or corrections is very much welcome and appreciated!
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strategy("MAC 1st Trading Hour Walkover", overlay=true)

// Setting up timeperiod for testing
startPeriodYear = input(2014, "Backtest Start Year")
startPeriodMonth = input(1, "Backtest Start Month")
startPeriodDay = input(2, "Backtest Start Day")
testPeriodStart = timestamp(startPeriodYear, startPeriodMonth, startPeriodDay, 0, 0)

stopPeriodYear = input(2015, "Backtest Stop Year")
stopPeriodMonth = input(12, "Backtest Stop Month")
stopPeriodDay = input(30, "Backtest Stop Day")
testPeriodStop = timestamp(stopPeriodYear, stopPeriodMonth, stopPeriodDay, 0, 0)

// Moving Averages
ema14 = ema(close, 14)
ema28 = ema(close, 28)
sma56 = sma(close, 56)

// Plot
plot(ema14, title="ema14", linewidth=2, color=green)
plot(ema28, title="ema28", linewidth=2, color=red)
plot(sma56, title="sma56", linewidth=3, color=blue)

// Strategy
goLong = cross(ema14, sma56) and ema14 > ema28
goShort = cross(ema14, sma56) and ema14 < ema28

// Strategy.When to enter
if time >= testPeriodStart
    if time <= testPeriodStop
        strategy.entry("Go Long", strategy.long, 1.0, when=goLong)
        strategy.entry("Go Short", strategy.short, 1.0, when=goShort)

// Strategy.When to take profit 
if time >= testPeriodStart 
    if time <= testPeriodStop 
        strategy.exit("Close Long", "Go Long", profit=2000) 
        strategy.exit("Close Short", "Go Short", profit=2000) 

// Strategy.When to stop out 
// Some studies show that 70% of the days high low happen in the first hour 
// of trading. To avoid having that volatility fire our loss stop we 
// ignore price action in the morning, but allow stops to fire in the afternoon. 
if time("60", "1000-1600") 
    strategy.exit("Close Long", "Go Long", loss=500) 
    strategy.exit("Close Short", "Go Short", loss=500)
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