OPEN-SOURCE SCRIPT
Hammer/Inv Hammer + ema and other settings + strat
ok, so thrown everything at this one as the previous only had longs.
so we have all the options, but main feature is the ema to divide up the longs and short, shorts above, longs below, we all know price ends up back to the ema at some point.
I have added a volume filter, this calculates the average volume from the last "20" candles (which can be adjusted) then when a hammer appears it has to be larger than the average volume to be valid.
Also added trading hours in, if you are switching between RTH and ETH it can cause issue if it enters a position EOD then you get an anomaly trade as we can hold positions past certain times.
Also added some trading strategy, so after 2 wins it wont trade again that day or after 1 loss. you decide.
So much to play with now.
so we have all the options, but main feature is the ema to divide up the longs and short, shorts above, longs below, we all know price ends up back to the ema at some point.
I have added a volume filter, this calculates the average volume from the last "20" candles (which can be adjusted) then when a hammer appears it has to be larger than the average volume to be valid.
Also added trading hours in, if you are switching between RTH and ETH it can cause issue if it enters a position EOD then you get an anomaly trade as we can hold positions past certain times.
Also added some trading strategy, so after 2 wins it wont trade again that day or after 1 loss. you decide.
So much to play with now.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.