Full code commentary is available on the Backtest-Rookies website. To comply with house rules, I cannot post the direct link here.
- Trade Direction: So that you can limit the strategy for long only, short only or trade in both directions. It is important to note that when you select “Long Only”, you will still see Short signals on the chart. However, they are only used to close a position rather than reverse it. This is the default behaviour for strategies. The same applies to “Short Only”.
- Date Ranges: So that you can isolate backtesting to specific periods of interest such as bull or bear markets.
- Sessions: So you can easily get an idea of the expected results during your own session. You may also notice that performance of the strategy varies depending on which session it is deployed in.
- Some example stop losses: It is not an exhaustive list but it should be enough to provide some inspiration for different types of stops that you can experiment with.
Happy Scripting. I hope the community finds it useful.
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.