An easy strategy to use would be the one you see in the preview using a grid of round numbers. This script in no way shape or form promises easy gains and like all algorithms should be forward tested on a paper trading account before using real money.
- Max violation: When price moves past this the script will no longer look for entry until a new trend has been established. The line can also be used as a stop loss.
- Confirmation line: When price touches the line during a trend it
will wait to cross over this line to confirm a reaction from the line.
- Min past distance: A trend filtering system, this is a distance from
the line price has to break to confirm trend direction.
- Stop loss: This can be set to a percentage distance from the low after
bounce. Or it can be set to the max violation line
- Take profit: This can be a fixed take profit target or a risk to reward
based take profit. With risk to reward it will multiply the stop loss
distance by the input and use that to create target (green cross)
- ATR based or % based: there are 2 versions of the script, one for strict
percentage based logic and another one based on ATR values
Part of the Honest Algo service.
This update makes it possible to become a service provider on zignaly or just for automating your signals using zignaly. Zignaly is free to use so it is a great alernative to the 3commas platform when using my service.
I also fixed a bug where the script would not send alerts for lines 11 to 20.
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Honestcowboy for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Community Scripts.
go to https://honestalgo.com for access
Warning: please read before requesting access.