- Features -
- Live entry direction with trade warnings and alerts
- Live trade building buy and sell stops (for buy/sell stop limits)
- Entry location icons as well as pyramid entries (to add to existing position)
- 2 separate targets based on the ATR setting and entry location
- 1 scalp target based on the ATR setting and entry location
- 2 separate trailing stops, 1 for "absolute stop" and 1 for "scalp trades"
- Alert conditions for every update and condition change of the strategy (Provided by indicator study)
- 4 pre-built color themes, including candlestick coloring
This strategy is best used with my RSI Shaded Indicator using the identical RSI settings.
The linked script is identical and used solely for alerts, because Trading View still after 3 years of requesting does not provide the ability to use alert conditions inside a strategy script, only an indicator script. This strategy should be used to backtest your settings.
The approach to this strategy uses several parallel trades of different types. In order to generate multiple trade types the "pyramid trades" setting of the strategy (second tab of the settings that lets you adjust the number of pyramid contracts) should be used.
- Trade Types -
- Swing: This trade is entered on the solid arrows after the RSI has become oversold or overbought. It is key that all trades wait for some degree of pullback before entering, even after the trend flips between positive and negative. This trade is held until stopped out or an opposite trade is triggered that reverses the position.
- Target: These trades are entered at both the initial swing trade, or any subsequent pyramid/greedy trades that present themselves along the way while the trend remains in the same direction. The difference between these trades and the swing trade is that they have targets calculated as: Target = +/- * ATR. Until the target price is reached it does not change. When exceeded the next target trade will have a new target price.
- Scalp: These trades have a limit buy/sell entry and a target. The target is very similar to the ATR Multiplier calculation for Target trades, but uses the instead.
Turning on/off the different trade types (strategy only) is simple done by decreasing the number of contracts used for that trade type to zero. When the quantity is set to zero, that trade is not considered.
- Session -
The session filter is used to narrow trade executions by only allowing trades that are inside the session boundaries. This can be used to isolate the London or New York session for example. The default is 24 x 7 which filters no trades (Trading View has a bug when resetting this, so simply reset the indicator to get it back to 24x7).
All feature requests or bug reports are welcome either by direct messaging or comments on this page or the linked indicator page.
Please PM for access. Cheers.
- Updated long/short building algorithms
- Added alerts for scalp trades building and scalp trade entries
- Videos added for basic instructions linked at the bottom of this indicator page.
- Updated long/short building algorithm and alerts.
- Added dark theme button
- Added ability to adjust ATR stop line thickness
- Updated scalp and trade criteria, slight tweak.
- Separated stop tick rounding and target tick rounding, now independent.
- Update dark colors to slightly more dark.
- Toggle swing trades and scalp trades on/off is now possible. To turn off swing and target trades, change the quantity of swing, target1, target2 to zero. To turn off scalp trades, change the scalp quantity to zero.
- Fixed locations where an existing trade active, but an opposite trade is building.
- Updating color themes.
- Added trailing stop ATR multiplier. Previously the trailing long is updated each time the minor trend flips back in the direction of the major trend. For a long, the stop update would be something on the order of: stop = Maj_Trend - Min_ATR_Mult * ATR. The ATR multiplier used now will be the stop multiplier so that the function is exclusive: stop = Maj_Trend - Stop_ATR_Mult * ATR. This helps with the ability to both specify the minor ATR multiplier while not affecting the sensitivity of the stop. As always after a swing long/short is initiated, if the Major Trend flips, the stop will be updated to the rounded tick value below or above the candle that caused it to flip.
- Decoupled scalp trades from long trades when scalp trades are not active.
- Updated styling.
- Added toggles to completely disable long or short trades.
- Fixed coloring bug.
- Fixed more coloring issues for live trading corner cases.
- Fixed exit 'X' mark bug placement.
- Fixed strategy cancellation problem for TV inputs. Algorithm unaffected.
- Fixed reversals in the strategy (Trading View) part of the script.
- Very slight tweak of the entry algorithm for swing/target type trades.
- Fixed live mode for renko based charts.
- Fixed session problem with new TV update.
- Updated live trading overlays for Renko mode.
- Fixed live stop values for pending trades in renko mode.
- Helped whipsaws in renko mode for false trade positives.
- Updating target plotting.
- Fixed display bugs on renko type charts.
- Tweak to renko mode for ATR trend reversal. Updated session logic for alerts.
- Updated to version 4 Pinescript.
- Added member features.
- Updated member features.
- Added Multiple Timeframe (MTF) aspect to the Major/Minor ATR Supertrend stops. These run without accessing the security() function and are very robust. The Major and Minor trends will operate independent of the chart interval when the chart interval is is less than the desired MTF interval. By default the check box "Always use chart interval instead?" is selected to lock the ATR Supertrend intervals to the chart interval. Uncheck this box and input a desired interval of choice greater than or equal to the chart interval to experience the MTF aspect.
- Improvement to backtest engine.
- Added Unit/Percent/Leverage type trades.
- Updated member features.
- Updated trade pyramiding logic.
- Updated title.
- Fixed MTF bug on minor scalp ATR trend.
- Optimized for Renko Charts.
- Fixed MTF ATR issue.
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 mortdiggiddy 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.
Warning: please read before requesting access.