BB length 50
When crossing up BB midline and price/close is above weekly PivotPoint ( you can also use Daily )
When is crossing down BB lower band
Stop loss defaulted to 5%
Note : Long will position will be exited on either crossing down BB lower band or stop loss is hit - whichever comes first . Being said that some time your stop loss exit is less than 5% which saves from more losses.
Entry is based on weekly , so any time frame below weekly will work perfect. I have tested t on 30 min , 1 HR , 4 Hr , . Even weekly setting shows good results , that will work for long term investing style.
if you change period to Daily , chose time frames below Daily.
I also noticed this strategy mostly do not enter Long position in a down trend. Even it finds one , it will be exited with minimal loss.
For the use of educational purposes only
VWAP_crossunder_upperBB --- This is same as original version
VWAP_crossover_FibR3 --- partial exit , when VWAP crosses above weekly Fib R3
VWAP_crossunder'_FibR3 --- partial exit , when VWAP crosses down weekly Fib R3
choosing second options are producing more net profit --- That is due to we are waiting to capture more profits :-)
Please let me know your comments or feedback ...
Note : VWAP and Fib pivot points on the chart are not plotted by the script. If you want to see how the strategy is taking partial profits , please add VWAP (session) and Pivot Points Standard (select Fibonacci option) with weekly resolution
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.
VWMA and Pivot Points have added manually for illustration purpose ...
You dont need to have these on the chart as the script already calculates the pivot points behind the scenes. ( also I dont know hot to plot the lines to upper chart and below panel at same time )