If finds the reversals for LONG entries ... I have modified the settings to back test it ...
When the price touches lower band , and tries to close above lower band
some signals are mixed up, you can research and look for a confirmation ...
if the middle band is above EMA50 , you can simply follow the strategy BUY signal
but if the middle band is EMA50 , wait for the price to close above middle band
Sell / Close
wait for the sell signa OR close when price touches the upper band
How do you want to close , you can chose in settings. Chnage these values and see the performance
Please note , sell means just closing the existing LONG position , not short selling
Stop Loss is defaulted to 6%
This is tested in 1HR, 2HR and 4 HRs chart for SPY and QQQ ETFS ...
for long term investing style , 4 Hrs is the best time frme for this strategy
It is not a financial advise , it is for educational purposes only. Please do your own research before taking any trading decission
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.