BRACKET ORDER PINE SCRIPT
This tutorial shows how pine script can be used to trade with Bracket Orders using chart based on stop loss and target. We use the below premise to take Buy/Sell trades with chart based stop loss and target via Bracket Order.
Strategy Premise
The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Increasing RSI shows increasing bullish momentum. Decreasing RSI shows increasing bearish momentum. We take RSI upper bound as 80 to indicate bullish momentum and RSI lower bound as 20 to indicate bearish momentum.
Strategy Logic
Long Entry: When RSI goes above 80, trigger LE with Buy Bracket Order. SL and TGT will be based on user input via parameters.
Short Entry: When RSI goes below 20, trigger Sell Bracket Order. SL and TGT based on user input via parameters.
There is no need for Long Exit and Short Exit for Bracket Orders. In case you want to modify BO manually, you can do from broker’s terminal. See here for more details for BO/CO based trading.
TradingView Settings for Bracket Order Pine script Strategy
Open desired chart in trading view with normal candlestick ,select desired time frame of the chart. Next, follow these steps: (1) Go to pine editor section, remove the default code, (2) paste the downloaded code, (3) save the file and (4) add to chart. See screenshot below.
Strategy Premise
The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Increasing RSI shows increasing bullish momentum. Decreasing RSI shows increasing bearish momentum. We take RSI upper bound as 80 to indicate bullish momentum and RSI lower bound as 20 to indicate bearish momentum.
Strategy Logic
Long Entry: When RSI goes above 80, trigger LE with Buy Bracket Order. SL and TGT will be based on user input via parameters.
Short Entry: When RSI goes below 20, trigger Sell Bracket Order. SL and TGT based on user input via parameters.
There is no need for Long Exit and Short Exit for Bracket Orders. In case you want to modify BO manually, you can do from broker’s terminal. See here for more details for BO/CO based trading.
TradingView Settings for Bracket Order Pine script Strategy
Open desired chart in trading view with normal candlestick ,select desired time frame of the chart. Next, follow these steps: (1) Go to pine editor section, remove the default code, (2) paste the downloaded code, (3) save the file and (4) add to chart. See screenshot below.