OPEN-SOURCE SCRIPT
Fetch EngulfingBuys
This script makes use of bullish engulfing candles, trend analysis, and time.
The trend is devided between an up- and downtrend. This is based on a simple cross over strategy, using the 9 and 50 moving averages.
The buys are calculated based on how many times a bullish engulfing candle was displayed on the chart during a downtrend. Bullish engulfing candles in an uptrend will never result in a buy signal.
The sells are simply based on time. This means that the script counts how many days you have been in a trade. The default is 100 candles. You can tweak this in the settings of the indicator.
Finally, this script does not provide you with any stop-losses. I am planning on releasing a v2 once I figured out what a good balance is. Also, you might notice that there are more buys than sells. This is because only the first trade in the series is tracked. V2 could improve on this flaw of the indicator.
Hope you enjoy this first iteration of the indicator.
The trend is devided between an up- and downtrend. This is based on a simple cross over strategy, using the 9 and 50 moving averages.
The buys are calculated based on how many times a bullish engulfing candle was displayed on the chart during a downtrend. Bullish engulfing candles in an uptrend will never result in a buy signal.
The sells are simply based on time. This means that the script counts how many days you have been in a trade. The default is 100 candles. You can tweak this in the settings of the indicator.
Finally, this script does not provide you with any stop-losses. I am planning on releasing a v2 once I figured out what a good balance is. Also, you might notice that there are more buys than sells. This is because only the first trade in the series is tracked. V2 could improve on this flaw of the indicator.
Hope you enjoy this first iteration of the indicator.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.