OPEN-SOURCE SCRIPT
DAX Shooter 5M Strategy
This is a simple strategy that applies very well for scaling indices to 5 minutes especially for the DAX. The algorithm provides for buying or selling when the market is very "pulled". The rules are as follows:
you buy when:
1- The ADX indicator with the standard settings is greater than 32.
2- the RSI indicator set to 7 periods is crossing upwards the oversold line at 30
3- the candle minimum is lower than the lower band of bollinger bands set to 50 periods.
is sold when:
1- ADX indicator with standard settings is greater than 32.
2 - the RSI indicator set to 7 periods is crossing downwards the overbought line at 70
3- the maximum of the candle is higher than the upper band of the bollinger bands set to 50 periods.
Money management is at the discretion of the trader but usually it is better to set a fixed stop loss and a take profit on reaching the opposite bollinger band.
Enjoy trading at all!
you buy when:
1- The ADX indicator with the standard settings is greater than 32.
2- the RSI indicator set to 7 periods is crossing upwards the oversold line at 30
3- the candle minimum is lower than the lower band of bollinger bands set to 50 periods.
is sold when:
1- ADX indicator with standard settings is greater than 32.
2 - the RSI indicator set to 7 periods is crossing downwards the overbought line at 70
3- the maximum of the candle is higher than the upper band of the bollinger bands set to 50 periods.
Money management is at the discretion of the trader but usually it is better to set a fixed stop loss and a take profit on reaching the opposite bollinger band.
Enjoy trading at all!
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.