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2 Indicator

This document outlines a trading strategy script for the TradingView platform, designed to enter long positions when a recent swing high is broken while using a recent swing low as a stop level. It includes user-defined parameters for filtering trades based on moving averages, backtesting dates, and visual indicators for buy/sell signals. The script also features background coloring for active trades and test periods to enhance visual analysis.

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Peppe Luca Trombetta
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© © All Rights Reserved
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14 views3 pages

2 Indicator

This document outlines a trading strategy script for the TradingView platform, designed to enter long positions when a recent swing high is broken while using a recent swing low as a stop level. It includes user-defined parameters for filtering trades based on moving averages, backtesting dates, and visual indicators for buy/sell signals. The script also features background coloring for active trades and test periods to enhance visual analysis.

Uploaded by

Peppe Luca Trombetta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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//@version=4

// Revision: 2
// Author: @millerrh
// Strategy: Enter long when recent swing high breaks out, using recent swing low
as stop level. Move stops up as higher lows print to act
// as trailing stops. Ride trend as long as it is there and the higher lows aren't
breached.
// Conditions/Variables
// 1. Can place a user-defined percentage below swing low and swing high to use
as a buffer for your stop to help avoid stop hunts
// 2. Can add a filter to only take setups that are above a user-defined moving
average (helps avoid trading counter trend)
// 3. Manually configure which dates to back test
// 4. Color background of backtested dates - allows for easier measuring buy &
hold return of time periods that don't go up to current date

// === CALL STRATEGY/STUDY, PROGRAMATICALLY ENTER STRATEGY PARAMETERS HERE SO YOU


DON'T HAVE TO CHANGE THEM EVERY TIME YOU RUN A TEST ===
// (STRATEGY ONLY) - Comment out srategy() when in a study()
//strategy("Breakout Trend Follower", overlay=true, initial_capital=10000,
currency='USD',
// default_qty_type=strategy.percent_of_equity, default_qty_value=100,
commission_type=strategy.commission.percent, commission_value=0.1)
// (STUDY ONLY) - Comment out study() when in a strategy()
study("Breakout Trend Follower", overlay=true)

// === BACKTEST RANGE ===


Start = input(defval = timestamp("01 Jan 2019 06:00 +0000"), title = "Start Time",
type = input.time)
Finish = input(defval = timestamp("01 Jan 2100 00:00 +0000"), title = "End Time",
type = input.time)

// == FILTERING ==
// Inputs
useMaFilter = input(title = "Use MA for Filtering?", type = input.bool, defval =
true,
tooltip = "Signals will be ignored when price is under this moving average. The
intent is to keep you out of bear periods and only buying when price is showing
strength.")
maType = input(defval="SMA", options=["EMA", "SMA"], title = "MA Type For
Filtering")
maLength = input(defval = 50, title = "MA Period for Filtering", minval = 1)

// Declare function to be able to swap out EMA/SMA


ma(maType, src, length) =>
maType == "EMA" ? ema(src, length) : sma(src, length) //Ternary Operator (if
maType equals EMA, then do ema calc, else do sma calc)
maFilter = ma(maType, close, maLength)
plot(maFilter, title = "Trend Filter MA", color = color.green, linewidth = 3, style
= plot.style_line, transp = 50)

// Check to see if the useMaFilter check box is checked, this then inputs this
conditional "maFilterCheck" variable into the strategy entry
maFilterCheck = if useMaFilter == true
maFilter
else
0
// === PLOT SWING HIGH/LOW AND MOST RECENT LOW TO USE AS STOP LOSS EXIT POINT ===
// Change these values to adjust the look back and look forward periods for your
swing high/low calculations
pvtLenL = 3
pvtLenR = 3

// Get High and Low Pivot Points


pvthi_ = pivothigh(high, pvtLenL, pvtLenR)
pvtlo_ = pivotlow(low, pvtLenL, pvtLenR)

// Force Pivot completion before plotting.


Shunt = 1 //Wait for close before printing pivot? 1 for true 0 for flase
maxLvlLen = 0 //Maximum Extension Length
pvthi = pvthi_[Shunt]
pvtlo = pvtlo_[Shunt]

// Count How many candles for current Pivot Level, If new reset.
counthi = barssince(not na(pvthi))
countlo = barssince(not na(pvtlo))

pvthis = fixnan(pvthi)
pvtlos = fixnan(pvtlo)
hipc = change(pvthis) != 0 ? na : color.maroon
lopc = change(pvtlos) != 0 ? na : color.green

// Display Pivot lines


plot((maxLvlLen == 0 or counthi < maxLvlLen) ? pvthis : na, color=hipc, transp=0,
linewidth=1, offset=-pvtLenR-Shunt, title="Top Levels")
plot((maxLvlLen == 0 or countlo < maxLvlLen) ? pvtlos : na, color=lopc, transp=0,
linewidth=1, offset=-pvtLenR-Shunt, title="Bottom Levels")
plot((maxLvlLen == 0 or counthi < maxLvlLen) ? pvthis : na, color=hipc, transp=0,
linewidth=1, offset=0, title="Top Levels 2")
plot((maxLvlLen == 0 or countlo < maxLvlLen) ? pvtlos : na, color=lopc, transp=0,
linewidth=1, offset=0, title="Bottom Levels 2")

// Stop Levels
stopLevel = valuewhen(pvtlo_, low[pvtLenR], 0) //Stop Level at Swing Low
plot(stopLevel, style=plot.style_line, color=color.orange, show_last=1,
linewidth=1, transp=50, trackprice=true)
buyLevel = valuewhen(pvthi_, high[pvtLenR], 0) //Buy level at Swing High
plot(buyLevel, style=plot.style_line, color=color.blue, show_last=1, linewidth=1,
transp=50, trackprice=true)

// Conditions for entry and exit


buySignal = high > buyLevel
buy = buySignal and time > Start and time < Finish and buyLevel > maFilterCheck //
All these conditions need to be met to buy
sellSignal = low < stopLevel // Code to act like a stop-loss for the Study

// (STRATEGY ONLY) Comment out for Study


// strategy.entry("Long", strategy.long, stop = buyLevel2, when = time > Start and
time < Finish and buyLevel2 > maFilterCheck)
// strategy.exit("Exit Long", from_entry = "Long", stop=stopLevel2)

// == (STUDY ONLY) Comment out for Strategy ==


// Check if in position or not
inPosition = bool(na)
inPosition := buy[1] ? true : sellSignal[1] ? false : inPosition[1]
flat = bool(na)
flat := not inPosition
buyStudy = buy and flat
sellStudy = sellSignal and inPosition
//Plot indicators on chart and set up alerts for Study
plotshape(buyStudy, style = shape.triangleup, location = location.belowbar, color =
#1E90FF, text = "Buy")
plotshape(sellStudy, style = shape.triangledown, location = location.abovebar,
color = #EE82EE, text = "Sell")
alertcondition(buyStudy, title='Breakout Trend Follower Buy', message='Breakout
Trend Follower Buy')
alertcondition(sellStudy, title='Breakout Trend Follower Sell', message='Breakout
Trend Follower Sell')
alertcondition(buyStudy or sellStudy, title='Breakout Trend Follower Buy/Sell',
message='Breakout Trend Follower Buy/Sell')

// Color background when trade active (for easier visual on what charts are OK to
enter on)
tradeBackground = input(title="Color Background for Trades?", type=input.bool,
defval=true)
tradeBackgroundColor = tradeBackground and inPosition ? #00FF00 : na
bgcolor(tradeBackgroundColor, transp=95)
noTradeBackgroundColor = tradeBackground and flat ? #FF0000 : na
bgcolor(noTradeBackgroundColor, transp=90)

// A switch to control background coloring of the test period - Use for easy
visualization of backtest range and manual calculation of
// buy and hold (via measurement) if doing prior periods since value in Strategy
Tester extends to current date by default
testPeriodBackground = input(title="Color Background - Test Period?",
type=input.bool, defval=false)
testPeriodBackgroundColor = testPeriodBackground and (time >= Start) and (time <=
Finish) ? #00FF00 : na
bgcolor(testPeriodBackgroundColor, transp=95)

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