3 Candle Strike Strategy: Free TradingView Strategy (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above, or the copy button on the code below.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.

Source Code

190 lines of Pine Script v5 from 3 Candle Strike Stretegy.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.

3 Candle Strike Stretegy.pine

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © platsn
//
// *****************************************************************************************************************************************************************************************************
//@version=5
strategy("3 Candle Strike Strategy", overlay=true, pyramiding=1, initial_capital=5000)
// ******************** Period **************************************
startY = input(title='Start Year', defval=2011, group = "Trading window")
startM = input.int(title='Start Month', defval=1, minval=1, maxval=12, group = "Trading window")
startD = input.int(title='Start Day', defval=1, minval=1, maxval=31, group = "Trading window")
finishY = input(title='Finish Year', defval=2050, group = "Trading window")
finishM = input.int(title='Finish Month', defval=12, minval=1, maxval=12, group = "Trading window")
finishD = input.int(title='Finish Day', defval=31, minval=1, maxval=31, group = "Trading window")
timestart = timestamp(startY, startM, startD, 00, 00)
timefinish = timestamp(finishY, finishM, finishD, 23, 59)
t1_session = input.session("0930-1554:23456", "Entry Session", group="Sessions", tooltip = "Entry Signal only generated within this period.") 
t1 = time(timeframe.period, t1_session)
window = time >= timestart and time <= timefinish and t1 ? true : false 
src = close
margin_req = input.float(10, title="Margin Requirement / Leverage", step=0.1, group = "Trading Options")
qty_per_trade = input.float(100, title = "% of initial capital per trade", group = "Trading Options")
reinvest = input.bool(defval=false,title="Reinvest profit", group = "Trading Options")
reinvest_percent = input.float(defval=20, title = "Reinvest percentage", group="Trading Options")
profit = strategy.netprofit 
trade_amount = math.floor(strategy.initial_capital*margin_req / close) 
if strategy.netprofit > 0 and reinvest
    trade_amount := math.floor((strategy.initial_capital* (qty_per_trade/100)+(profit*reinvest_percent*0.01))*margin_req/ close) 
else
    trade_amount := math.floor(strategy.initial_capital* (qty_per_trade/100)*margin_req / close)  
trade_amount := math.min(trade_amount, 1000)
// ***************************************************************************************************** Daily ATR *****************************************************
// Inputs
atrlen = input.int(14, minval=1, title="ATR period", group = "Daily ATR")
iPercent = input.float(5, minval=1, maxval=100, step=0.1, title="% ATR to use for SL / PT", group = "Daily ATR")
// PTPercent = input.int(100, minval=1, title="% ATR for PT")
// Logic
percentage = iPercent * 0.01
datr = request.security(syminfo.tickerid, "1D", ta.rma(ta.tr, atrlen))
datrp = datr * percentage
// datrPT = datr * PTPercent * 0.01
plot(datr,"Daily ATR")
plot(datrp, "Daily % ATR")
// ***************************************************************************************************************** Moving Averages ************************
show_ema1 = input.bool(false, "", group = "Moving Averages", inline = "ema1")
len0 = input.int(8, minval=1, title='Fast EMA', group= "Moving Averages", inline = "ema1")
ema1 = ta.ema(src, len0)
show_smma1 = input.bool(false, "", group = "Moving Averages", inline = "smma1")
len1 = input.int(21, minval=1, title='Fast SMMA', group= "Moving Averages", inline = "smma1")
smma1 = 0.0
sma_1 = ta.sma(src, len1)
smma1 := na(smma1[1]) ? sma_1 : (smma1[1] * (len1 - 1) + src) / len1
show_smma2 = input.bool(false, "", group = "Moving Averages", inline = "smma2")
len2 = input.int(50, minval=1, title='Medium SMMA', group= "Moving Averages", inline = "smma2")
smma2 = 0.0
sma_2 = ta.sma(src, len2)
smma2 := na(smma2[1]) ? sma_2 : (smma2[1] * (len2 - 1) + src) / len2
show_smma3 = input.bool(false, "", group = "Moving Averages", inline = "smma3")
len3 = input.int(200, minval=1, title='Slow SMMA', group= "Moving Averages", inline = "smma3")
smma3 = 0.0
sma_3 = ta.sma(src, len3)
smma3 := na(smma3[1]) ? sma_3 : (smma3[1] * (len3 - 1) + src) / len3
ma_bull = smma1 > smma2 and smma1 > smma1[1]
ma_bear = smma1 < smma2 and smma1 < smma1[1]
ma_bull_macro = smma1 > smma3 and smma2 > smma3
ma_bear_macro = smma1 < smma3 and smma2 < smma3
plot(show_ema1 ? ema1 : na, 'Fast EMA', color.white, linewidth = 2)
plot(show_smma1 ? smma1 : na, 'Fast SMMA', color.yellow, linewidth = 2)
plot(show_smma2 ? smma2 : na, 'Medium SMMA', color.orange, linewidth = 2)
plot(show_smma3 ? smma3 : na, 'Fast SMMA', color.red, linewidth = 2)
// **************************************************************************************************************** Linear Regression *************************
//Input
clen = input.int(defval = 50, minval = 1, title = "Linear Regression Period", group = "Linear Regression")
slen = input.int(defval=50, minval=1, title="LR Slope Period" , group = "Linear Regression")
glen = input.int(defval=14, minval=1, title="LR Signal Period", group = "Linear Regression")
LR_thres = input.float(0.03, minval=0, step=0.001, title="LR Threshold for Ranging vs Trending" , group = "Linear Regression")
 
//Linear Regression Curve
lrc = ta.linreg(src, clen, 0)
//Linear Regression Slope
lrs = (lrc-lrc[1])/1
//Smooth Linear Regression Slope
slrs = ta.ema(lrs, slen)
//Signal Linear Regression Slope
alrs = ta.sma(slrs, glen)
up_accel = lrs > alrs and lrs > 0 
down_accel = lrs < alrs and lrs < 0 
LR_ranging  = math.abs(slrs) <= LR_thres
LR_trending = math.abs(slrs) > LR_thres
// plot(slrs, "LR slope")
// plot(LR_trending?1:0, "LR Trending")
barcolor(LR_ranging? color.gray : na, title = "Ranging")
// *********************************************************************************************************************************** Candle conditions **************************
bull_3s = close[3] <= open[3] and close[2] <= open[2] and close[1] <= open[1] and close > open[1]
bear_3s = close[3] >= open[3] and close[2] >= open[2] and close[1] >= open[1] and close < open[1]
plotshape(bull_3s, style=shape.triangleup, color=color.new(color.green, 0), location=location.belowbar, size=size.small, text='3s-Bull', title='3 Line Strike Up')
plotshape(bear_3s, style=shape.triangledown, color=color.new(color.red, 0), location=location.abovebar, size=size.small, text='3s-Bear', title='3 Line Strike Down')
if barstate.isconfirmed 
    if bull_3s
        alert(message = "3s Bull")
    if bear_3s
        alert(message = "3s Bear")
// ***************************************************************************************************************************************** SL & PT ***********************************
RR = input.float(3.0, minval = 0.1, step = 0.1, title="Reward to Risk Ratio", group = "Trading Options")
trade_trailing = input.bool(true, "Switch to trailing SL after TP hit", group = "Trading Options", tooltip = "Set SL to previous low after TP hit")
barsSinceLastEntry()=>
    strategy.opentrades > 0 ? (bar_index - strategy.opentrades.entry_bar_index(strategy.opentrades-1)) : na
// plot(barsSinceLastEntry(),"BSLE")
last_high = math.max(high, high[1], high[2], high[3])
last_low = math.min(low, low[1], low[2], low[3])
long_SL = last_low - datrp
short_SL = last_high + datrp
long_PT = last_high
short_PT = last_low
last_entry = strategy.opentrades.entry_price(strategy.opentrades-1)
risk = last_entry - long_SL
if strategy.opentrades > 0
    long_SL := math.min(long_SL[barsSinceLastEntry()], last_low)
    short_SL := math.max(short_SL[barsSinceLastEntry()], last_high)
    risk := last_entry - long_SL
    long_PT := last_entry + (last_entry - long_SL) * RR
    short_PT := last_entry - (short_SL - last_entry) * RR
var PT_hit = false
if trade_trailing
    if high > long_PT
        long_SL := low
        PT_hit := true
    if low < short_PT
        short_SL := high
        PT_hit := true
    if PT_hit
        long_SL := math.max(low[1], long_SL[1])
        short_SL := math.min(high[1], short_SL[1])
PT_hit := strategy.opentrades == 0 ? false : PT_hit
SSL = plot(short_SL,title = "Short SL", color= strategy.opentrades.size(0) < 0 and barsSinceLastEntry() > 0 ? color.red: na, linewidth = 3, style = plot.style_linebr)
LSL = plot(long_SL,title = "Long SL", color= strategy.opentrades.size(0) > 0 and barsSinceLastEntry() > 0 ? color.red: na, linewidth = 3, style = plot.style_linebr)
LPT = plot(long_PT,title = "Long PT", color= strategy.opentrades.size(0) > 0 and barsSinceLastEntry() > 0 ? color.green: na, linewidth = 3, style = plot.style_linebr)
SPT = plot(short_PT,title = "Short PT", color= strategy.opentrades.size(0) < 0 and barsSinceLastEntry() > 0 ? color.green: na, linewidth = 3, style = plot.style_linebr)
LE = plot(last_entry, title = "Last entry", color = strategy.opentrades > 0 ? color.gray : na, style = plot.style_linebr)
plot(risk, title = "Risk")
fill(LPT, LE, color = strategy.opentrades.size(0) > 0 ? color.new(color.green,90) : na)
fill(LE, LSL, color = strategy.opentrades.size(0) > 0 ? color.new(color.red,90): na)
fill(SPT, LE, color = strategy.opentrades.size(0) < 0 ? color.new(color.green,90) : na)
fill(LE, SSL, color = strategy.opentrades.size(0) < 0 ? color.new(color.red,90) : na)
// **************************************************************************************************************************************** Trade Pauses ****************************************
bool trade_pause = false
bool trade_pause2 = false
no_entry = input.bool(true, title="No entry between:", group = "Trading Options", inline = 'no_entry')
t2_session = input.session("1000-1030",'', group = "Trading Options", inline = 'no_entry', tooltip = "To avoid high volatility")
t2 = time(timeframe.period, t2_session)
if high - low > datr*0.3
    trade_pause := true
else
    trade_pause := false
if no_entry and t2
    trade_pause2 := true
else
    trade_pause2 := false
    
// ************************************************************************************************************************************ Entry conditions **************************
trade_3s = input.bool(title='Trade 3s candle pattern', defval=true, group = "Trading Options", tooltip = "Can use alert() function calls for all 3 Candle strike signals")
L_entry1 = trade_3s and bull_3s and ma_bull and LR_trending
S_entry1 = trade_3s and bear_3s and ma_bear and LR_trending
trade_ma_reversal = input.bool(title='Trade MA Cross Reversal Signal', defval=true, group = "Trading Options")
L_entry2 = trade_ma_reversal and ma_bear_macro and ema1 > smma1 and bull_3s and ta.barssince(ta.cross(ema1,smma1)) < 10
S_entry2 = trade_ma_reversal and ma_bull_macro and ema1 < smma1 and bear_3s and ta.barssince(ta.cross(ema1,smma1)) < 10
// ************************************************************************************************************************************** Exit Conditions ********************************
 
L_exit1 = bear_3s
S_exit1 = bull_3s
// ************************************************************************************************************************************ Entry and Exit orders *****************************
if not trade_pause and not trade_pause2 and window
    if L_entry1
        strategy.entry("Long", strategy.long, trade_amount, comment="Long 3s")
    if L_entry2
        strategy.entry("Long", strategy.long, trade_amount, comment="Long MA cross")
    
    if S_entry1
        strategy.entry("Short", strategy.short, trade_amount, comment = "Short 3s")
    if S_entry2
        strategy.entry("Short", strategy.short, trade_amount, comment = "Short MA corss")
if trade_trailing
    strategy.exit("Exit", "Long", stop= long_SL, comment = "Exit Long SL hit")
    strategy.exit("Exit", "Short", stop= short_SL, comment = "Exit Short SL hit")
else if barsSinceLastEntry() > 0
    strategy.exit("Exit", "Long",limit = long_PT, stop= long_SL, comment_profit = "Exit Long PT hit", comment_loss = "Exit Long SL hit")
    strategy.exit("Exit", "Short",limit = short_PT, stop= short_SL, comment_profit = "Exit Short PT hit", comment_loss = "Exit Short SL hit")
if strategy.opentrades > 0 and not t1
    strategy.close_all(comment = 'End of day')
// ************************************************************************************************************************************ Alerts *****************************
Expand (250 lines)

Overview

3 Candle Strike Strategy calculates market regime using linear regression and exponential or smoothed moving averages to distinguish between ranging and trending conditions. Risk management is driven by daily ATR calculations, setting stop loss and profit target levels according to a customizable reward-to-risk ratio, with an optional trailing stop. Entries are restricted to specified session windows and date ranges.

Three candle strike pattern detection
Daily ATR-based stop loss and profit targets
Linear regression trend regime filter
Session and date range filtering
Configurable leverage and profit reinvestment

Details

Published by

hasnocool on GitHub

Code credit

platsn, as written in the script's header

Type

Strategy, Pine Script v5

Draws

On the price chart

Markets

Any symbol

Timeframes

M1-M5, M15-H1

Risk Notes

No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.

File

3 Candle Strike Stretegy.pine

Repository

github.com/hasnocool/tradingview-pine-scripts. See its other scripts in the library

Topics

analysisbtcusdtcryptocurrencydatapandaspythonsimulationtradingtradingview

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
Start Year	`int`	`2011`	`startY`
Start Month	`int`	`1`	`startM`
Start Day	`int`	`1`	`startD`
Finish Year	`int`	`2050`	`finishY`
Finish Month	`int`	`12`	`finishM`
Finish Day	`int`	`31`	`finishD`
Entry Session	`session`	`0930-1554:23456`	`t1_session`
Margin Requirement / Leverage	`float`	`10`	`margin_req`
% of initial capital per trade	`float`	`100`	`qty_per_trade`
Reinvest profit	`bool`	`false`	`reinvest`
Reinvest percentage	`float`	`20`	`reinvest_percent`
ATR period	`int`	`14`	`atrlen`

Show all 31 settings

Setting	Type	Default	Variable
% ATR to use for SL / PT	`float`	`5`	`iPercent`
show_ema1	`bool`	`false`	`show_ema1`
Fast EMA	`int`	`8`	`len0`
show_smma1	`bool`	`false`	`show_smma1`
Fast SMMA	`int`	`21`	`len1`
show_smma2	`bool`	`false`	`show_smma2`
Medium SMMA	`int`	`50`	`len2`
show_smma3	`bool`	`false`	`show_smma3`
Slow SMMA	`int`	`200`	`len3`
Linear Regression Period	`int`	`50`	`clen`
LR Slope Period	`int`	`50`	`slen`
LR Signal Period	`int`	`14`	`glen`
LR Threshold for Ranging vs Trending	`float`	`0.03`	`LR_thres`
Reward to Risk Ratio	`float`	`3.0`	`RR`
Switch to trailing SL after TP hit	`bool`	`true`	`trade_trailing`
No entry between:	`bool`	`true`	`no_entry`
t2_session	`session`	`1000-1030`	`t2_session`
Trade 3s candle pattern	`bool`	`true`	`trade_3s`
Trade MA Cross Reversal Signal	`bool`	`true`	`trade_ma_reversal`

Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.

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