50 EMA + 200 EMA Long Strategy (H): 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

73 lines of Pine Script v4 from 50_EMA+200_EMA/50_EMA+200_EMA_Long_Strategy.txt, published under Apache-2.0. Keep the author's credit and licence lines when you reuse it.

50_EMA+200_EMA_Long_Strategy.txt

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © krosenfeld7

// This strategy is best on the hourly timeframe
//@version=4
strategy("50 EMA + 200 EMA Long Strategy (H)", overlay = true, pyramiding = 0, 
         margin_long = 100, margin_short = 100, default_qty_type = strategy.percent_of_equity, 
         default_qty_value = 20, initial_capital = 2000, process_orders_on_close = true)

// Set the starting point for backtesting
start = input(title="Backtesting Start", type=input.time, defval=timestamp("1 Jan 2015"))
// Expiration time on orders
maxTimeOpen = input(title="Order Expiration", type=input.integer, defval=100, minval=1)
useAtr = input(title="Use ATR?", type=input.bool, defval=false)

// Algorithm / Strategy Goes here
// Set long / short variables to execute positions below
// Creating 50 period and 200 period EMAs
len1 = input(50, minval=1, title="Short EMA Length")
src1 = input(close, title="Short EMA Source")
ema50 = ema(src1, len1)
plot(ema50, title="Short EMA", color=color.blue, linewidth=3)
len2 = input(200, minval=1, title="Long EMA Length")
src2 = input(close, title="Long EMA Source")
ema200 = ema(src2, len2)
plot(ema200, title="Long EMA", color=color.white, linewidth=3)

// Number of preceding candles to use in algorithm
lookback = input(title="Lookback", type=input.integer, defval=3, minval=1)

longCondition = (barssince(crossover(close, ema50)) <= lookback) and (close > ema50 and close > open) and ema50 > ema200
shortCondition = (barssince(crossunder(close, ema50)) <= lookback) and (close < ema50 and close < open) and ema50 < ema200

search_preceding_candles(_cond, _length) =>
    _found = false
    for i = 1 to _length
        if _cond[i]
            _found := true
            break
    _found

long = (longCondition and not search_preceding_candles(longCondition, lookback)) ? 1 : 0
short = (shortCondition and not search_preceding_candles(longCondition, lookback)) ? 1 : 0

// Average True Range
length = input(title="ATR Length", defval=14, minval=1)
atrMultiplier = input(title="ATR Multiplier", type=input.float, defval=1, minval=0.1)
atr = atr(length)

longProfitPercent = input(title = "Profit %",
     type = input.float, minval = 0.0, step = 0.1, defval = 10) / 100
longLossPercent = input(title = "Loss %",
     type = input.float, minval = 0.0, step = 0.1, defval = 10) / 100

// Calculating exact prices for stop loss and exit prices
longExitPercentPrice = strategy.position_avg_price * (1 + longProfitPercent)
longStopPercentPrice = strategy.position_avg_price * (1 - longLossPercent)

// Profit & Loss via ATR
longExitPrice = useAtr ? strategy.position_avg_price + atr * atrMultiplier : longExitPercentPrice
longStopPrice = useAtr ? strategy.position_avg_price - atr * atrMultiplier : longStopPercentPrice

// Plotting profit / loss targets
plot(series = (strategy.position_size > 0) ? longExitPrice : na, color = color.green, style = plot.style_linebr, transp = 0, linewidth = 3, title = "Long Target")
plot(series = (strategy.position_size > 0) ? longStopPrice : na, color = color.red, style = plot.style_linebr, transp = 0, linewidth = 3, title = "Long Stop Loss")

// Submit entry orders
if time >= start
    strategy.entry(id = "Long", long = strategy.long, comment = "Long Open", when = long)

// Submit exit orders
strategy.exit(id = "Long", limit = longExitPrice, stop = longStopPrice, comment = "Long Close", when = strategy.position_size > 0)
strategy.close(id = "Long", comment = "Expired: >" + tostring(maxTimeOpen), when = (barssince(change(strategy.opentrades)) + 1) >= maxTimeOpen)

Overview

A long entry needs a recent close cross above the short average, a bullish candle still above it, and the short average above the long average. It exits with a percentage take profit and stop loss, or ATR distances when that option is on. Lengths, sources, lookback, profit and loss percentages, and ATR settings are adjustable. The author notes the hourly chart. A short condition is calculated but no short entry appears in the visible code.

Short and long EMA plots on the price chart
Long entry after a recent close cross above the short EMA
Percent or optional ATR take profit and stop loss
Lookback filter that skips repeated signals
Percent-of-equity sizing and backtest start date

Details

Published by

krosenfeld7 on GitHub

Type

Strategy, Pine Script v4

Draws

On the price chart

Markets

Any symbol

Timeframes

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

50_EMA+200_EMA/50_EMA+200_EMA_Long_Strategy.txt

Repository

github.com/krosenfeld7/pine_script_strategies. See its other scripts in the library

Settings

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

Setting	Type	Default	Variable
Backtesting Start	`time`	`timestamp("1 Jan 2015")`	`start`
Order Expiration	`int`	`100`	`maxTimeOpen`
Use ATR?	`bool`	`false`	`useAtr`
Short EMA Length	`int`	`50`	`len1`
Short EMA Source	`source`	`close`	`src1`
Long EMA Length	`int`	`200`	`len2`
Long EMA Source	`source`	`close`	`src2`
Lookback	`int`	`3`	`lookback`
ATR Length	`int`	`14`	`length`
ATR Multiplier	`float`	`1`	`atrMultiplier`
Profit %	`float`	`10`	`longProfitPercent`
Loss %	`float`	`10`	`longLossPercent`

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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