This mean-reversion strategy plots Bollinger Bands and a long-term moving average directly on the price chart. It enters trades when price candles penetrate the outer Bollinger Bands beyond a user-defined body percentage, anticipating a price reversal. Entries
Strategy · Pine Script v4 · On the chart
8 Day Run
Inspired by Linda Raschke's strategy for T-note futures, this script identifies extended trends where price remains on one side of a 5-period SMA for more than eight consecutive bars.
GitHub stars106on the repository
Pine versionv4older, still runs
Lines of code24
Settings0inputs
LicenceGPL-3.0
Last update2 years ago18 Sep 2024
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
24 lines of Pine Script v4 from 8 Day Extended Runs.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © Marcuscor
//@version=4
// Inpsired by Linda Bradford Raschke: a strategy for the T-note futures (ZN1!) that finds 8 day extended runs above/ below the 5sma and buys/ sells the first pullback below/ above the 5sma
// as of 01/10/2021 the t-test score is 4.06
strategy("8DayRun", overlay=true)
SMA = sma(close,5)
TrendUp = close > SMA
TrendDown = close < SMA
//logic to long
TriggerBuy = barssince(close < SMA) > 8
Buy = TriggerBuy[1] and TrendDown
strategy.entry("EL", strategy.long, when = Buy)
strategy.close(id = "EL", when = barssince(Buy) >10)
bgcolor(TriggerBuy ? color.red : na)
bgcolor(Buy ? color.blue : na)
// logic to short
TriggerSell = barssince(close > SMA) > 8
Sell = TriggerSell[1] and TrendUp
strategy.entry("ES", strategy.short, when = Sell)
strategy.close(id = "ES", when = barssince(Sell) > 10)
bgcolor(TriggerSell ? color.white : na)
bgcolor(Sell ? color.fuchsia : na)
Expand (44 lines)
Overview
8 Day Run enters long on the first pullback below the SMA following an eight-bar bullish run, and enters short on a pullback above the SMA after an eight-bar bearish run. Trades exit automatically after ten bars. Signals and extended run triggers are displayed via background coloring on the main chart. Note that there are no protective stop-loss orders.
- 5-period SMA trend and pullback tracking
- Detection of 8 consecutive bars on one side of the SMA
- Time-based exit after 10 bars in trade
- Background color coding for setup triggers and entry bars
Details
Published by
hasnocool on GitHub
Code credit
Marcuscor, as written in the script's header
Type
Strategy, Pine Script v4
Draws
On the price chart
Category
Trend, Moving averages, Mean reversion
Markets
Any symbol
Timeframes
H4 and above
Risk Notes
- The strategy enters trades without a stop loss
Topics
analysisbtcusdtcryptocurrencydatapandaspythonsimulationtradingtradingview
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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