Exceeded Candle [Alorse] is a mean-reversion strategy that identifies candlestick engulfing patterns combined with Bollinger Bands filters. It enters a long position when a green candle surpasses the body of the previous red candle while price is below the mid
Strategy · Pine Script v5 · On the chart
80-20
Identifies the 80-20 candlestick setup, triggering when a bar opens in the lower 20% of its total range and closes in the upper 20%, or opens in the upper 20% and closes in the lower 20%.
GitHub stars106on the repository
Pine versionv5runs as is
Lines of code10
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
10 lines of Pine Script v5 from 80-20.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
//@version=5
//FxLowe - NR4 & NR7.
strategy(title = "80-20", overlay = true)
twenty = 0.2 * ( high - low)
triggerGreen = ((close >= high-twenty)) and ((open <= low+twenty))
triggerRed = (open >= high-twenty) and (close <= low+twenty)
//barcolor( trigger ? blue : na, offset = 0, editable = true, title = "trigger")
plotshape(triggerGreen, title= "triggerGreen", location=location.abovebar, color=color.blue, style=shape.arrowdown, text="")
plotshape(triggerRed, title= "triggerRed", location=location.abovebar, color=color.red, style=shape.arrowdown, text="")
Expand (12 lines)
Overview
Blue and red arrows plot above qualifying bars directly on the price chart. Although declared as a strategy, the code lacks trade entry execution and exit rules.
- 80-20 candlestick setup detection
- Bullish and bearish range triggers
- On-chart arrow shape signals
Details
Published by
hasnocool on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Candlestick patterns
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
File
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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