Strategy · Pine Script v5 · On the chart

Alpha Trend Strategy on TradingBoat

by PlusGenie· code credited to beskrovnykh

This long-only strategy builds an AlphaTrend line from ATR bands that switches behaviour on MFI, or RSI when volume data is missing.

View on GitHub

GitHub stars1on the repository
Pine versionv5runs as is
Lines of code70
Settings5inputs
LicenceMPL-2.0
Last update2 years ago24 Dec 2023

Add It to Your TradingView Chart

  1. 1Copy the scriptPress Copy script above, or the copy button on the code below.
  2. 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
  3. 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
  4. 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

70 lines of Pine Script v5 from src/strategies/strategy_entrylong_and_close/alphaTrend.pine, published under MPL-2.0. Keep the author's credit and licence lines when you reuse it.

alphaTrend.pine
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// credit:
// https://www.tradingview.com/script/o50NYLAZ-AlphaTrend/
// author © KivancOzbilgic
// developer © KivancOzbilgic
// © beskrovnykh
//@version=5

strategy("Alpha Trend Strategy on TradingBoat",
     overlay = true,
     initial_capital=10000, 
     currency=currency.USD,
     default_qty_type = strategy.percent_of_equity, 
     default_qty_value=100,
     use_bar_magnifier = true,
     commission_type=strategy.commission.cash_per_contract, 
     commission_value=0.005 //Interactive Brokers rate
     )
// TBOT: import the library
import AlphaCentauri66367/PineTradingbotWebhook/7 as tv

coeff = input.float(1, 'Multiplier', step=0.1)
AP = input(14, 'Common Period')
ATR = ta.sma(ta.tr, AP)
src = input(close)
showsignalsk = input(title='Show Signals?', defval=true)
novolumedata = input(title='Change calculation (no volume data)?', defval=false)
upT = low - ATR * coeff
downT = high + ATR * coeff
AlphaTrend = 0.0
AlphaTrend := (novolumedata ? ta.rsi(src, AP) >= 50 : ta.mfi(hlc3, AP) >= 50) ? 
              (upT < nz(AlphaTrend[1])   ? nz(AlphaTrend[1]) : upT) :
              (downT > nz(AlphaTrend[1]) ? nz(AlphaTrend[1]) : downT)

color1 = AlphaTrend > AlphaTrend[2] ? #00E60F : AlphaTrend < AlphaTrend[2] ? #80000B : AlphaTrend[1] > AlphaTrend[3] ? #00E60F : #80000B
k1 = plot(AlphaTrend, color=color.new(#0022FC, 0), linewidth=3)
k2 = plot(AlphaTrend[2], color=color.new(#FC0400, 0), linewidth=3)

fill(k1, k2, color=color1)

buySignalk = ta.crossover(AlphaTrend, AlphaTrend[2])
sellSignalk = ta.crossunder(AlphaTrend, AlphaTrend[2])

K1 = ta.barssince(buySignalk)
K2 = ta.barssince(sellSignalk)
O1 = ta.barssince(buySignalk[1])
O2 = ta.barssince(sellSignalk[1])

plotshape(buySignalk and showsignalsk and O1 > K2 ? AlphaTrend[2] * 0.9999 : na, title='BUY', text='BUY', location=location.absolute, style=shape.labelup, size=size.tiny, color=color.new(#0022FC, 0), textcolor=color.new(color.white, 0))
plotshape(sellSignalk and showsignalsk and O2 > K1 ? AlphaTrend[2] * 1.0001 : na, title='SELL', text='SELL', location=location.absolute, style=shape.labeldown, size=size.tiny, color=color.new(color.maroon, 0), textcolor=color.new(color.white, 0))


longEntryCond = (buySignalk[1] and O1[1] > K2) and strategy.position_size == 0
longCloseCond = (sellSignalk[1] and O2[1] > K1) and strategy.position_size > 0

// TBOT: parameters to makeWebhookJson()
webhookKey="WebhookReceived:8c43d5"
qty=100
orderRef='AlphaT10'

if longEntryCond
    // TBOT: create the msg for entrylong: default IBKR clientId set to 1
    msg = tv.makeWebhookJson(webhookKey, orderRef, 'strategy.entrylong', qty)
    strategy.entry("Long#1", strategy.long)
    alert(msg)

if longCloseCond
    msg = tv.makeWebhookJson(webhookKey, orderRef, 'strategy.close', qty)
    strategy.close(id="Long#1", alert_message=msg)
    alert(msg)

Overview

A buy signal appears when the line crosses above its two-bar-delayed copy, and a sell signal on the opposite cross. It enters long when flat after a buy and closes after a sell, sending a webhook alert message in both cases for an Interactive Brokers bridge. Multiplier and period are adjustable. There is no stop loss order.

Details

Published by

PlusGenie on GitHub

Code credit

beskrovnykh, as written in the script's header

Type

Strategy, Pine Script v5

Draws

On the price chart

Category

Trend, Volatility & bands

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

  • The strategy enters trades without a stop loss

Topics

ib-insyncinteractive-brokers-apitradingview

Settings

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

SettingTypeDefaultVariable
Multiplierfloat1coeff
Common Periodint14AP
srcsourceclosesrc
Show Signals?booltrueshowsignalsk
Change calculation (no volume data)?boolfalsenovolumedata
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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