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
Bar Color
Bar Color is a simple candle-based reversal strategy displayed directly on the price chart.
GitHub stars106on the repository
Pine versionv5runs as is
Lines of code16
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
16 lines of Pine Script v5 from Bar Color Gr38612.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
//@version=5
strategy("Bar Color", overlay=true, process_orders_on_close = true)
long_condition = close>open
short_condition = close<open
plotshape(long_condition, color = color.green)
plotshape(short_condition, color = color.red)
if (long_condition)
strategy.entry("Long", strategy.long)
strategy.close("Short")
if (short_condition)
strategy.entry("Short", strategy.short)
strategy.close("Long")
Expand (16 lines)
Overview
Bar Color checks the relationship between the bar close and open prices. On a bullish candle, it triggers a long entry and exits any active short position. On a bearish candle, it enters a short position and exits any active long position. Visual shapes are plotted on the chart for each candle condition. The strategy has no defined stop loss or take profit targets, relying entirely on candle color changes to reverse positions.
- Candle direction reversal logic
- Bullish and bearish chart shape plots
- Automatic position reversal on candle close
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
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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