BarUpDn Long Strategy

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

19 lines of Pine Script v4 from BarUpDn Long Strategy.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.

//@version=4
strategy("BarUpDn Long Strategy", overlay=true, initial_capital = 10000, default_qty_value = 10000, default_qty_type = strategy.cash)
// There will be no short entries, only exits from long.
strategy.risk.allow_entry_in(strategy.direction.long)
BarsUp = input(1)
BarsDown = input(1)
// Strategy Backesting
startDate  = input(timestamp("2021-01-01T00:00:00"), type = input.time)
finishDate = input(timestamp("2021-12-31T00:00:00"), type = input.time)
time_cond  = time >= startDate and time <= finishDate
// Messages for buy and sell
message_buy  = input("{{strategy.order.alert_message}}", title="Buy message")
message_sell = input("{{strategy.order.alert_message}}", title="Sell message")
if (close > open and open > close[BarsUp]) and time_cond
    strategy.entry("BarUp", strategy.long, stop = high + syminfo.mintick, alert_message = message_buy)
if (close < open and open < close[BarsDown]) and time_cond
    strategy.entry("BarDn", strategy.short, stop = low + syminfo.mintick, alert_message = message_sell)
//plot(strategy.equity, title="equity", color=color.red, linewidth=2, style=plot.style_areabr)
Expand (24 lines)

Overview

BarUpDn Long Strategy places a long stop order above the current high when a bullish candle opens above a prior close. Because short entries are restricted to exiting long positions, a bearish candle opening below a prior close triggers an exit stop order near the bar low. Main inputs configure the bar lookback offsets and backtest date range. The strategy draws on the price chart and operates without stop loss or take profit orders.

• Long-only position execution
• Configurable bar lookback offsets
• Stop order entries on bar extremes
• Backtest date range filter
• Customizable alert message inputs

Details

Settings

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

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