This strategy combines two sets of Bollinger Bands with a Laguerre RSI oscillator plotted on the price chart. It generates buy and sell signals when price touches the upper or lower bands or zones. The strategy allows enabling or disabling entries and includes
Strategy · Pine Script v4 · On the chart
Buy The Dip
Calculates a historical dip level based on the lowest low over a specified lookback period.
GitHub stars106on the repository
Pine versionv4older, still runs
Lines of code25
Settings4inputs
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
25 lines of Pine Script v4 from Buying Dip Strategy With Take Profit And Stop Loss [racer8].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/
// © racer8
//@version=4
strategy("BuyTheDip", overlay=true)
atn = input(10, "ATR Length")
atr = sma(tr,atn)[1]
bought = strategy.position_size[0] > strategy.position_size[1]
tpm = input(2.0,"ATR Take Profit",minval=0)
TakePrice = strategy.position_avg_price + tpm*atr // determines Take Profit's price
FixedTakePrice = valuewhen(bought,TakePrice,0) // stores original TakePrice
plot(FixedTakePrice,"ATR Take Profit",color=color.blue,linewidth=1,style=plot.style_cross)
slm = input(2.0,"ATR Stop Loss",minval=0)
StopPrice = strategy.position_avg_price - slm*atr // determines stop loss's price
FixedStopPrice = valuewhen(bought,StopPrice,0) // stores original StopPrice
plot(FixedStopPrice,"ATR Stop Loss",color=color.yellow,linewidth=1,style=plot.style_cross)
n = input(7,"Dip Length")
Dip = lowest(low,n)
if close<Dip[1]
strategy.entry("Buy",strategy.long)
if strategy.position_size > 0
strategy.exit(id="Stop", stop=FixedStopPrice, limit=FixedTakePrice) // commands stop loss order to exit!
plot(Dip,"Dip Line",color=color.aqua,linewidth=2)
// ♡♡♡
Expand (29 lines)
Overview
Buy The Dip enters a long strategy position when the current bar close falls below the previous dip level. Positions are managed with take profit and stop loss exits placed at fixed distances based on Average True Range multipliers calculated at entry. It plots the dip reference line and dynamic exit target prices directly on the price chart.
- Dip detection using multi-bar lowest low reference
- ATR-based fixed take profit and stop loss calculations
- On-chart plots for exit targets and dip levels
- Automated strategy exits using limit and stop orders
Details
Published by
hasnocool on GitHub
Code credit
racer8, as written in the script's header
Type
Strategy, Pine Script v4
Draws
On the price chart
Category
Mean reversion, Volatility & bands, Support & resistance
Markets
Crypto
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Topics
analysisbtcusdtcryptocurrencydatapandaspythonsimulationtradingtradingview
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| ATR Length | int | 10 | atn |
| ATR Take Profit | float | 2.0 | tpm |
| ATR Stop Loss | float | 2.0 | slm |
| Dip Length | int | 7 | n |
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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