This strategy plots VWAP on the price chart and trades only between a start hour and an end hour. It enters long when VWAP is rising and RSI is above a threshold, and short when VWAP is falling and RSI is below a threshold. If the reversal option is on, it clo
Strategy · Pine Script v5 · On the chart
Day Trading With MACD and Point Target Stop
This intraday strategy opens a long when the MACD histogram crosses above zero and a short when it crosses below, only inside a chosen session and only while ADX is below a threshold of 25.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code53
Settings6inputs
LicenceNone statedfile: MPL-2.0
Last update2 years ago10 Dec 2023
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
53 lines of Pine Script v5 from MACD DAY TRADING WITH TGT AND SL.txt, published under MPL-2.0 (file header). 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/
// © Dynamictradingstrategies
//@version=5
strategy("DAY TRADING WITH MACD AND PT BASED TGT & STOPLOSS", overlay =true)
session = input.session(defval = "0915-1445")
TRADEIN = time("15", session)
SQOFF = time("15", "1445-1500")
[macdLine, signalLine, histLine] = ta.macd(close, 12, 26, 9)
[diplus, diminus, adx] = ta.dmi(14, 14)
LONGSTOP = input.int(defval = 50, step = 5, minval =5, maxval = 1000, title = "LONGSTOP")
LONGTGT = input.int(defval = 100, step = 5, minval =5, maxval = 1000, title = "LONGTGT")
SHORTSTOP = input.int(defval = 50, step = 5, minval =5, maxval = 1000, title = "SHORTSTOP")
SHORTTGT = input.int(defval = 100, step = 5, minval =5, maxval = 1000, title = "SHORTTGT")
ADX_LEVEL = input.int(defval = 25, step = 5, minval =5, maxval = 1000, title = "ADX_LEVEL")
///// point based tgt and stoploss
LT = strategy.position_avg_price + LONGTGT
LSTOP = strategy.position_avg_price - LONGSTOP
SS = strategy.position_avg_price + SHORTSTOP
ST = strategy.position_avg_price - SHORTTGT
buy = ta.crossover(histLine,0) and TRADEIN and adx < ADX_LEVEL
short = ta.crossunder(histLine,0) and TRADEIN and adx < ADX_LEVEL
sell = SQOFF
cover =SQOFF
///strategy
strategy.entry("long", when = buy, direction = strategy.long, comment = "BUY")
strategy.close("long", when = sell, comment = "sqoff")
strategy.exit("long", from_entry = "long", stop = LSTOP, limit = LT, comment = "TG/SL-EXIT" )
strategy.entry("short", when = short, direction = strategy.short, comment = "SHORT")
strategy.close("short", when = cover, comment = "sqoff")
strategy.exit("short", from_entry = "short", stop = SS, limit = ST, comment = "TG/SL-EXIT" )
plot(strategy.position_size > 0 ? LT : na, style = plot.style_linebr )
plot(strategy.position_size > 0 ? LSTOP : na, style = plot.style_linebr )
plot(strategy.position_size < 0 ? SS : na, style = plot.style_linebr )
plot(strategy.position_size < 0 ? ST : na, style = plot.style_linebr )
Overview
Each trade has a fixed point-based stop loss and take profit relative to the average entry price, set separately for long and short. Positions are squared off in the last fifteen minutes of the session. Stop and target levels are plotted on the price chart.
- MACD histogram zero-cross entries
- ADX ceiling filter
- Fixed-point stop loss and take profit
- Session window with end-of-day square off
Details
Published by
kritarth2121 on GitHub
Code credit
Dynamictradingstrategies, as written in the script's header
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Oscillators & momentum, Sessions & time
Markets
Any symbol
Timeframes
M15-H1
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.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| session | session | 0915-1445 | session |
| LONGSTOP | int | 50 | LONGSTOP |
| LONGTGT | int | 100 | LONGTGT |
| SHORTSTOP | int | 50 | SHORTSTOP |
| SHORTTGT | int | 100 | SHORTTGT |
| ADX_LEVEL | int | 25 | ADX_LEVEL |
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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