This strategy plots VWMA-based Bollinger bands on the 1-minute ES futures price chart for volatility analysis and potential breakout identification. It calculates dynamic long and short stop loss and take profit levels using percentage inputs relative to entry
Strategy · Pine Script v5 · On the chart
Donchian Trend
A trend-following strategy that goes long when price closes above the prior 20-bar high while a fast EMA is above a slow EMA, and short on a close below the prior 20-bar low when the fast EMA is below.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code123
Settings10inputs
LicenceNone stated
Last update2 years ago11 Aug 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 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
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Positions close on a 10-bar opposite extreme, and an ATR-based stop is set at entry. Size can be fixed at one or derived from a risk percentage of equity divided by ATR. Entry conditions are limited to historical bars, so it does not open new trades in real time.
- Donchian breakout entries with EMA trend filter
- Shorter Donchian exit
- ATR-based stop offset
- Equity-risk position sizing option
- Commission and slippage assumptions
Details
Published by
JoeTonDev on GitHub
Type
Draws
On the price chart
Category
Markets
Any symbol
Timeframes
H4 and above
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 |
|---|---|---|---|
| High Length (Entry) | int | 20 | hiLenEntry |
| Low Length (Entry) | int | 20 | loLenEntry |
| High Length (Exit) | int | 10 | hiLenExit |
| Low Length (Exit) | int | 10 | loLenExit |
| Fast EMA Length | int | 25 | fastMALen |
| Slow EMA Length | int | 350 | slowMALen |
| ATR Length | int | 20 | atrLen |
| Stop Offset | float | 2.0 | stopOffset |
| Use Position Sizing? | bool | true | usePosSize |
| Risk % | float | 0.5 | riskPerc |
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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