Inspired by Linda Raschke's strategy for T-note futures, this script identifies extended trends where price remains on one side of a 5-period SMA for more than eight consecutive bars. It enters long on the first pullback below the SMA following an eight-bar bu
Strategy · Pine Script v5 · On the chart
EMA Moving away Strategy [Alorse]
The EMA Moving Away Strategy calculates an Exponential Moving Average (EMA) to identify mean-reversion trade opportunities when price stretches significantly away from the line.
GitHub stars330on the repository
Pine versionv5runs as is
Lines of code45
Settings4inputs
LicenceNone stated
Last update2 months ago25 Aug 2026
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
A long entry triggers when the close drops below the EMA by a specified percentage threshold. A short entry triggers when price rises above the EMA by the threshold, provided the past four candles were not all green. Positions exit when price returns to the EMA line or triggers a percentage-based stop loss. The strategy plots the main EMA directly on the price chart.
- Configurable Exponential Moving Average period
- Percentage distance threshold for trade entries
- Four-candle trend filter for short entries
- Percentage-based stop-loss risk management
Details
Published by
Alorse on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Trend, Moving averages, Mean reversion
Markets
Any symbol
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
pinescriptpinescript-indicatorspinescript-strategiestrading-strategiestradingviewtradingview-alerttradingview-strategy
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Source | source | close | src |
| Periods | int | 55 | length |
| Moving away (%) | float | 2 | moving_away |
| Stop Loss (%) | float | 2 | stop_loss_pct |
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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