This strategy divides a fixed price range between an upper and a lower limit into equally spaced grid levels and plots them on the price chart. It marks a buy when price crosses down through a grid and a sell when price crosses up through a grid, using either
Strategy · Pine Script v5 · On the chart
Fibonacci Martingale Strategy
This strategy opens a long base order and preplaces up to seven limit safety orders below entry, increasing size by a volume scale as price falls.
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code200
Settings11inputs
LicenceCustom licence
Last update2 years ago9 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
Fibonacci Martingale Strategy recalculates an average entry and closes the whole position when price reaches a take-profit percentage above that average. Order sizes, deviation, scales, and the safety-order cap are inputs. Stop loss is optional and off by default, so losses are not capped unless that setting is enabled. It draws on the price chart and only trades long.
- Base and safety order size percentages
- Scaled safety-order distance and volume
- Take profit from average entry
- Optional stop loss off by default
- Maximum safety order count
Details
Published by
thibaultyou on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Mean reversion, Support & resistance
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy can add several entries in the same direction
- The strategy enters trades without a stop loss
File
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Base Order Size (%) | float | 3.4 | base_order_size_pct |
| Safety Order Size (%) | float | 2.1 | safety_order_size_pct |
| Safety Order Step Scale | float | 1.7 | safety_order_step_scale |
| Safety Order Volume Scale | float | 2.8 | safety_order_volume_scale |
| Price Deviation to Open Safety Orders (%) | float | 0.89 | initial_safety_order_distance_pct |
| Take Profit (%) | float | 1.49 | take_profit_percentage |
| Max Safety Orders Count | int | 7 | max_safety_orders_count |
| Use Stop Loss | bool | false | use_stop_loss |
| Stop Loss Deviation (%) | float | 60.0 | stop_loss_deviation_pct |
| Bubble background | color | color.new(color.white, 100) | Bubble background |
| Bubble text | color | color.white | Bubble text |
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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