This overlay strategy marks short-term turning points on the price chart and enters SPY option-style trades from them. It plots simple moving averages of highs and lows, draws up and down reversal arrows, and colors bars when a short-term extreme coincides wit
Strategy · Pine Script v5 · On the chart
Full Candle [Alorse]
This strategy enters long when a bullish candle closes above an EMA and its upper wick is no larger than a set percent of the candle range, and short on the opposite bearish setup.
GitHub stars330on the repository
Pine versionv5runs as is
Lines of code58
Settings10inputs
LicenceNone statedfile: MPL-2.0
Last update2 months ago25 Aug 2026
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
58 lines of Pine Script v5 from strategies/other/Full Candle.pine, 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/
// © alorse
//@version=5
strategy('Full Candle [Alorse]', overlay=true, pyramiding=0, currency=currency.USD, default_qty_type=strategy.percent_of_equity, initial_capital=1000, default_qty_value=10, commission_type=strategy.commission.percent, commission_value=0.1)
txtVer = '0.0.1'
version = input.string(title='Version', defval=txtVer, options=[txtVer], tooltip='This is informational only, nothing will change.\n\nEntry conditions:\n')
src = input(title='Source', defval=close)
// Moving Averages
lenA = input.int(10, minval=1, title='EMA A Length', group='Moving Averages')
outA = ta.ema(close, lenA)
plot(outA, title='EMA A', color=color.purple)
// Strategy
stratGroup = 'Strategy'
showLong = input.bool(true, title='Long entries', group=stratGroup)
showShort = input.bool(true, title='Short entries', group=stratGroup)
shadowPercent = input.float(5, step=1, title='Shadow Percent', group=stratGroup)
tpGroup = 'Take Profit'
useTP = input.bool(false, title='╔══════ Enable ══════╗', group=tpGroup)
TPPercent = input.float(1.2, step=0.1, title='Percent', group=tpGroup) * 0.01
longTP = useTP ? strategy.position_avg_price * (1 + TPPercent) : na
shortTP = useTP ? strategy.position_avg_price * (1 - TPPercent) : na
// Stop Loss
slGroup = 'Stop Loss'
useSL = input.bool(false, title='╔══════ Enable ══════╗', group=slGroup)
SLPercent = input.float(1.8, title='Percent', group=slGroup) * 0.01
longStop = useSL ? strategy.position_avg_price * (1 - SLPercent) : na
shortStop = useSL ? strategy.position_avg_price * (1 + SLPercent) : na
bought = strategy.opentrades[0] == 1 and strategy.position_size[0] > strategy.position_size[1]
entry_price = ta.valuewhen(bought, open, 0)
candleSize = high - low
shadowSize = close > open ? high - close : close - low
sPer = (shadowSize * 100)/candleSize
entryLong = close > open and close > outA and sPer <= shadowPercent
entryShort = close < open and close < outA and sPer <= shadowPercent
exitLong = close > (entry_price + entry_price*0.002) and close > open
exitShort = close < (strategy.position_avg_price - strategy.position_avg_price*0.002) and close < open
if showLong
strategy.entry('Long', strategy.long, when=entryLong)
strategy.close('Long', when=exitLong)
strategy.exit('TP', 'Long', limit=longTP, stop=longStop)
if showShort
strategy.entry('Short', strategy.short, when=entryShort)
strategy.close('Short', when=exitShort)
strategy.exit('TP', 'Short', limit=shortTP, stop=shortStop)
Overview
Full Candle [Alorse] closes a long after price rises a small fixed fraction above the entry bar open on a bullish close, and a short after a similar decline below average price on a bearish close. Optional percent take profit and stop loss are off by default. EMA length, shadow limit, and direction toggles change the filter. It plots the EMA on the price chart and sizes orders as a percent of equity.
- EMA plotted on the price chart
- Shadow percent candle filter
- Long and short entry toggles
- Optional percent take profit
- Optional percent stop loss
Details
Published by
Alorse on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Candlestick patterns, Moving averages
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
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 |
|---|---|---|---|
| Version | string | txtVer | version |
| Source | source | close | src |
| EMA A Length | int | 10 | lenA |
| Long entries | bool | true | showLong |
| Short entries | bool | true | showShort |
| Shadow Percent | float | 5 | shadowPercent |
| ╔══════ Enable ══════╗ | bool | false | useTP |
| Percent | float | 1.2 | TPPercent |
| ╔══════ Enable ══════╗ | bool | false | useSL |
| Percent | float | 1.8 | SLPercent |
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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