Strategy · Pine Script v4 · On the chart

G-Channel & EMA Strategy with ATR SL/TP

by sherwinvishesh

This Pine Script strategy plots a G-Channel and a 200-period Exponential Moving Average (EMA) directly on the price chart.

View on GitHub

GitHub stars3on the repository
Pine versionv4older, still runs
Lines of code47
Settings5inputs
LicenceApache-2.0
Last update2 years ago25 Mar 2024

Add It to Your TradingView Chart

  1. 1Copy the scriptPress Copy script above, or the copy button on the code below.
  2. 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
  3. 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
  4. 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

47 lines of Pine Script v4 from Strategy/script.pine, published under Apache-2.0. Keep the author's credit and licence lines when you reuse it.

script.pine
//@version=4
strategy("G-Channel & EMA Strategy with ATR SL/TP", shorttitle="G-EMA-ATR Strategy", overlay=true, pyramiding=5)

// G-Channel settings, modified length to 5
length = input(5, title="G-Channel Length")
src = close

a = 0.0
b = 0.0
a := max(src, nz(a[1])) - nz(a[1] - b[1]) / length
b := min(src, nz(b[1])) + nz(a[1] - b[1]) / length
avg = avg(a, b)

crossup = b[1] < close[1] and b > close
crossdn = a[1] > close[1] and a < close

// EMA settings, modified length to 200
emaLength = input(200, title="EMA Length")
ema = ema(close, emaLength)

// ATR settings for SL and TP
atrLength = input(14, title="ATR Length")
atrMultiplierSL = input(2, title="ATR Multiplier for SL")
atrMultiplierTP = input(4, title="ATR Multiplier for TP")
atr = atr(atrLength)

// Define buy and sell conditions
buyCondition = crossup and close < ema
sellCondition = crossdn and close > ema

// Calculate SL and TP levels
longSL = close - atrMultiplierSL * atr
longTP = close + atrMultiplierTP * atr

// Strategy execution
if (buyCondition)
    strategy.entry("Buy", strategy.long)
    strategy.exit("Take Profit / Stop Loss", "Buy", stop=longSL, limit=longTP)

// Plotting with updated transparency handling
plot(a, "Upper", color=color.new(color.red, 50))
plot(b, "Lower", color=color.new(color.green, 50))
plot(ema, "EMA", color=color.new(color.orange, 0))

// Plot buy and sell signals
plotshape(series=buyCondition, title="Buy Signal", location=location.belowbar, color=color.new(color.green, 0), style=shape.labelup, size=size.small, text="BUY")
plotshape(series=sellCondition, title="Sell Signal", location=location.abovebar, color=color.new(color.red, 0), style=shape.labeldown, size=size.small, text="SELL")

Overview

G-Channel & EMA Strategy with ATR SL/TP triggers buy signals when price crosses the lower G-Channel line while trading below the EMA line. Long positions are managed using Average True Range (ATR) based stop loss and take profit levels. Users can adjust G-Channel length, EMA period, ATR length, and SL/TP ATR multipliers. Pyramiding allows up to five entries. Note that sell signals are plotted for visual reference but are not executed as short trades.

Details

Published by

sherwinvishesh on GitHub

Type

Strategy, Pine Script v4

Draws

On the price chart

Category

Trend, Moving averages, Volatility & bands

Markets

Stocks

Timeframes

Any timeframe

Risk Notes

  • The strategy can add several entries in the same direction

Topics

analysisflaskindicatorsknnmachine-learningpythontrading

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

SettingTypeDefaultVariable
G-Channel Lengthint5length
EMA Lengthint200emaLength
ATR Lengthint14atrLength
ATR Multiplier for SLint2atrMultiplierSL
ATR Multiplier for TPint4atrMultiplierTP
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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