This strategy trades price action pin bar patterns aligned with moving average trend alignment on the main price chart. It defines uptrends or downtrends using a fan arrangement of three moving averages (6 EMA, 18 EMA, and 50 SMA). Entry conditions require a b
Strategy · Pine Script v5 · On the chart
Grail Only Shorts
A short-only strategy that combines a slow SMA, medium and fast EMAs, a pin bar test, a stochastic filter, an MFI filter on a separate timeframe and a stochastic momentum index.
Repaints
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code186
Settings29inputs
LicenceNone stated
Last update2 years ago6 Apr 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
Exits use a trailing stop plus a hard stop expressed in pips. Inputs include stop distances, indicator periods, filter levels, optional entry and zone drawings, and Pineconnector alert fields for MT4 or MT5. It runs on every tick, so signals can change on the live bar.
- Short entries with SMA, EMA and pin bar rules
- Stochastic, MFI and SMI filters
- Trailing stop and hard stop in pips
- Optional entry and zone drawings
- Pineconnector alert settings
Details
Published by
Wendigooor on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Trend, Candlestick patterns
Markets
Forex
Timeframes
M1-M5
Risk Notes
- Signals can change on the live bar or after it closes (repainting)
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Stop Loss Trail Points (Pips) | int | 140 | slPoints |
| Stop Loss Trail Offset (Pips) | int | 1 | slOffset |
| Hard Stop Loss (Pips) | int | 100 | slHardPoints |
| Slow SMA (Period) | int | 120 | sma_slow |
| Medm EMA (Period) | int | 77 | ema_medm |
| Fast EMA (Period) | int | 9 | ema_fast |
| Pinbar confirmation value | float | 0.15 | pinbarConfirmationValue |
| Use Stochastic as Filter (OB/OS)? | bool | tr | useStochasticAsFilter |
| Length for Main Stochastic | int | 14 | len |
| SmoothK for Main Stochastic | int | 3 | smoothK |
| SmoothD for Main Stochastic | int | 3 | smoothD |
| Upper Line Value? (shorts - above line) | int | 30 | upLine |
Show all 29 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| Lower Line Value? (longs - below line) | int | 50 | lowLine |
| Use Current Chart Resolution? | bool | true | useCurrentRes |
| Use Different Timeframe? Uncheck Box Above | timeframe | 1 | resCustom |
| Use Different Timeframe MFI? Uncheck Box Above | timeframe | 5 | resCustomMFI |
| Use MFI as 2nd Filter? (current timeframe) | bool | true | useMFI |
| Length | int | 8 | mfiLength |
| OverSold (longs - below line) | int | 20 | mfiOversold |
| OverBought (shorts - above line) | int | 45 | mfiOverbought |
| Percent K Length | int | 10 | smi_k |
| Percent D Length | int | 3 | smi_d |
| Overbought | int | 20 | smi_ob |
| Oversold | int | 20 | smi_os |
| Pineconnector License ID | string | 12345 | pineconnectorLicenseID |
| Symbol for close alert (MT4/MT5) | string | EURUSD.i | pineconnectorInputSymbol |
| Volume (lots size) | float | 0.4 | pineconnectorVolume |
| Draw possible entries? | bool | false | plot_entries |
| Draw good zones for short? | bool | false | plot_short_zones |
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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