This mean-reversion strategy plots Bollinger Bands and a long-term moving average directly on the price chart. It enters trades when price candles penetrate the outer Bollinger Bands beyond a user-defined body percentage, anticipating a price reversal. Entries
Strategy · Pine Script v6 · On the chart
Ivan Scherman Pattern - TP/SL
This strategy identifies long entry opportunities based on short-term price pullbacks below a major trend filter.
GitHub stars53on the repository
Pine versionv6current
Lines of code30
Settings2inputs
LicenceMPL-2.0
Last update2 months ago17 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
30 lines of Pine Script v6 from Quant-Edge-Indicators/Trend & Breakout/Ivan Strategy.pinescript, published under MPL-2.0. Keep the author's credit and licence lines when you reuse it.
// This Pine Script™ code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © Ahmed - Quant-Edge Indicators
//@version=6
strategy("Ivan Scherman Pattern - TP/SL", overlay=true, default_qty_type=strategy.percent_of_equity, default_qty_value=10)
// Moving Averages
maLong = ta.sma(close, 200)
maShort = ta.sma(close, 5)
// Step 1: Three consecutive lower closes under 200 SMA
cond1 = close[3] > close[2] and close[2] > close[1] and close[3] < maLong[3] and close[2] < maLong[2] and close[1] < maLong[1]
// Step 2: Current close above 5 SMA
cond2 = close > maShort
// Entry Condition
entryCondition = cond1 and cond2
// Execute Entry
if (entryCondition)
strategy.entry("IvanBuy", strategy.long)
// Traditional Exit Parameters
takeProfitPoints = input.float(10.0, title="Take Profit (points)")
stopLossPoints = input.float(5.0, title="Stop Loss (points)")
strategy.exit("Exit", from_entry="IvanBuy", profit=takeProfitPoints, loss=stopLossPoints)
// Plot Moving Averages
plot(maLong, color=color.orange, title="200 SMA")
plot(maShort, color=color.green, title="5 SMA")
Overview
Ivan Scherman Pattern - TP/SL enters long when three consecutive lower closes occur below the 200-period simple moving average, followed by the current bar closing back above the 5-period simple moving average. Trades are exited using fixed-point take profit and stop loss target settings. The strategy plots both the 200 SMA and 5 SMA directly on the price chart.
- 200 SMA and 5 SMA trend overlay plots
- Three consecutive lower closes pattern detection
- Short-term mean-reversion trigger above 5 SMA
- Fixed-point take profit and stop loss management
Details
Published by
Ahmed-GoCode on GitHub
Code credit
Ahmed - Quant-Edge Indicators, as written in the script's header
Type
Strategy, Pine Script v6
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
fair-value-gapfibonaccimarket-structurepine-scriptrsi-strategysmart-money-conceptstechnical-analysistradingviewalgorithmic-tradingcrypto-trading
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Take Profit (points) | float | 10.0 | takeProfitPoints |
| Stop Loss (points) | float | 5.0 | stopLossPoints |
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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