IWBDT Strategy: Free TradingView Strategy (Pine Script)

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

291 lines of Pine Script v4 from strategies/iwbdt/pinescript/strategy.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.

strategy.pine

//@version=4
//IWBDT Strategy - Trading Strategy
strategy("IWBDT Strategy", "IWBDT Strategy", overlay=true, max_bars_back=500)

// ################################################################################################################################################################
// IWBDT Strategy - It Will Break Down/Through
// Multi-Timeframe Fractal Breakout System with Full Strategy Implementation
// ################################################################################################################################################################

// Input Parameters
FirstAddTF = input(title="First additional Timeframe", type=input.resolution, defval="60")
SecondAddTF = input(title="Second additional Timeframe", type=input.resolution, defval="240")
ThirdAddTF = input(title="Third additional Timeframe", type=input.resolution, defval="D")

EMA_Short_period = input(defval=9, title="EMA Period Short", type=input.integer)
EMA_Long_period = input(defval=18, title="EMA Period Long", type=input.integer)

// Risk Management
rr = input(defval=2, title="Risk Reward Target", type=input.integer)
USDRiskPerTrade = input(defval=20, title="Fixed risk amount per trade in USD", type=input.integer)

// Strategy Settings
initialCapital = input(defval=10000, title="Initial Capital", type=input.integer)
riskPerTrade = input(defval=0.02, title="Risk per trade (% of capital)", type=input.float, minval=0.01, maxval=0.1)
enableLongTrades = input(defval=true, title="Enable Long Trades", type=input.bool)
enableShortTrades = input(defval=true, title="Enable Short Trades", type=input.bool)

// Trend Options
IncludeCT = input(defval=false, title="Include Current Time Frame EMA-cross in trend definition", type=input.bool)

// Visual Settings
HideBackground = input(defval=false, title="Hide colored background", type=input.bool)
bgcolorBullTransp = input(defval=55, title="All TF Bull Color Transparency", type=input.integer)
bgcolorBearTransp = input(defval=55, title="All TF Bear Color Transparency", type=input.integer)
bgcolorBullPartialTransp = input(defval=70, title="Partial TF Bull Color Transparency", type=input.integer)
bgcolorBearPartialTransp = input(defval=70, title="Partial TF Bear Color Transparency", type=input.integer)

// Commission
commission = input(title="Commission per trade (%)", defval=0.1, type=input.float)

// ################################################################################################################################################################
// Multi-Timeframe Trend Analysis
// ################################################################################################################################################################

// Get EMA data for all timeframes
FirstAddTF_ema_short = security(syminfo.tickerid, FirstAddTF, ema(close, EMA_Short_period))
FirstAddTF_ema_long = security(syminfo.tickerid, FirstAddTF, ema(close, EMA_Long_period))
SecondAddTF_ema_short = security(syminfo.tickerid, SecondAddTF, ema(close, EMA_Short_period))
SecondAddTF_ema_long = security(syminfo.tickerid, SecondAddTF, ema(close, EMA_Long_period))
ThirdAddTF_ema_short = security(syminfo.tickerid, ThirdAddTF, ema(close, EMA_Short_period))
ThirdAddTF_ema_long = security(syminfo.tickerid, ThirdAddTF, ema(close, EMA_Long_period))

// Current timeframe EMAs
ctf_ema_short = ema(close, EMA_Short_period)
ctf_ema_long = ema(close, EMA_Long_period)

// Calculate trend direction for each timeframe
FirstAddTF_Bull = FirstAddTF_ema_short > FirstAddTF_ema_long ? 1 : 0
SecondAddTF_Bull = SecondAddTF_ema_short > SecondAddTF_ema_long ? 1 : 0
ThirdAddTF_Bull = ThirdAddTF_ema_short > ThirdAddTF_ema_long ? 1 : 0

FirstAddTF_Bear = FirstAddTF_ema_short < FirstAddTF_ema_long ? 1 : 0
SecondAddTF_Bear = SecondAddTF_ema_short < SecondAddTF_ema_long ? 1 : 0
ThirdAddTF_Bear = ThirdAddTF_ema_short < ThirdAddTF_ema_long ? 1 : 0

// Full trend alignment (3/3 timeframes)
L_TF_Bull = FirstAddTF_Bull + SecondAddTF_Bull + ThirdAddTF_Bull == 3
L_TF_Bear = FirstAddTF_Bear + SecondAddTF_Bear + ThirdAddTF_Bear == 3

// Partial trend alignment (2/3 timeframes)
L_TF_Bull_partial = FirstAddTF_Bull + SecondAddTF_Bull + ThirdAddTF_Bull == 2
L_TF_Bear_partial = FirstAddTF_Bear + SecondAddTF_Bear + ThirdAddTF_Bear == 2

// Current timeframe trend
CT_Bull = ctf_ema_short > ctf_ema_long ? 1 : 0
CT_Bear = ctf_ema_short < ctf_ema_long ? 1 : 0

// All timeframes including current (4/4)
All_TF_Bull = FirstAddTF_Bull + SecondAddTF_Bull + ThirdAddTF_Bull + CT_Bull == 4
All_TF_Bear = FirstAddTF_Bear + SecondAddTF_Bear + ThirdAddTF_Bear + CT_Bear == 4

// Final trend determination
BullTrend = IncludeCT ? All_TF_Bull : L_TF_Bull
BearTrend = IncludeCT ? All_TF_Bear : L_TF_Bear

// ################################################################################################################################################################
// ATR-based Risk Management
// ################################################################################################################################################################

Min_Trade_Risk = atr(14)
Max_Trade_Risk = 2 * atr(14)

// ################################################################################################################################################################
// Fractal Detection
// ################################################################################################################################################################

// Basic fractal patterns
topfractal = high[3] < high[2] and high[2] > high[1] and BearTrend == true
botfractal = low[3] > low[2] and low[2] < low[1] and BullTrend == true

// Fractal confirmation with risk filters
topfractalconfirmed = high[3] < high[2] and high[2] > high[1] and BearTrend == true and 
                      low < low[1] and strategy.position_size == 0 and 
                      (high[2] - low[1]) > Min_Trade_Risk and (high[2] - low[1]) < Max_Trade_Risk

botfractalconfirmed = low[3] > low[2] and low[2] < low[1] and BullTrend == true and 
                      high > high[1] and strategy.position_size == 0 and 
                      (high[1] - low[2]) > Min_Trade_Risk and (high[1] - low[2]) < Max_Trade_Risk

// ################################################################################################################################################################
// Position Sizing
// ################################################################################################################################################################

// Calculate position size based on risk
calculatePositionSize(entryPrice, stopPrice, riskAmount) =>
    if na(entryPrice) or na(stopPrice) or entryPrice == stopPrice
        0
    else
        riskPerPoint = abs(entryPrice - stopPrice)
        positionSize = riskAmount / riskPerPoint
        positionSize

// Account value for position sizing
accountValue = strategy.initial_capital + strategy.netprofit
riskAmount = accountValue * riskPerTrade

// ################################################################################################################################################################
// Trade Management Variables
// ################################################################################################################################################################

var float longStopLevel = na
var float shortStopLevel = na
var float longTPLevel = na
var float shortTPLevel = na
var float longBELevel = na
var float shortBELevel = na
var bool longBreakevenActive = false
var bool shortBreakevenActive = false

// ################################################################################################################################################################
// Long Trade Logic
// ################################################################################################################################################################

longEntryCondition = botfractalconfirmed and enableLongTrades and strategy.position_size == 0

if longEntryCondition
    stopLevel = low[2]
    entryLevel = close
    stopDistance = entryLevel - stopLevel
    tpLevel = entryLevel + (rr * stopDistance)
    beLevel = entryLevel + stopDistance
    
    positionSize = calculatePositionSize(entryLevel, stopLevel, riskAmount)
    
    if positionSize > 0
        strategy.entry("Long", strategy.long, qty=positionSize)
        longStopLevel := stopLevel
        longTPLevel := tpLevel
        longBELevel := beLevel
        longBreakevenActive := false

// Long breakeven activation
if strategy.position_size > 0 and not longBreakevenActive and high > longBELevel
    longBreakevenActive := true
    strategy.exit("Long BE", "Long", stop=longBELevel)

// Long exits
if strategy.position_size > 0 and not longBreakevenActive
    strategy.exit("Long Exit", "Long", stop=longStopLevel, limit=longTPLevel)

// ################################################################################################################################################################
// Short Trade Logic
// ################################################################################################################################################################

shortEntryCondition = topfractalconfirmed and enableShortTrades and strategy.position_size == 0

if shortEntryCondition
    stopLevel = high[2]
    entryLevel = close
    stopDistance = stopLevel - entryLevel
    tpLevel = entryLevel - (rr * stopDistance)
    beLevel = entryLevel - stopDistance
    
    positionSize = calculatePositionSize(entryLevel, stopLevel, riskAmount)
    
    if positionSize > 0
        strategy.entry("Short", strategy.short, qty=positionSize)
        shortStopLevel := stopLevel
        shortTPLevel := tpLevel
        shortBELevel := beLevel
        shortBreakevenActive := false

// Short breakeven activation
if strategy.position_size < 0 and not shortBreakevenActive and low < shortBELevel
    shortBreakevenActive := true
    strategy.exit("Short BE", "Short", stop=shortBELevel)

// Short exits
if strategy.position_size < 0 and not shortBreakevenActive
    strategy.exit("Short Exit", "Short", stop=shortStopLevel, limit=shortTPLevel)

// ################################################################################################################################################################
// Visualization
// ################################################################################################################################################################

// Background colors
BGColorBull = color.green
BGColorBear = color.red
BGColorBullPartial = color.teal
BGColorBearPartial = color.maroon

BGColor0 = BullTrend and not HideBackground ? BGColorBull : na
BGColor1 = BearTrend and not HideBackground ? BGColorBear : na
BGColor2 = L_TF_Bull_partial and not HideBackground ? BGColorBullPartial : na
BGColor3 = L_TF_Bear_partial and not HideBackground ? BGColorBearPartial : na

bgcolor(BGColor0, bgcolorBullTransp)
bgcolor(BGColor1, bgcolorBearTransp)
bgcolor(BGColor2, bgcolorBullPartialTransp)
bgcolor(BGColor3, bgcolorBearPartialTransp)

// Fractal markers
plotchar(topfractal, char="ˆ", location=location.abovebar, color=color.red, transp=0, offset=-2, size=size.small)
plotchar(botfractal, char="ˬ", location=location.belowbar, color=color.lime, transp=0, offset=-2, size=size.small)

// Entry confirmation markers
plotchar(topfractalconfirmed, char="↓", location=location.abovebar, color=color.yellow, transp=0, offset=0, size=size.small)
plotchar(botfractalconfirmed, char="↑", location=location.belowbar, color=color.white, transp=0, offset=0, size=size.small)

// Trade levels for active positions
currentStopLevel = strategy.position_size > 0 ? longStopLevel : strategy.position_size < 0 ? shortStopLevel : na
currentTPLevel = strategy.position_size > 0 ? longTPLevel : strategy.position_size < 0 ? shortTPLevel : na
currentBELevel = strategy.position_size > 0 ? longBELevel : strategy.position_size < 0 ? shortBELevel : na

plot(currentStopLevel, title="Stop Level", color=color.red, linewidth=2, style=plot.style_line)
plot(strategy.position_avg_price, title="Entry Level", color=color.white, linewidth=2, style=plot.style_line)
plot(currentBELevel, title="Breakeven Level", color=color.blue, linewidth=1, style=plot.style_line)
plot(currentTPLevel, title="TP Level", color=color.green, linewidth=2, style=plot.style_line)

// ################################################################################################################################################################
// Alerts
// ################################################################################################################################################################

// Entry alerts
alertcondition(longEntryCondition, title='IWBDT Long Entry', message='IWBDT Long Entry Signal - Entry: {{close}}, Stop: {{plot_00}}, Target: {{plot_02}}')
alertcondition(shortEntryCondition, title='IWBDT Short Entry', message='IWBDT Short Entry Signal - Entry: {{close}}, Stop: {{plot_00}}, Target: {{plot_02}}')

// Trend alerts
alertcondition(BullTrend, title='IWBDT Bull Trend', message='IWBDT Bull Trend Activated')
alertcondition(BearTrend, title='IWBDT Bear Trend', message='IWBDT Bear Trend Activated')

// ################################################################################################################################################################
// Performance Information
// ################################################################################################################################################################

// Calculate performance metrics
totalTrades = strategy.closedtrades
winRate = strategy.closedtrades > 0 ? (strategy.wintrades / strategy.closedtrades) * 100 : 0
netProfit = strategy.netprofit
maxDrawdown = strategy.max_drawdown
profitFactor = strategy.grossprofit / strategy.grossloss

// Display performance table
var table perfTable = table.new(position.top_right, 2, 6, bgcolor=color.white, border_width=1)
if barstate.islast
    table.cell(perfTable, 0, 0, "Total Trades:", text_color=color.black, text_size=size.small)
    table.cell(perfTable, 1, 0, tostring(totalTrades), text_color=color.black, text_size=size.small)
    table.cell(perfTable, 0, 1, "Win Rate:", text_color=color.black, text_size=size.small)
    table.cell(perfTable, 1, 1, tostring(winRate, "#.##") + "%", text_color=color.black, text_size=size.small)
    table.cell(perfTable, 0, 2, "Net Profit:", text_color=color.black, text_size=size.small)
    table.cell(perfTable, 1, 2, "$" + tostring(netProfit, "#.##"), text_color=color.black, text_size=size.small)
    table.cell(perfTable, 0, 3, "Max DD:", text_color=color.black, text_size=size.small)
    table.cell(perfTable, 1, 3, "$" + tostring(maxDrawdown, "#.##"), text_color=color.black, text_size=size.small)
    table.cell(perfTable, 0, 4, "Profit Factor:", text_color=color.black, text_size=size.small)
    table.cell(perfTable, 1, 4, tostring(profitFactor, "#.##"), text_color=color.black, text_size=size.small)
    table.cell(perfTable, 0, 5, "Position:", text_color=color.black, text_size=size.small)
    positionText = strategy.position_size > 0 ? "LONG" : strategy.position_size < 0 ? "SHORT" : "FLAT"
    table.cell(perfTable, 1, 5, positionText, text_color=color.black, text_size=size.small)

// Plot EMAs for reference
plot(ctf_ema_short, title="EMA Short", color=color.blue, linewidth=1, transp=50)
plot(ctf_ema_long, title="EMA Long", color=color.red, linewidth=1, transp=50)

// Performance summary at the end
if barstate.islast
    runtime.error("IWBDT Strategy Performance Summary: " + 
        "Total Trades: " + str.tostring(totalTrades) + 
        " | Win Rate: " + str.tostring(winRate, "#.##") + "%" +
        " | Net Profit: $" + str.tostring(netProfit, "#.##") +
        " | Max Drawdown: $" + str.tostring(maxDrawdown, "#.##") +
        " | Profit Factor: " + str.tostring(profitFactor, "#.##"))

Overview

IWBDT Strategy reads trend from 9 and 18 period EMAs on three higher timeframes, with the chart timeframe optional, and can trade long and short sides independently. Settings include a risk-to-reward target, a risk share of capital per trade, a fixed dollar risk, starting capital and commission. The supplied code stops before the entry and exit logic, so those rules are not visible here.

Multi-timeframe EMA trend filter
Long and short trades can be switched on separately
Risk-to-reward target
Risk-based position sizing inputs

Details

Published by

GreyssonEnterprises on GitHub

Type

Strategy, Pine Script v4

Draws

On the price chart

Markets

Any symbol

Timeframes

M15-H1

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.

File

strategies/iwbdt/pinescript/strategy.pine

Repository

github.com/GreyssonEnterprises/trading-setups. See its other scripts in the library

Settings

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

Setting	Type	Default	Variable
First additional Timeframe	`timeframe`	`60`	`FirstAddTF`
Second additional Timeframe	`timeframe`	`240`	`SecondAddTF`
Third additional Timeframe	`timeframe`	`D`	`ThirdAddTF`
EMA Period Short	`int`	`9`	`EMA_Short_period`
EMA Period Long	`int`	`18`	`EMA_Long_period`
Risk Reward Target	`int`	`2`	`rr`
Fixed risk amount per trade in USD	`int`	`20`	`USDRiskPerTrade`
Initial Capital	`int`	`10000`	`initialCapital`
Risk per trade (% of capital)	`float`	`0.02`	`riskPerTrade`
Enable Long Trades	`bool`	`true`	`enableLongTrades`
Enable Short Trades	`bool`	`true`	`enableShortTrades`
Include Current Time Frame EMA-cross in trend definition	`bool`	`false`	`IncludeCT`

Show all 18 settings

Setting	Type	Default	Variable
Hide colored background	`bool`	`false`	`HideBackground`
All TF Bull Color Transparency	`int`	`55`	`bgcolorBullTransp`
All TF Bear Color Transparency	`int`	`55`	`bgcolorBearTransp`
Partial TF Bull Color Transparency	`int`	`70`	`bgcolorBullPartialTransp`
Partial TF Bear Color Transparency	`int`	`70`	`bgcolorBearPartialTransp`
Commission per trade (%)	`float`	`0.1`	`commission`

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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