Exceeded Candle [Alorse] is a mean-reversion strategy that identifies candlestick engulfing patterns combined with Bollinger Bands filters. It enters a long position when a green candle surpasses the body of the previous red candle while price is below the mid
Strategy · Pine Script v5 · On the chart
Markov Strategy
Markov Strategy is a mean-reversion quantitative strategy inspired by streak-based Markov chain analysis.
GitHub stars9on the repository
Pine versionv5runs as is
Lines of code13
Settings0inputs
LicenceMIT
Last update1 year ago21 Jun 2025
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
13 lines of Pine Script v5 from Updated V5 Pinescript Code.txt, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
strategy("Markov Strategy", overlay=true, default_qty_type=strategy.percent_of_equity, default_qty_value=100)
// Define a 6-day consecutive downtrend condition
condition = close < close[1] and close[1] < close[2] and close[2] < close[3] and close[3] < close[4] and close[4] < close[5] and close[5] < close[6]
// Entry: Go long if 6 red candles in a row
if condition
strategy.entry("Long", strategy.long)
// Exit: Close long if today's close is higher than yesterday's close
if strategy.position_size > 0 and close > close[1]
strategy.close("Long")
Overview
Applied directly to the price chart, it monitors price action for consecutive downward closes. The strategy enters a long position after detecting six consecutive lower closes and exits the trade as soon as a candle closes above the preceding bar. It operates without customizable inputs or a default stop loss.
- Consecutive downtrend streak detection
- Automated long entry on six down bars
- Immediate exit on first higher close
Details
Published by
Rohanom on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Mean reversion, Candlestick patterns
Markets
Stocks, Indices
Timeframes
H4 and above, M15-H1
Risk Notes
- The strategy enters trades without a stop loss
Topics
alphamarkov-chainmarkov-modelpinescriptquantitative-financequantitative-tradingstock-price-predictionyfinance
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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