MC Bias Strategy Example is a Pine Script strategy designed to demonstrate automated trade execution driven by an external Markov Chain bias indicator.
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
The script accepts a user-selected data source to determine directional bias and executes trades based on these probabilistic signals. It operates in a separate pane off the main price chart. Settings allow traders to configure the input source series. Because this is an example implementation, built-in risk controls such as stop loss and take profit targets are not explicitly defined.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
MC Bias Source
source
close
mcBias
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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