My Custom Strategy 1: 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

26 lines of Pine Script v5 from Custom_Strategies/My_Strategy_1.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.

My_Strategy_1.pine

//Run the following Script on PINE EDITOR or any platform supporting Pine Script

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © might-tree

//@version=5
strategy("My Custom Strategy 1", overlay=false, margin_long=100, margin_short=100)
import TradingView/ta/5

my_ema=ta.ema(low,20)
my_sma=ta.sma(low,20)
my_swma=ta.swma(close)

highestHigh = ta.highest(close, 25)[1]
lowestLow   = ta.lowest(close, 25)[1]
randomPoint    = (highestHigh + lowestLow)/5

if high > highestHigh and close>my_ema-5 and close>my_sma
    strategy.entry("Enter Long", strategy.long)

if ta.crossunder(low, close)
    strategy.close("Enter Long", comment="Exit Long")

plot(my_ema, color=color.green)
plot(my_sma, color=color.red)
plot(close, color=color.blue)

Overview

My Custom Strategy 1 enters long when the high breaks the prior 25-bar highest close and the close is above both the simple moving average and the exponential moving average minus five. It closes the long when the low crosses under the close. There is no stop loss, take profit, or position sizing. A 25-bar lowest close and a weighted moving average are calculated but unused. Signals can change before the bar closes.

20-period EMA of the low
20-period SMA of the low
25-bar highest close breakout entry
Long-only crossunder exit
Plots EMA, SMA and close

Details

Published by

might-tree on GitHub

Type

Strategy, Pine Script v5

Draws

Separate pane below the chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

Signals can change on the live bar or after it closes (repainting)
The strategy enters trades without a stop loss

File

Custom_Strategies/My_Strategy_1.pine

Repository

github.com/might-tree/SoC-Developing-Trading-Strategy-with-Pine-Script. See its other scripts in the library

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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