by 
BarUpDn Long Strategy executes long trades based on price bar directional movements and previous bar closes. It places a long stop order above the current high when a bullish candle opens above a prior close. Because short entries are restricted to exiting lon
Strategy · Pine Script v5 · On the chart
OutSide Bar Strategy
The OutSide Bar Strategy identifies outside bar candlestick patterns directly on the main price chart.
GitHub stars37on the repository
Pine versionv5runs as is
Lines of code8
Settings0inputs
LicenceMIT
Last update3 years ago10 Feb 2023
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
8 lines of Pine Script v5 from Strategies/All Strategies are Here 🤩/Outside-Bar-Strategy.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
strategy("OutSide Bar Strategy", overlay=true)
if (high > high[1] and low < low[1])
if (close > open)
strategy.entry("OutBarLE", strategy.long, comment="OutBarLE")
if (close < open)
strategy.entry("OutBarSE", strategy.short, comment="OutBarSE")
//plot(strategy.equity, title="equity", color=color.red, linewidth=2, style=plot.style_areabr)
Overview
OutSide Bar Strategy triggers a long entry when a bar's high exceeds the previous high and its low drops below the previous low, provided the bar closes higher than its open. Conversely, it triggers a short entry when an outside bar closes lower than its open. The strategy contains no customizable input parameters and reverses positions upon opposing signals. A key limitation is the absence of stop-loss or take-profit controls.
- Outside bar pattern detection
- Automated long and short signal generation
- Direct overlay on the price chart
Details
Published by
TWODS-CAPITAL on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Candlestick patterns, Breakout
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
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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