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
Pinbar strategy
This strategy detects bullish and bearish pinbar candles on the price chart and opens a long or short position when the pattern appears and no trade is open.
Repaints
GitHub stars11on the repository
Pine versionv5runs as is
Lines of code108
Settings8inputs
LicenceNone stated
Last update3 years ago6 Apr 2023
Add It to Your TradingView Chart
- 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
Take profit and stop loss are set from the signal candle's range using separate multipliers, and trailing stops can replace a fixed stop. Users can allow longs, shorts, or both, close a trade when the opposite pinbar appears, and limit backtests to dates after a chosen start. Position size defaults to the full equity. Signals use the current candle, so they can change before that bar closes.
- Bullish and bearish pinbar detection
- Take profit and stop loss multipliers
- Optional trailing stops
- Optional close on opposite signal
- Backtest start date filter
Details
Published by
samgozman on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Candlestick patterns
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- Signals can change on the live bar or after it closes (repainting)
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Profit multiplier | float | 2.0 | profitMultiplier |
| Loss multiplier | float | 1.0 | lossMultiplier |
| Use trailing stops? | bool | true | isTrailingStop |
| Close trade if opposit signal occures? | bool | false | isCloseOnOppositSignal |
| Enter long trades? | bool | true | isLongEligible |
| Enter short trades? | bool | false | isShortEligible |
| Begin Backtest at Start Date | bool | true | useDateFilter |
| Start Date | time | timestamp("1 Jan 2021") | backtestStartDate |
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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