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 v4 · On the chart
Strat1
This Pine v4 strategy looks for three-candle sequences, green-green-red or red-red-green, and uses a one-period Money Flow Index value and candle body sizes to decide long or short direction, drawing arrows on the price chart.
GitHub stars1on the repository
Pine versionv4older, still runs
Lines of code62
Settings1inputs
LicenceNone stated
Last update4 years ago28 Feb 2022
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
Orders are fixed at 10000 units with no stop loss or take profit, and each new signal closes the other side. The backtest window is set with an end date before its start date, so as written it places no trades.
- Three-candle colour sequence signals
- Direction chosen from MFI and candle sizes
- Arrow markers on the chart
- Fixed order size without stop loss
Details
Published by
namdar-nejad on GitHub
Type
Strategy, Pine Script v4
Draws
On the price chart
Category
Candlestick patterns
Markets
Gold
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
File
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| MFI Period | int | 1 | mfi_period |
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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