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
Three Brothers Strategy
This strategy looks for three prior bars moving the same way with successively smaller bodies, followed by a current bar that closes the other way.
Repaints
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code25
Settings0inputs
LicenceMIT
Last update3 years ago23 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
25 lines of Pine Script v5 from three_bro_strategy.txt, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
strategy("three_brothers_strategy", overlay=true,shorttitle='3_bros_stg')
bullish_bros = close[1] > open[1] and (close[1]-open[1]) < (close[2]-open[2]) and (close[2]-open[2]) < (close[3]-open[3]) and close[0] < open[0]
bearish_bros = close[1] < open[1] and (open[1]-close[1]) < (open[2]-close[2]) and (open[2]-close[2]) < (open[3]-close[3]) and close[0] > open[0]
// plotshape(bullish_bros,title='sell',color=color.red,text='Sell',textcolor=color.red,style=shape.arrowdown)
// plotshape(bearish_bros,title='buy',color=color.green,text='Buy',textcolor=color.green,style=shape.arrowup)
// var takeprofit = 0.0
// var stoploss = 0.0
// if bearish_bros
// strategy.entry("buy",strategy.long,qty=0.01)
// takeprofit := open[3]
// stoploss := close + (close - open[2])
// //
// strategy.close(id='buy',when = high>= takeprofit or low<=stoploss )
// //or
// // strategy.exit(id='buy',limit=takeprofit,stop=stoploss)
//third method
strategy.entry('buy',strategy.long,when=bearish_bros)
//strategy.close(id='buy',when = high > strategy.position_avg_price * 1.015 or low < strategy.position_avg_price * 0.99)
strategy.exit('buy',limit = strategy.position_avg_price * 1.015,stop=strategy.position_avg_price * 0.99)
// strategy.entry("sell",strategy.short,qty=0.01,when=bullish_bros)
Overview
Three Brothers Strategy enters long when those prior bars are bearish and the current bar is bullish. A short entry is present only as a comment and does not run. Exits use a take profit 1.5 percent above the average entry price and a stop 1 percent below it. It plots on the price chart and has no inputs. The live bar can change the entry condition before it closes.
- Shrinking three-bar body pattern
- Long entry on bearish pattern
- 1.5 percent take-profit exit
- 1 percent stop-loss exit
- Price-chart overlay strategy
Details
Published by
sassiz-root on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Candlestick patterns
Markets
Crypto
Timeframes
Any timeframe
Risk Notes
- Signals can change on the live bar or after it closes (repainting)
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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