This strategy trades Donchian channel breakouts on the price chart and exits on a shorter Donchian channel. It sizes each unit from a percentage of equity and an ATR-based initial stop, then adds units as price moves a set ATR distance, up to a maximum unit co
Strategy · Pine Script v5 · Own pane
TradersPost High-Low Range Strategy
This strategy identifies high-volatility expansion bars by comparing the high-low range to a moving average plus standard deviation threshold.
GitHub stars6on the repository
Pine versionv5runs as is
Lines of code33
Settings3inputs
LicenceNone statedfile: MPL-2.0
Last update1 year ago20 Dec 2024
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
33 lines of Pine Script v5 from strategies/HighLowRangeTrendFollowing.pinescript, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © TradersPostInc
// Visit https://traderspost.io to automate your TradingView strategies at top brokers TD Ameritrade, TradeStation, and Alpaca.
// Thesis:
// We're searching for big range bars and if the momentum is in a positive direction, then we buy.
// When a range bar is found and the trend is in the opposite direction, we sell.
// Full credit to Kevin Davey for his work on basic strategies.
//@version=5
strategy("TradersPost High-Low Range Strategy", overlay=false, initial_capital = 10000, default_qty_type = strategy.percent_of_equity, default_qty_value = 100)
rrange = high-low
lookback = input.int(2, minval=1, title="Lookback")
xr = input.int(10, minval=1, title="Range Length")
mult = input.float(2.0, minval=0.001, maxval=50, title="SD")
computation = mult * ta.stdev(rrange, xr) + ta.sma(rrange, xr)
cond1 = rrange > computation
plot(rrange, title="Range H-L", style=plot.style_columns)
plot(computation, title="H-L SD", style=plot.style_line, color=color.orange)
plot(close - close[lookback], title="Close Direction", color=close > close[lookback] ? color.green : color.red, style=plot.style_histogram)
longCondition = cond1 and close > close[lookback]
if (longCondition)
strategy.entry("Long entry", strategy.long)
alert("Long entry", freq = alert.freq_once_per_bar_close)
shortCondition = cond1 and close < close[lookback]
if (shortCondition)
strategy.close_all("Close all positions", immediately = true)
alert("Close all positions", freq = alert.freq_once_per_bar_close)
Overview
When range expansion occurs, it checks momentum over a specified lookback period. It opens a long position if the current close is above the close from the lookback period, and closes all open positions if the close is below it. User inputs adjust the momentum lookback, range length, and standard deviation multiplier. The strategy plots range columns, threshold lines, and close direction in a separate pane. It has no stop loss mechanism.
- High-low bar range volatility breakout detection
- Lookback close comparison for momentum direction
- Separate pane plots for range, volatility threshold, and direction histogram
- Alert triggers for automated strategy execution
Details
Published by
TradersPost on GitHub
Type
Strategy, Pine Script v5
Draws
Separate pane below the chart
Category
Volatility & bands, Oscillators & momentum, Trend, Breakout
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Lookback | int | 2 | lookback |
| Range Length | int | 10 | xr |
| SD | float | 2.0 | mult |
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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