An indicator that takes a four-hour EMA trend with a small deadzone and looks for one-hour entries in the same direction, either a fast and slow EMA crossover or a pullback, with optional volume confirmation.
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 indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
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
Stops and targets are ATR multiples with one, two and three R levels, a breakeven move at one R and an optional trail at two R. It also offers a trend reversal exit, a time exit, a cooldown and a daily loss limit.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
4H EMA Fast
int
9
ema_fast_4h_len
4H EMA Slow
int
21
ema_slow_4h_len
Trend Deadzone %
float
0.1
deadzone_pct
1H EMA Fast
int
9
ema_fast_1h_len
1H EMA Slow
int
21
ema_slow_1h_len
Enable Crossover Entry
bool
true
use_crossover
Enable Pullback Entry
bool
true
use_pullback
Volume SMA Length
int
20
vol_sma_len
Require Volume Confirmation
bool
true
use_volume
ATR Length
int
14
atr_len
Stop Loss Multiplier
float
1.5
stop_mult
Main Take Profit Multiplier
float
3.0
tp_mult
Show all 26 settings
Setting
Type
Default
Variable
1R Multiplier (Breakeven Trigger)
float
1.0
tp_mult_1r
2R Multiplier (Trailing Trigger)
float
2.0
tp_mult_2r
3R Multiplier
float
3.0
tp_mult_3r
Exit on Trend Reversal
bool
true
exit_on_reversal
Max Hold Bars (1H) - Time Exit
int
48
max_hold_bars
Cooldown Bars (1H)
int
6
cooldown_bars
Enable Breakeven at +1R
bool
true
use_breakeven
Enable Trailing at +2R
bool
true
use_trailing
Show TP/SL Lines
bool
true
show_tp_sl_lines
Show Trade Plan Labels
bool
true
show_trade_labels
Show Dynamic SL Line
bool
true
show_dynamic_sl
Show Partial TP Labels
bool
true
show_partial_labels
Account Equity ($)
float
10000
account_equity
Daily Loss Limit
int
3
daily_loss_limit
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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