This strategy enters long positions when price tests and bounces off the prior week's low level within an allowed point tolerance during designated UTC trading hours.
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
56 lines of Pine Script v5 from pine/WKL_prior_week_level_retest.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
WKL — Prior Week Level Retest (Bull) requires the bar low to approach the prior week low and the close to rebound above it while filtering out late Friday sessions. Trades are submitted with a fixed point stop loss and a take-profit target calculated as an R-multiple of the risk. It operates directly on the price chart and incorporates a time-based exit cutoff.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Tolerance (pts)
float
5.0
tolerance
Stop Loss (pts)
float
20.0
stopPts
Target R-multiple
float
2.25
targetR
Kill Hour (UTC)
int
20
killHour
Friday Cutoff Hour (UTC)
int
20
fridayCutoff
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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