Sell the Tops Buy the Dips Strategy
Budget: $30 – $250 USD
I want to code a custom Tradingview Strategy in Pine Script which is based on inter candle reversals. In simple terms, if an quick move above a certain percentage, open a short with TP on the same candle. Vice versa for Long.
1) Lets assume i set 3%. Candle moves 6% up. So i short order should be made on the 3% movement confirmation with TP at 50% of the 3% i.e. 1.5%
2) If the TP is achieved, then we need to enter a Long at the TP price with 25% of the TP i.e. 0.75%
3) Since TV is not an ideal candidate to backtest logic involving same candlestick.
I think this could be done better if we use highertimeframe so more candle data is involved.
So like if we want this logic to apply on 15min candlestick, we can go to 1min chart and select 15min in the settings
Logic also explained in video:
https://www.awesomescreenshot.com/video/14022720?key=35e76bb721acdb7a80b9da81e0b1c8d2
1) Lets assume i set 3%. Candle moves 6% up. So i short order should be made on the 3% movement confirmation with TP at 50% of the 3% i.e. 1.5%
2) If the TP is achieved, then we need to enter a Long at the TP price with 25% of the TP i.e. 0.75%
3) Since TV is not an ideal candidate to backtest logic involving same candlestick.
I think this could be done better if we use highertimeframe so more candle data is involved.
So like if we want this logic to apply on 15min candlestick, we can go to 1min chart and select 15min in the settings
Logic also explained in video:
https://www.awesomescreenshot.com/video/14022720?key=35e76bb721acdb7a80b9da81e0b1c8d2
Related categories:
Pine Script