TradingView PineScript Strategy
Budget: $100 – $400 USD
I need a TradingView strategy that will detect the local swing lows and place the buy orders once the price drops down below the detected swing low. The Take Profit should be placed at the previously detected swing low.
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Strategy Description:
Base - is the swing low where buyers actively buy and price moves significantly up. Some traders may call it support line, but in our strategy we call it base.
When price drops below the base there is a high probability to return back to the base.
Base Detection
If price moves down and then moves up on the amount of [Base Retracement Confirmation, %] - we consider that the formed local swing low is a base.
Visually, the base is a simple local swing low (grey lines on the screenshot).
Base Broken
Base considered broken when the price reaches the first buy order (Level 1).
If the price goes below the detected base but not hit the Level 1 (meaning base is not considered broken and no order placement triggered) and then price goes up/flat/ranging - the script should ignore this base and wait for another base to be detected (see Ignore Wasted Bases section).
Important: Only the last detected base is taken into account in this strategy. All previously detected bases except the last one doesn't matter and if price goes below those previous bases they should not be considered "Broken" or "Respected".
Broken base should be plotted with red line. The line should start on the local low and ends on the current bar, until the broken base is respected (as described on the screenshot). In other words previously detected base (grey) should change color to red.
Strategy Exit Sell Order (Base Respected)
TO BE DISCUSSED WITH DEVELOPER: once MARKET or LIMIT entry buy order are executed at the same time script should place LIMIT exit sell order. Exit sell order price level should calculated as following:
Broken Base - [Take Profit Below Base, %]
Meaning, we accept that price may not go exactly to our broken base and, thus, we reduce risks by placing exit order slightly below the broken base.
Important: Once the base gets respected all corresponding to this base LIMIT orders should be cancelled.
To summarise the bases color during the whole flow should be changed as following:
base detected (grey) => base broken (red) => base respected (green).
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Full task description I will provide for freelancers interested in my project. Also, I would like to explain the strategy, answer the questions and discuss our cooperation on a short google meet call.
----------------------------------------------------------------------------------------
Strategy Description:
Base - is the swing low where buyers actively buy and price moves significantly up. Some traders may call it support line, but in our strategy we call it base.
When price drops below the base there is a high probability to return back to the base.
Base Detection
If price moves down and then moves up on the amount of [Base Retracement Confirmation, %] - we consider that the formed local swing low is a base.
Visually, the base is a simple local swing low (grey lines on the screenshot).
Base Broken
Base considered broken when the price reaches the first buy order (Level 1).
If the price goes below the detected base but not hit the Level 1 (meaning base is not considered broken and no order placement triggered) and then price goes up/flat/ranging - the script should ignore this base and wait for another base to be detected (see Ignore Wasted Bases section).
Important: Only the last detected base is taken into account in this strategy. All previously detected bases except the last one doesn't matter and if price goes below those previous bases they should not be considered "Broken" or "Respected".
Broken base should be plotted with red line. The line should start on the local low and ends on the current bar, until the broken base is respected (as described on the screenshot). In other words previously detected base (grey) should change color to red.
Strategy Exit Sell Order (Base Respected)
TO BE DISCUSSED WITH DEVELOPER: once MARKET or LIMIT entry buy order are executed at the same time script should place LIMIT exit sell order. Exit sell order price level should calculated as following:
Broken Base - [Take Profit Below Base, %]
Meaning, we accept that price may not go exactly to our broken base and, thus, we reduce risks by placing exit order slightly below the broken base.
Important: Once the base gets respected all corresponding to this base LIMIT orders should be cancelled.
To summarise the bases color during the whole flow should be changed as following:
base detected (grey) => base broken (red) => base respected (green).
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Full task description I will provide for freelancers interested in my project. Also, I would like to explain the strategy, answer the questions and discuss our cooperation on a short google meet call.
Related categories:
Pine Script