In a nutshell, it a trend trading system where you are shorting on strength (in the downtrend), selling on weakness (that it might be reversing). positions should be entered when the price crosses under the 20-day low (S1 low) or 55-day low (S2 low). positions should be exited when the prices crosses over the 10-day high (S1 high) or 20-day high (S2 high) you can add positions at every unit (measured by multiple of n, where n=1 ATR) stops should be placed at 2*n above every position entered, when the stop is hit exit your entire position. positions should be entered everytime price crosses under S1 or S2, with one exception: if the last trade was an S1 trade and it was a winning trade, skip the next trade unless the price crosses under S2, if that is the case, you should take it. S1 and S2 levels are also configurable for high and lows. N multiple for stops and pyramid are also configurable
To change this from a strateg to a study: 1) uncomment the next line and comment out the strategy line. 2) at the end of the file comment out the last 2 lines
Thanks Eugene, can i find this under indicators? by what name please?
Noldo
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Hey, your contributions are amazing. Thanks for your effort!
HTVH
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Great script sir!!
I am learning this strategy and just having 2 questions:
1.How do u calculate stop loss ? Like the Turtles book said it used 2ATR for stop loss and I calculated SL = Entry - [ATR(14) (EMA) x 2] but didnt get the same result to your SL. Are u using a different SL calculation method?
2.If the price is exceed 20-day high (low for short), a long (or short) position will be taken. So do we need a candle close above/below that high/low? or all we need is just a wick higher/lower than that high? Coz i see some scripts using candle close and some just using the high/low.
Thx u very much.
eugene71
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@WinterX, I'm using the close rather than the entry point to calculate the stop. So in this regard, it does vary slightly from the original rules in that it will only take the position if it closes above/below the L1/L2 level. The reason for this is the strategy tester has a limitation in that it will only enter positions after the close. If wick moves below the L1 or L2, but doesn't close below it, this extreme point (low of day) must be crossed in subsequent days to generate a trade. Backtesting, I like this as it forces the trade to really stretch and be bearish, also helps reduce some of the noise in day to day trading. The other thing worth noting is that trading view's position actually occur in the next bar after the signal (open).