Price Action and 3 EMAs Momentum plus Sessions Filter
This indicator plots on the chart the parameters and signals of the Price Action and 3 EMAs Momentum plus Sessions Filter Algorithmic Strategy. The strategy trades based on time-series (absolute) and relative momentum of price close, highs, lows and 3 EMAs.
I am still learning PS and therefore I have only been able to write the indicator up to the Signal generation. I plan to expand the indicator to Entry Signals as well as the full Strategy.
The strategy works best on EURUSD in the 15 minutes TF during London and New York sessions with 1 to 1 TP and SL of 30 pips with lots resulting in 3% risk of the account per trade. I have already written the full strategy in another language and platform and back tested it for ten years and it was profitable for 7 of the 10 years with average profit of 15% p.a which can be easily increased by increasing risk per trade. I have been trading it live in that platform for over two years and it is profitable.
Contributions from experienced PS coders in completing the Indicator as well as writing the Strategy and back testing it on Trading View will be appreciated.
STRATEGY AND INDICATOR PARAMETERS
Three periods of 12, 48 and 96 in the 15 min TF which are equivalent to 3, 12 and 24 hours i.e (15 min * period / 60 min) are the foundational inputs for all the parameters of the PA & 3 EMAs Momentum + SF Algo Strategy and its Indicator.
3 EMAs momentum parameters and conditions
• FastEMA = ema of 12 periods
• MedEMA = ema of 48 periods
• SlowEMA = ema of 96 periods
• All the EMAs analyse price close for up to 96 (15 min periods) equivalent to 24 hours
• There’s Upward EMA momentum if price close > FastEMA and FastEMA > MedEMA and MedEMA > SlowEMA
• There’s Downward EMA momentum if price close < FastEMA and FastEMA < MedEMA and MedEMA < SlowEMA
PA momentum parameters and conditions
• HH = Highest High of 48 periods from 1st closed bar before current bar
• LL = Lowest Low of 48 periods from 1st closed bar from current bar
• Previous HH = Highest High of 84 periods from 12th closed bar before current bar
• Previous LL = Lowest Low of 84 periods from 12th closed bar before current bar
• All the HH & LL and prevHH & prevLL are within the 96 periods from the 1st closed bar before current bar and therefore indicative of momentum during the past 24 hours
• There’s Upward PA momentum if price close > HH and HH > prevHH and LL > prevLL
• There’s Downward PA momentum if price close < LL and LL < prevLL and HH < prevHH
Signal conditions and Status (BuySignal, SellSignal or Neutral)
• The strategy generates Buy or Sell Signals if both 3 EMAs and PA momentum conditions are met for each direction and these occur during the London and New York sessions
• BuySignal if price close > FastEMA and FastEMA > MedEMA and MedEMA > SlowEMA and price close > HH and HH > prevHH and LL > prevLL and timeinrange (LDN&NY) else Neutral
• SellSignal if price close < FastEMA and FastEMA < MedEMA and MedEMA < SlowEMA and price close < LL and LL < prevLL and HH < prevHH and timeinrange (LDN&NY) else Neutral
Entry conditions and Status (EnterBuy, EnterSell or Neutral)(NOT CODED YET)
• ENTRY IS NOT AT THE SIGNAL BAR but at the current bar tick price retracement to FastEMA after the signal
• EnterBuy if current bar tick price <= FastEMA and current bar tick price > prevHH at the time of the Buy Signal
• EnterSell if current bar tick price >= FastEMA and current bar tick price > prevLL at the time of the Sell Signal
I am still learning PS and therefore I have only been able to write the indicator up to the Signal generation. I plan to expand the indicator to Entry Signals as well as the full Strategy.
The strategy works best on EURUSD in the 15 minutes TF during London and New York sessions with 1 to 1 TP and SL of 30 pips with lots resulting in 3% risk of the account per trade. I have already written the full strategy in another language and platform and back tested it for ten years and it was profitable for 7 of the 10 years with average profit of 15% p.a which can be easily increased by increasing risk per trade. I have been trading it live in that platform for over two years and it is profitable.
Contributions from experienced PS coders in completing the Indicator as well as writing the Strategy and back testing it on Trading View will be appreciated.
STRATEGY AND INDICATOR PARAMETERS
Three periods of 12, 48 and 96 in the 15 min TF which are equivalent to 3, 12 and 24 hours i.e (15 min * period / 60 min) are the foundational inputs for all the parameters of the PA & 3 EMAs Momentum + SF Algo Strategy and its Indicator.
3 EMAs momentum parameters and conditions
• FastEMA = ema of 12 periods
• MedEMA = ema of 48 periods
• SlowEMA = ema of 96 periods
• All the EMAs analyse price close for up to 96 (15 min periods) equivalent to 24 hours
• There’s Upward EMA momentum if price close > FastEMA and FastEMA > MedEMA and MedEMA > SlowEMA
• There’s Downward EMA momentum if price close < FastEMA and FastEMA < MedEMA and MedEMA < SlowEMA
PA momentum parameters and conditions
• HH = Highest High of 48 periods from 1st closed bar before current bar
• LL = Lowest Low of 48 periods from 1st closed bar from current bar
• Previous HH = Highest High of 84 periods from 12th closed bar before current bar
• Previous LL = Lowest Low of 84 periods from 12th closed bar before current bar
• All the HH & LL and prevHH & prevLL are within the 96 periods from the 1st closed bar before current bar and therefore indicative of momentum during the past 24 hours
• There’s Upward PA momentum if price close > HH and HH > prevHH and LL > prevLL
• There’s Downward PA momentum if price close < LL and LL < prevLL and HH < prevHH
Signal conditions and Status (BuySignal, SellSignal or Neutral)
• The strategy generates Buy or Sell Signals if both 3 EMAs and PA momentum conditions are met for each direction and these occur during the London and New York sessions
• BuySignal if price close > FastEMA and FastEMA > MedEMA and MedEMA > SlowEMA and price close > HH and HH > prevHH and LL > prevLL and timeinrange (LDN&NY) else Neutral
• SellSignal if price close < FastEMA and FastEMA < MedEMA and MedEMA < SlowEMA and price close < LL and LL < prevLL and HH < prevHH and timeinrange (LDN&NY) else Neutral
Entry conditions and Status (EnterBuy, EnterSell or Neutral)(NOT CODED YET)
• ENTRY IS NOT AT THE SIGNAL BAR but at the current bar tick price retracement to FastEMA after the signal
• EnterBuy if current bar tick price <= FastEMA and current bar tick price > prevHH at the time of the Buy Signal
• EnterSell if current bar tick price >= FastEMA and current bar tick price > prevLL at the time of the Sell Signal
הערות שחרור:
LookToBuy or LookToSell Signals have been updated. The EnterBuy or EnterSell Triggers have now been included.
Visibility of Sessions, EMAs as well as Highs, Lows, Previous Highs and Lows on the chart are not necessary for the Algo to plot the Signals and Triggers on the chart. They are included for our benefit to see what the Algo is seeing for generating Signals and Triggers. I have therefore included the options to turn them on and off for cleaner looking chart.
The strategy can also be traded in 5 minutes chart. However I normally execute only signals after Round Levels up to 25 pips before the next Round Levels. The strategy is also more sensitive to Fundamentals in the 5 minutes chart so extra caution should be exercised during High Impact Events. Round Levels code has been included and can be turned on for this purpose.
Please remember “Past performance is no guarantee of future results”. May the pips be with you all
Visibility of Sessions, EMAs as well as Highs, Lows, Previous Highs and Lows on the chart are not necessary for the Algo to plot the Signals and Triggers on the chart. They are included for our benefit to see what the Algo is seeing for generating Signals and Triggers. I have therefore included the options to turn them on and off for cleaner looking chart.
The strategy can also be traded in 5 minutes chart. However I normally execute only signals after Round Levels up to 25 pips before the next Round Levels. The strategy is also more sensitive to Fundamentals in the 5 minutes chart so extra caution should be exercised during High Impact Events. Round Levels code has been included and can be turned on for this purpose.
Please remember “Past performance is no guarantee of future results”. May the pips be with you all