OPEN-SOURCE SCRIPT
BBPullback1.0.2
This is a simple strategy script based on Bollinger Bands pullbacks.
The strategy is simple, as follows:
For LONGS: At the close of any candle, it check to see if this candle is an UP candle where the low broke below the lower Bollinger Band. If so, we call this the trigger candle. For the next bar, we issue a BUY signal if the price breaks above the high of the trigger candle. The stoploss is the low of the trigger candle. We take profit when the price goes above the middle Bollinger Band (the mean/average line).
For SHORTS: At the close of any candle, it check to see if this candle is an DOWN candle where the high broke above the upper Bollinger Band. If so, we call this the trigger candle. For the next bar, we issue a SELL signal if the price breaks below the low of the trigger candle. The stoploss is the high of the trigger candle. We take profit when the price goes below the middle Bollinger Band (the mean/average line).
The strategy is simple, as follows:
For LONGS: At the close of any candle, it check to see if this candle is an UP candle where the low broke below the lower Bollinger Band. If so, we call this the trigger candle. For the next bar, we issue a BUY signal if the price breaks above the high of the trigger candle. The stoploss is the low of the trigger candle. We take profit when the price goes above the middle Bollinger Band (the mean/average line).
For SHORTS: At the close of any candle, it check to see if this candle is an DOWN candle where the high broke above the upper Bollinger Band. If so, we call this the trigger candle. For the next bar, we issue a SELL signal if the price breaks below the low of the trigger candle. The stoploss is the high of the trigger candle. We take profit when the price goes below the middle Bollinger Band (the mean/average line).
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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