OPEN-SOURCE SCRIPT

The Only EURUSD Trading Strategy You Need - Kaspricci

Updated
The Only EURUSD Trading Strategy You Need
I got the idea to this strategy from a youtube video uploaded by Trade Beta. It is designed to capture the early market move of major forex pair EURUSD at beginning of New York Stock Exchange (13:30 GMT). Trade Beta tested his strategy on the 5 minute chart. I have set all parameters to same values as shown in the video.

The strategy creates two pending orders at the recent swing high and low. Once the first pending order entered, the remaining one is cancelled. Latest at the end of market session all pending orders are cancelled and all open trade are closed as well.

In rare case that price at session opening is above swing high, only a pending sell stop order is created at swing high price. And in case price is below swing low, a pending buy stop order is created.

Settings
  • Trading Time - default: New York Stock Exchange opening hours. Pending orders are created at the close of the first candle within the session.
  • Swing High Source / Bars - default: High / 5 bars. Used to find the latest swing high within a range of 5 bars left and right. Price is used for buy stop order.
  • Swing Low Source / Bars - default: Low / 5 bars. Used to find the latest swing low within a range of 5 bars left and right. Price is used for sell stop order.
  • Stop Loss Type - default: ATR. You can switch between stop loss calculation based on Average True Range value or fixed value.
  • ATR Length / Factor / TP Ratio - default: 14 / 2.0 / 2.0. Used to calculate the Stop Loss as ATR * Factor and Take Profit as Stop Loss * TP Ratio.
  • FIX Stop Loss / Take Profit - default: 10 pips / 20 pips. In case you select Stop Loss Type = FIX, these value swill be used.


This strategy is for educational purposes only! It is not meant to be a financial advice.
Release Notes
Added the option to adjust the quantity of a trade based on a defined risk percentage. If enabled, it will overwrite the quantity parameter of the strategy settings.
Release Notes
Adding custom alert messages that enable simple bot configurations.

Supported list of variables wich will be replaced before triggering the alert:
  • #nl# => New line
  • #symbol# => The ticker e.g. EURUSD
  • #LongSL# => Long Stop loss, absolut price of stop loss (buy stop price - stop loss in ticks)
  • #LongTP1# => Long Take Profit 1, absolut price of take profit target at 50% of take profit (buy stop price + take profit in ticks * 0.5)
  • #LongTP2# => Long Take Profit 2, absolut price of take profit target at 100% of take profit (buy stop price + take profit in ticks)
  • #LongTPFULL# => Long Take Profit in FULL, same as #LongTP2#
  • #ShortSL# => Short Stop loss, absolut price of stop loss (sell stop price + stop loss in ticks)
  • #ShortTP1# => Short Take Profit 1, absolut price of take profit target at 50% of take profit (sell stop price - take profit in ticks * 0.5)
  • #ShortTP2# => Short Take Profit 2, absolut price of take profit target at 100% of take profit (sell stop price - take profit in ticks)
  • #ShortTPFULL# => Short Take Profit in FULL, same as #ShortTP2#
  • #TakeAmount1# => Percent to remove from trade on hitting TP1, eg. 1.0 (risk in percent * 0.5)
  • #TakeAmount2# => Percent to remove from trade on hitting TP2, eg. 2.0 (risk in percent)
  • #TakeAmountFULL# => Percent to remove from trade on hitting TP3, same as #TakeAmount2#


Please test the alerts carefully as I don't use them by my own! Leave a comment, in case you found a bug.
Release Notes
Fixed a bug with too many pending orders created, when enabling the strategy feature "on every tick".
Pivot points and levelssession

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.

Want to use this script on a chart?

Disclaimer