OPEN-SOURCE SCRIPT
Strategy Myth-Busting #10 - InsideBar+EMA - [MYN]
This is part of a new series we are calling "Strategy Myth-Busting" where we take open public manual trading strategies and automate them. The goal is to not only validate the authenticity of the claims but to provide an automated version for traders who wish to trade autonomously.
Our 10th one we are automating is the "75% Win Rate High Profit Inside Bar Trading Strategy - What If You ..." strategy from "Trade Pro" who claims to have backtested this manually and achieved 11,063% profit with a 75% winrate over 100 trades. I was unable to emulate these results consistently accommodating for slippage and commission but even so, the results look promising. I was only able to achieve this win-rate with some multiple take profit staggering. Even so the markdown is above where I would normally consider comfortable (>20%).
If you know of or have a strategy you want to see myth-busted or just have an idea for one, please feel free to message me.
This strategy uses a combination of 2 open-source public indicators:
Trading Rules
Long Entry when these conditions are true
Short Entry when these conditions are true
Our 10th one we are automating is the "75% Win Rate High Profit Inside Bar Trading Strategy - What If You ..." strategy from "Trade Pro" who claims to have backtested this manually and achieved 11,063% profit with a 75% winrate over 100 trades. I was unable to emulate these results consistently accommodating for slippage and commission but even so, the results look promising. I was only able to achieve this win-rate with some multiple take profit staggering. Even so the markdown is above where I would normally consider comfortable (>20%).
If you know of or have a strategy you want to see myth-busted or just have an idea for one, please feel free to message me.
This strategy uses a combination of 2 open-source public indicators:
- Inside Bar Ind/Alert by CMA
- EMA (built-in)
Trading Rules
- 4 hour candles
- Stop Loss at EMA Line with TP Target 1.5x the risk
Long Entry when these conditions are true
- inside bar and bullish
- Bar close's above 50 ema
- Price action rises above high of inside bar .
Short Entry when these conditions are true
- inside bar and bearish
- Bar close below 50 ema
- Price action falls below low of inside bar
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.
If you're interested in exploring and discovering other high quality free strategies come join us in Discord: discord.gg/2wkm9QqSuY
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