PROTECTED SOURCE SCRIPT

BuyTheDip V2

Updated

This is enhanced version of BuyTheDip Strategy which can be used for stocks and cryptos as well along with indices.

In addition to V1, the enhancement include breaking the zone into multiple levels based on multiple standard deviation Bollinger bands. Dip is confirmed only when price bounce back certain levels from the bottom. If price keeps going down, strategy does not generate signal.

Input parameters are as below:

ATR Parameters : AtrLength and AtrMult to calculate trailing stops
Trailing Condition parameters: TrailAfterBars, TrailTargetState - Trailing does not happen immediately. It either waits for TrailAfterBars to complete or price moves up by TrailTargetState levels in multi bollinger band level setup - whichever happens first.
Force Exit Parameters: If the price state based on multi-bollinger bands drop by TargetStopStateDiff level from its peak, then it will force exit from the trade if ExitOnFailureSignal is checked.
Entry Filters: It is not a dip if the instrument is already in downtrend. ConsiderYearlyHighLow, ConsiderNewLongTermHighLows and ConsiderMAAlignment are used for filtering entries so that we only buy the dip for uptrending instruments.

Release Notes

Remove calc_on_order_fills

Protected script

This script is published closed-source and you may privately use it freely.

Want to use this script on a chart?

Trendoscope

Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Telegram: p.trendoscope.io/telegram
Rate us : trustpilot.com/review/trendoscope.io

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.