OPEN-SOURCE SCRIPT
Chaikin Money Flow + MACD + ATR
Updated
Here I present you on of Trade Pro's Trading Idea: Chaikin Money Flow + MACD + ATR.
This strategy is not as profitable as it can be seen in one of his videos. In the forex market, the strategy could reach a maximum of 35% profitability.
I have, as some of my followers have requested, created an overview of the current position, risk and leverage settings in the form of a table.
Furthermore, one can again swap between short and long positions.
It is now possible to select or deselect individual indicators.
I have chosen the ATR alone as a take profit stop loss, as in his strategy.
A position is only triggered as soon as all prerequisites have been fulfilled and a command is executed. This prevents false triggering by bots and repainting.
-----------------------------------------------------------------------------------
How does the strategy work?
ENTRY
Long
The MACD indicator must be above the zero line.
Then the K line must cross the D line.
Finally, when this happens, the Money Flow Index must be above the zero line.
Short
Contrary to the premise of long positions.
EXIT
ATR Exit
The value of ATR at the time of buying is multiplied by the value entered in "Profit factor ATR" and "Stop factor ATR". As soon as the price reaches this value, it is closed.
Important
The script must be optimized for each coin or currency pair.
I will publish a guide to the strategy shortly. There I will explain how the table works and how to set the strategy correctly.
The results of the strategy are without commissions and leverage.
If you have any questions or feedback, please let me know in the comments.
This strategy is not as profitable as it can be seen in one of his videos. In the forex market, the strategy could reach a maximum of 35% profitability.
I have, as some of my followers have requested, created an overview of the current position, risk and leverage settings in the form of a table.
Furthermore, one can again swap between short and long positions.
It is now possible to select or deselect individual indicators.
I have chosen the ATR alone as a take profit stop loss, as in his strategy.
A position is only triggered as soon as all prerequisites have been fulfilled and a command is executed. This prevents false triggering by bots and repainting.
-----------------------------------------------------------------------------------
How does the strategy work?
ENTRY
Long
The MACD indicator must be above the zero line.
Then the K line must cross the D line.
Finally, when this happens, the Money Flow Index must be above the zero line.
Short
Contrary to the premise of long positions.
EXIT
ATR Exit
The value of ATR at the time of buying is multiplied by the value entered in "Profit factor ATR" and "Stop factor ATR". As soon as the price reaches this value, it is closed.
Important
The script must be optimized for each coin or currency pair.
I will publish a guide to the strategy shortly. There I will explain how the table works and how to set the strategy correctly.
The results of the strategy are without commissions and leverage.
If you have any questions or feedback, please let me know in the comments.
Release Notes
- EMA added so that the trend can be better classified
- Settings adjusted
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.
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.