OPEN-SOURCE SCRIPT

[Autoview][Alerts]Dual MA Ribbons R0.12 by JustUncleL

Updated

Sorry I have had trouble getting the TradingView to point to the "Alerts" script instead of the "Backtest".

This is the Alerts part of this pair of Scripts. This part creates alerts to be picked up by the Chrome Add-on.

Release Notes

Resolve Issues

Resolve issue with Orange Close alerts not showing up in the TradingView alarm notifications when using Candlestick Charts.
Resolve issue with multiple Long/Short signals before Close by better use of the "tradeState" engine to keep control. This also made some of the Risk Management Code simpler.

Release Notes

Update Docs, Redesigned TSL for easier reading

This is an implementation of a strategy based on two MA Ribbon, a Fast Ribbon and a Slow Ribbon. The strategy revolves around a pair of scripts: [Alerts] to generate alerts signals for Autoview and [BackTest] for Backtesting, to tune your settings.

Trade Management options:

Option to specify a Strategy start and end time [BackTest] script only.
Trailing Stop Level, TSL (as % of price), activated on open trade
Target Profit Level, TP (as % of price)
Trailing Profit Level, TTP (as % of price below/above TP), activated on price passing TP Level
Stop Loss Level, SL (as % of price)
LONG green triangles and SHORT dark red triangles

Trade Order closed colour coded Labels:
> Dark Red = Stop Loss Hit
> Green = Target Profit Hit
> Purple = Trailing Stop Hit
> Orange = Opposite (Sell) Order Close

Trade Management Indication:

TSL = Fuschia solid stepping line
TP = Lime '+' line
TTP = Black solid stepping Line.
SL = Red '+' line

Dealing With Renko Charts:

If you choose to use Renko charts, make sure you have enabled the "IS This a RENKO Chart" option, (I have not so far found a way to Detect the type of chart is running).
If you want non-repainting Renko charts you MUST use TRADITIONAL Renko Bricks. This type of brick is fixed and will not change size.
Also use Renko bricks with WICKS DISABLED. Wicks are not part of Renko, the whole idea of using Renko bricks is not to see the wick noise.
Set you chart Time Frame to the lowest possible one that will build enough bricks to give a reasonable history, start at 1min TimeFrame. Renko bricks are not dependent on time, they represent a movement in price. But the chart candlestick data is used to create the bricks, so lower TF gives more accurate Brick creation.
You want to size your bricks to divide the pair price by 500, so for ETHBTC the price is say 0.0805 then your Renko Brick size should be about 0.0805/500 = 0.0002 (round up).
You may find there is some slippage in value, but this can be accounted for in the Backtest by setting your commission a bit higher, for example I use 0.2 - 0.3 for Binance.

Autoview alert syntax:
----------------------------
NOTE: This assumes you are trading coins BUY and SELL orders on the Binance Exchange
WARNING***Only use Autoview to automate a strategy after you've sufficiently backtested and forward tested the strategy.
You can learn more about the syntax here [url=autoview.with.pink/ ]autoview.with.pink/ and you can watch this video here: https://www.youtube.com/watch?v=epN5Tjinuxw

For the trade opens you will want to trigger BUY orders on LONGS (eg ETHBTC) with alert option "Once Per Bar Close" and SELL orders on SHORTS (eg BTCUSDT)
> b=buy q=0.0011 e=binance s=ethbtc u=currency t=market ( LONG )
> or b=sell q=0.0011 e=binance s=btcusdt t=market ( SHORT )
For the trade closes you will want to trigger these alerts on condition with alert option "Once Per Bar" to get the quickest close. "Once per Bar Close" can also be used. (NOTE: with Renko you can only use "Once Per Bar Close" option)
> b=sell q=99% e=binance s=ethbtc t=market ( CLOSE LONGS )
> or b=buy q=99% e=binance s=btcusdt u=currency t=market ( CLOSE SHORTS )

NOTE: Most of my testing was conducted on Renko Charts, I do not have any optimised settings for normal Candlestick charts, I have left that for fellow Traders to discover.

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?

JustUncleL

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.