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OPEN-SOURCE SCRIPT

Simple and Profitable Scalping Strategy (ForexSignals TV)

By kevinmck100
Updated
Strategy is based on the "SIMPLE and PROFITABLE Forex Scalping Strategy" taken from YouTube channel ForexSignals TV.
See video for a detailed explaination of the whole strategy.

I'm not entirely happy with the performance of this strategy yet however I do believe it has potential as the concept makes a lot of sense.
I'm open to any ideas people have on how it could be improved.

Strategy incorporates the following features:

Risk management:
  • Configurable X% loss per stop (default to 1%)
  • Configurable R:R ratio


Trade entry:
  • Based on stratgey conditions outlined below


Trade exit:
  • Based on stratgey conditions outlined below


Backtesting:
  • Configurable backtesting range by date


Trade drawings:
  • Each entry condition indicator can be turned on and off
  • TP/SL boxes drawn for all trades. Can be turned on and off
  • Trade exit information labels. Can be turned on and off
  • NOTE: Trade drawings will only be applicable when using overlay strategies


Debugging:
  • Includes section with useful debugging techniques


Strategy conditions

Trade entry:
LONG
  • C1: On higher timeframe trend EMAs, Fast EMA must be above Slow EMA
  • C2: On higher timeframe trend EMAs, price must be above Fast EMA
  • C3: On current timeframe entry EMAs, Fast EMA must be above Medium EMA and Medium EMA must be above Slow EMA
  • C4: On current timeframe entry EMAs, all 3 EMA lines must have fanned out in upward direction for previous X candles (configurable)
  • C5: On current timeframe entry EMAs, previous candle must have closed above and not touched any EMA lines
  • C6: On current timeframe entry EMAs, current candle must have pulled back to touch the EMA line(s)
  • C7: Price must break through the high of the last X candles (plus price buffer) to trigger entry (stop order entry)

SHORT
  • C1: On higher timeframe trend EMAs, Fast EMA must be below Slow EMA
  • C2: On higher timeframe trend EMAs, price must be below Fast EMA
  • C3: On current timeframe entry EMAs, Fast EMA must be below Medium EMA and Medium EMA must be below Slow EMA
  • C4: On current timeframe entry EMAs, all 3 EMA lines must have fanned out in downward direction for previous X candles (configurable)
  • C5: On current timeframe entry EMAs, previous candle must have closed above and not touched any EMA lines
  • C6: On current timeframe entry EMAs, current candle must have pulled back to touch the EMA line(s)
  • C7: Price must break through the low of the last X candles (plus price buffer) to trigger entry (stop order entry)


Trade entry:
  • Calculated position size based on risk tolerance
  • Entry price is a stop order set just above (buffer configurable) the recent swing high/low (long/short)


Trade exit:
  • Stop Loss is set just below (buffer configurable) trigger candle's low/high (long/short)
  • Take Profit calculated from Stop Loss using R:R ratio


Credits

"SIMPLE and PROFITABLE Forex Scalping Strategy" taken from YouTube channel ForexSignals TV
Release Notes
Fix incorrect inline value in settings
backtestbacktestingExponential Moving Average (EMA)pullbackriskmangementriskrewardstragegytrendtrendtrading

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.

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