OPEN-SOURCE SCRIPT
Trend Bounce [racer8]
Updated
I discovered this mechanical trading system titled "This Algo Strategy Has Only 3 rules and 62% Win Rate".
I coded the trading system on Tradingview...and now I am introducing it to you guys.
I modified the system so that it has both buy & sell signals.
I've tested it repeatedly in different markets on TV including stocks, currency pairs, bitcoin, and commodities...and it works!
A buy signal is generated whenever the current close is below the previous 7-day low and the current close is above the 200 period moving average.
A sell signal is generated whenever the current close is above the previous 7-day high and the current close is below the 200 period moving average.
The system also has a 2-ATR stop loss which I coded.
This system is unique in that it has both trend-following and reversal elements in it.
The system trades short-term reversals while obeying the long-term trend.
Essentially, you are buying the dips of bullish trends! & selling at the peaks of bearish trends!
Enjoy ♡
I coded the trading system on Tradingview...and now I am introducing it to you guys.
I modified the system so that it has both buy & sell signals.
I've tested it repeatedly in different markets on TV including stocks, currency pairs, bitcoin, and commodities...and it works!
A buy signal is generated whenever the current close is below the previous 7-day low and the current close is above the 200 period moving average.
A sell signal is generated whenever the current close is above the previous 7-day high and the current close is below the 200 period moving average.
The system also has a 2-ATR stop loss which I coded.
This system is unique in that it has both trend-following and reversal elements in it.
The system trades short-term reversals while obeying the long-term trend.
Essentially, you are buying the dips of bullish trends! & selling at the peaks of bearish trends!
Enjoy ♡
Release Notes
Removed some advertising.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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