Script Revision: 2
*** USE AT YOUR OWN RISK ***
There are drawing/painting issues in pinescript when working across resolutions/timeframes that I simply cannot fix here.. I will not be putting any further effort into developing this until such a time when workarounds become available.
V2 Changes:
*** USE AT YOUR OWN RISK ***
There are drawing/painting issues in pinescript when working across resolutions/timeframes that I simply cannot fix here.. I will not be putting any further effort into developing this until such a time when workarounds become available.
V2 Changes:
- Simplified and cleaned up plotting, now just shows a Moving Average derived from the average of open/close.
- Tried very hard to alleviate painting issues caused by referencing alternate resolution..
- Strategy based around Open-Close Crossovers.
- I have generally found that setting the strategy resolution to 3-4x that of the chart you are viewing tends to yield the best results, regardless of which MA option you may choose (if any) - can cause a lot of false positives, be aware of this.
- Don't aim for perfection. Just aim to get a reasonably snug fit with the O-C band, with good runs of green and red.
- Option to either use basic open and close series data, or pick your poison with a wide array of MA types.
- Optional trailing stop for damage mitigation if desired (can be toggled on/off)
- Positions get taken automagically following a crossover - which is why it's better to set the resolution of the script greater than that of your chart, so that the trades get taken sooner rather than later.
- If you make use of the stops/trailing stops, be sure to take your time tweaking the values. Cutting it too fine will cost you profits but keep you safer, while letting them loose could lead to more drawdown than you can handle.
