Wide Range Bar pattern and Strategy

2020년 12월 25일

Recently , I have read about Wide Range Bar pattern. However I could not find any strategy based on that.

WRB paatern is to find the Wide bar from last 7 candles and take long position on next green candle ....

To test whether WRB 7 pattern , I have slightly adjusted to fit in my startegy ...

Instead of 7 bars , script will check last 5 candles
with 1.5 multi factor
RSI 3 to check whether price pulled to OverSold zone.

I call it as WRB5 and RSI3 strategy.

Entry
When WRB found in last 5 bars.

RSI 3 must be below 20 reading

wait for a green candle ( i.e close > open ) ( Note : wait cant be mmore than 3 candles. if more than candles , cancel the setup)

Exit when RSI3 reaches 80 level



Stop Loss : defaulted to 5% (purple line below the Long entery bar sow sthe stop loss)


Let me know what you think about this idea