This strategy can be used to play price levels with long or short setups. The idea behind is to have an automatic execution engine to long support levels or short resistance levels.
There are 9 levels that can be defined: Daily levels (solid), Weekly Levels (dotted) and 3 other additional levels (blue dotted).
The concept of the levels are based on Layup Futures trading room owner @Oblique (layuptrades.com)
Bias = Pivot Point , Bullish above, bearish below
Up-clue = Clue for more upside, last resort for bears
Down-clue = Clue for more downside, last resort for bulls
Each level can be selected for long or short plays, as well as a trail profit or fix profit taking strategy.
Trades are also executed in the specified timeframe (indicated by green arrows on the chart).
Additional rules can be configured:
- trade size
- profit targets
- stop loss
- No of tests to be played on each level
- Level distance control: Execution control is done via 30min closes (blue line) to avoid chop, trades are taken only if the prior 30min bar closes X points above or below a level (default is 2).
The current default settings are based on the daily plan from June 8th 2021 from Layup Futures that Oblique posts each morning before the open.
I personally use a 1min bar chart for back-testing and trade execution, but the script also works on 5min. Higher timeframes than 5min are not recommended.
There are two use cases how the levelTrader logic can be used:
- Backtesting of levels, how well long / short setups would have worked and how certain levels behave
- Auto Trading (I personally use the Trading View alert engine to trigger autotrades through the Oanda Broker API , when I am not able to trade at my PC).
The idea is basically to read the daily plan, decide which setups to take and then let the levelTrader execute all trades that I want.
There are 9 levels that can be defined: Daily levels (solid), Weekly Levels (dotted) and 3 other additional levels (blue dotted).
The concept of the levels are based on Layup Futures trading room owner @Oblique (layuptrades.com)
Bias = Pivot Point , Bullish above, bearish below
Up-clue = Clue for more upside, last resort for bears
Down-clue = Clue for more downside, last resort for bulls
Each level can be selected for long or short plays, as well as a trail profit or fix profit taking strategy.
Trades are also executed in the specified timeframe (indicated by green arrows on the chart).
Additional rules can be configured:
- trade size
- profit targets
- stop loss
- No of tests to be played on each level
- Level distance control: Execution control is done via 30min closes (blue line) to avoid chop, trades are taken only if the prior 30min bar closes X points above or below a level (default is 2).
The current default settings are based on the daily plan from June 8th 2021 from Layup Futures that Oblique posts each morning before the open.
I personally use a 1min bar chart for back-testing and trade execution, but the script also works on 5min. Higher timeframes than 5min are not recommended.
There are two use cases how the levelTrader logic can be used:
- Backtesting of levels, how well long / short setups would have worked and how certain levels behave
- Auto Trading (I personally use the Trading View alert engine to trigger autotrades through the Oanda Broker API , when I am not able to trade at my PC).
The idea is basically to read the daily plan, decide which setups to take and then let the levelTrader execute all trades that I want.