The Essa System V1.5

The Essa System V1.5

Overview
The Essa System is a comprehensive trading strategy and backtesting tool designed for traders who use market structure and Fibonacci retracements. It automatically identifies significant trading ranges, calculates key retracement levels, and then backtests a complete trading strategy based on entries at these levels.

This is more than just an indicator; it's a full suite of analytical tools designed to help you develop, test, and analyze a complete trading plan directly on your chart.

How It Works
The system's logic is based on a classic price action concept:

2. Range Detection: First, it automatically identifies a significant trading range by finding the highest high and lowest low based on pivot points over a user-defined lookback period.
   
4. Fibonacci Analysis: Once the range direction (bullish or bearish) is established, the script calculates and displays key Fibonacci retracement levels (50%, 61.8%, 70.5%, and 78.6%).
   
6. Trade Execution: The system then looks for historical and live trading opportunities, entering a trade when the price pulls back to one of the enabled Fibonacci levels. All trades are managed with a predefined Stop Loss and Take Profit in pips.
   

Key Features

• Automatic Range & Fibonacci Analysis: Automatically draws the primary trading range and key Fib levels, updating as market structure evolves.
  
• Historical Backtesting: Plots all historical trade entries based on the strategy rules, allowing for a complete performance review over the chosen chart history.
  
• Detailed Trade Visuals: Displays active trades on the chart with clear lines and boxes for entry, stop loss, and take profit zones.
  
• Advanced Session Filtering: Allows you to isolate trades to specific market sessions (London, New York, Asia) with timezone support and daily trade limits.
  
• Built-in Risk Management: A cornerstone of the system. It automatically calculates the required position size for each trade based on your specified Account Size, Risk Percentage, and Stop Loss.
  

• Comprehensive Performance Tables: The script includes two powerful analytical tables:
  
• Trade Helper Table: Shows the status of live or potential upcoming trades, including entry/SL/TP prices and the calculated position size.
  
• History Table: Logs all recent trades and calculates key statistics like Profit Factor, Win Rate, and the overall PnL impact on your account balance.
  

• Customizable Strategy: Fine-tune every aspect of the strategy with inputs for the lookback period, SL/TP in pips, which Fib levels are tradable, and a cooldown timer to prevent over-trading.
  

How to Use

1. Add the indicator to your chart.
   
3. Navigate to the settings and, under "Account Settings," configure your Account Size and Risk Per Trade (%). This is essential for the PnL and position sizing calculations to be meaningful.
   
5. Under "Session Filter Settings," adjust the sessions you wish to trade.
   
7. Analyze the historical trades and the performance tables to understand the strategy's behaviour on your chosen asset and timeframe.
   

Disclaimer: This is a tool for strategy analysis and backtesting. It is not financial advice. Past performance is not indicative of future results. Always use proper risk management.