In this script you get to take Buy/Sell trades using the 3 options mentioned below.(Alerts with price levels for buy/sell at , SL & Target are included in this one)
1. Combined Strategy :- uses confirmation from both strategies to trade. 2. Bollinger band Strategy :- use the Bollinger band Strategy to trade. 3. 5ema Strategy :- use the 5ema Strategy to trade.
1. Combined Strategy :-
for Selling :- we will go short/sell only when conditions of both strategies are satisfied. i.e. when a candle is completely above the upper Bollinger band & completely above the 5ema then it will be our Alert Candle. We Short/Sell only when the low of the Alert candle is broken or when the candle closes below the close of the Alert Candle. SL will be above high of the Alert Candle. Target will be minimum 1:3 or as per your emotions.
for Buying:- we will go Long/Buy only when conditions of both strategies are satisfied. i.e. when a candle is completely below the lower Bollinger band & completely below the 5ema then it will be our Alert Candle. We go Long/Buy only when the high of the Alert candle is broken or when the candle closes above the close of the Alert Candle. SL will be below low of the Alert Candle. Target will be minimum 1:3 or as per your emotions.
2. Power of Stocks - Bollinger Band Strategy :-
Bollinger band with standard deviation = 1.5
when a candle is completely above the upper Bollinger band, that candle will be called a signal/alert candle. Initiate a Sell trade when that alert candles low is broken. SL will be above high of that alert candle. Risk to reward ratio will be 1:4 i.e. target will be 4 times the SL.
when a candle is completely below the lower Bollinger band, that candle will be called a signal/alert candle. Initiate a Buy trade when that alert candles high is broken. SL will be below low of that alert candle. Risk to reward ratio will be 1:4 i.e. target will be 4 times the SL.
other rules for Options buying:- minimum 15min timeframe The day you initiate the position , you should be in profit above 10%-15% then only you should carry forward that position overnight, otherwise squareoff your trade on that day only. Buy ATM or slightly OTM, SL max 100 points , target 1:4
for Long-term/Investing :- Minimum Weekly If candle is outside the lower band then initiate a Buy trade when that candles High is broken. Sl will be below Low of that candle. for Long-term Target will be according to your emotions.
3. Power of Stocks - 5ema Strategy (target minimum 1:3) Timeframe - 5 min for Selling (Sell Futures/index/stocks or buy Put) 15 min for Buying (Buy Futures/index/stocks or sell Put)
for selling stocks :- you should enter trade within 10am , don't look for entries after that time. take only 2 entries a day.
for selling Index(Banknifty) :- you can take trade at anytime of the day whenever conditions get satisfied. you can take multiple entries in banknifty as it is very volatile.
for options choose atm strikes: selling trade sl for premium between 200-300 :- 20-30 points SL sl for premium between 400-500 :- 40-50 points SL sl for premium between 500-600 :- 50-60 points SL
Subhashish Pani's (power of stocks) 5 EMA Strategy:-
It plots 5 EMA and Buy/Sell signals with Target & Stoploss levels.
What is Subhashish Pani's (power of stocks) 5 EMA Strategy :- His strategy is very simple to understand. for intraday use 5 minutes timeframe for selling. You can sell futures, sell call or buy Puts in selling strategy. What this strategy tries to do is , it tries to catch the tops, so when you sell at top & it turns out to be a reversal point then you can get good profit. this will hit stop losses often, but stop losses are small and minimum target should be 1:3. but if you stay with the trend you can get big profits. According to Subhashish Pani this strategy has 60% success rate.
Strategy for Selling (Short future/Call/stock or buy Put) When ever a Candle closes completely above 5 ema (no part of candle should be touching the 5ema), then that candle should be considered as Alert Candle. If the next candle is also completely above 5 ema and it has not broken the low of previous alert candle, Then the previous Alert Candle should be ignored and the new candle should be considered as new Alert Candle. so if this goes on then continue shifting the Alert Candle, but whenever the next candle breaks the low of the Alert Candle we should take the Short trade (Short future/Call/stock or buy Put). Stoploss will be above high of the Alert Candle and minimum target will be 1:3.
Strategy for Buying (Buy future/Call/stock or sell Put) When ever a Candle closes completely below 5 ema (no part of candle should be touching the 5ema), then that candle should be considered as Alert Candle. If the next candle is also completely below 5 ema and it has not broken the high of previous alert candle, Then the previous Alert Candle should be ignored and the new candle should be considered as new Alert Candle. so if this goes on then continue shifting the Alert Candle, but whenever the next candle breaks the high of the Alert Candle we should take the Long trade (Buy future/Call/stock or sell Put). Stoploss will be below low of the Alert Candle and minimum target will be 1:3.
Buy/Sell with extra conditions : it just adds 1 more condition to buying/selling 1. checks if closing of current candle is lower than alert candles closing for Selling & checks if closing of current candle is higher than alert candles closing for Buyling. This can sometimes save you from false moves but by using this, you can also miss out on big moves as you'll enter trade after candle closing instead of entering at break of high/low.
Note :- According to Subhashish Pani Timeframe for intraday buying should be 15 minutes Timeframe.
If you haven't understood the strategy by reading above description, then search for "Subhashish Pani's (power of stocks) 5 EMA Strategy" on YouTube to get a deeper understanding.
Note:- This is not only for Intraday trading , you can use this strategy for Positional/Swing trading as well. If you use this on Monthly Timeframe then it can be very good for Long Term Investing as well. Rules will be same for all types of trades & Timeframes.
Nota Keluaran
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Changelog :- minor changes - shows price with the Labels.
Nota Keluaran
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Options in Settings :- ( This was already there in settings, but was not written in description) Enable the Extra SL shown below :- Tick to enable the Extra SL and untick to disable it. ( added on 21-11-2022)
Value to set SL no.of points below-low or above-high :- This will add the value that is entered here to the original SL.
Risk to reward ratio : the entered value here denotes the risk to reward ratio.
Show Sell signal :- Tick to enable the Sell Signals and untick to disable it.
Show Buy signal :- Tick to enable the Buy Signals and untick to disable it.
Buy/Sell with Extra Condition - candle close :- If enabled it will generate Buy/Sell signals only when the candle closes below low or above high of the alert candle. Else it will generate Buy/Sell signals when the candle breaks the low or high of the alert candle.
Changelog :- provided an option to enable or disable the extra SL.
HI @Keanu_ritz , i made an observation on the script , it works perfectly well as per strategy, if you look at today's Nifty chart in 15 mins , we got alert to short at 10 am and the next candle hit our SL, in order to avoid that, if the alert can be generated when the candle breaks the low of the previous candle + is inside the bollinger band , then it increases the chance of successful trade, same goes for Buying . I have back tested and the accuracy increases at least by 20% on 100 signals. Can you tweak the code to have this extra condition please
guptavinayak
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Please convert this to Strategy
GAMOROID
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Sir plz add add multi time frame.. and time limit also like 9:15 to 10:00 am
AfnanTAjuddin
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Dear @Keanu_ritz , Can you please convert it into strategy?
dahiyajaidev
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very nice work bro, it works well
venkateshg1980
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Nice
Ajay96
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HI @Keanu_ritz , Thanks for sharing this code and putting all the effort into doing so. I tried to convert it to strategy but not getting the desired results and also, the entry and exit signals are not on an intraday basis as they are only when the condition is met for the exit. I tried to do it by adding the below code:
//Back test period btStartTime = timestamp (2022, 1, 1, 9, 15) btEndTime = timestamp (2022, 12, 1, 15, 25) inDateRange = (time >= btStartTime and time <= btEndTime)
//Place orders
if ShowSell and Short and inDateRange strategy.entry("Go Short@ " + str.tostring(sellat) + " : SL@ " + str.tostring(ssl) + " : Target@ " + str.tostring(star) + " ", strategy.short )
if ShowSell and sslhit and inDateRange strategy.close("Short Stop-loss hit ", when=strategy.position_size>0)
if ShowSell and starhit and inDateRange strategy.close("Short Target hit ", when=strategy.position_size>0)
if ShowBuy and Long and inDateRange strategy.entry("Go Long@ " + str.tostring(buyat) + " : SL@ " + str.tostring(lsl) + " : Target@ " + str.tostring(ltar) + " ", strategy.long )
if ShowBuy and lslhit and inDateRange strategy.close("Long Stop-loss hit ", when=strategy.position_size>0)
if ShowBuy and ltarhit and inDateRange strategy.close("Long Target hit ", when=strategy.position_size>0)
if not inDateRange strategy.close_all()
Can you please convert it into a strategy with entry and exit time conditions?
atriculixwheels
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@Ajay96, Thanks for highlighting. Were you able to get a strategy update on this indicator?
kartikeyatrader2408
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Thanks for coding this Brother. But, the indicator is not showing any signals on Forex pairs like EURUSD. Any reason bro? @Keanu_ritz
Keanu_ritz
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@kartikeyatrader2408, It does show signals but the problem is that the way I've coded it , It will not work well on currency pairs or on Instruments which have price with four/five digits after decimal point. As I've provided the option in setting to set stoploss number of points below Low or above high and that option is in integers and not in float. so as of now the way it is coded if a signal is generated it's stoploss won't be easily hit as it will be too far away and so unless it hits the target , no new signal will be generated. I'll try to make that extra SL thing optional then may be it'll work , but i'll need some time to do that.