This strategy employs the Kijun-Sen line (from Ichimoku cloud) as a baseline for decisions.
In essence, the Kijun-Sen is a kind of moving average based on the High/Low range, similar to Donchian channels.
We wait for a crossover or crossunder to enter a new trade, then exit upon the next cross.
It works on 1H timeframe and above. It also works for all the Major FX pairs (at least from my tests).
I use the ATR and a multiplier to decide the S/L position as well as the volume of the trade.
I also use an equity protector to close out of all trades if a specific DD % level is reached. In theory, this should never happen with only one trade open at a time, however, if a user wants to modify the script to pyramid orders then the equity protector could potentially "save" an account.
The default settings should produce winning results on Major pairs. You can change the backtest time in the script by altering line #53:
>if(time > timestamp(2017,1,1,0,0) and time < timestamp(2019,1,1,0,0))
TODO:
Add 2 additional forms of confirmation
Add volume to filter losing trades
Add exit indicator
In essence, the Kijun-Sen is a kind of moving average based on the High/Low range, similar to Donchian channels.
We wait for a crossover or crossunder to enter a new trade, then exit upon the next cross.
It works on 1H timeframe and above. It also works for all the Major FX pairs (at least from my tests).
I use the ATR and a multiplier to decide the S/L position as well as the volume of the trade.
I also use an equity protector to close out of all trades if a specific DD % level is reached. In theory, this should never happen with only one trade open at a time, however, if a user wants to modify the script to pyramid orders then the equity protector could potentially "save" an account.
The default settings should produce winning results on Major pairs. You can change the backtest time in the script by altering line #53:
>if(time > timestamp(2017,1,1,0,0) and time < timestamp(2019,1,1,0,0))
TODO:
Add 2 additional forms of confirmation
Add volume to filter losing trades
Add exit indicator
Versionsinformation:
Updated the initial strategy declaration.
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General questions about Pinescript? -> t.me/pinescripters