This is my implementation of a simple trading system inspired by the 9/30 trading strategy, which i came across few years ago. i hope some traders are still using it :)
(please google "9/30 trading strategy" if you're not sure what it is)
- the improvements i added focus on: faster (long/short) signals, discovery of best entry "zone", ride the trend - no exit option, trader can use a pre-set target, a trailing stop, or any other mechanisms - i tried to explain some of the definitions and rules on the below chart - in spite if its simplicity, the 9/30 has a lot to offer - different traders will also use it differently and add their own "do's and don't's"
default settings should be adjusted to suit timeframe, type of trader and what is being traded (Stocks, FOREX,..etc) - the concept itself is very flexible and well-tested for mechanical trading.
code-named "The Musician" due to the 5-line plot :)
i will continue to improve this work whenever i find time - i liked it a lot.. (please tag the idea to receive the updates)
Extras and improvements (compared to the classic 9/30 concept) --------------------------------------------------------------------------------- * signal line is a smoothed zero-lag WMA of a shorter length (responds faster to trend change = faster signal) * instead of a single longer MA line, we utilize an "average range" -based channel (not ATR, but provides the same concept) to provide the ideal "entry zones" in both directions - an adjustable multiplier is included in the settings to adjust the channel width * adds an optional long EMA as additional filter (take longs only above, take shorts only below) * clearer visualization
What's next: ============== * clean-up code * add signals (arrow-up & arrow-dn) for entry and for exit * tri-color signal line (green on long, red on short, gray on no trade) * other options for the channel (ATR-based, DC center-line..etc) * other MA-type options for the Filter MA (SMA, WMA ?) * maybe: convert to strategy and back-test
Please feel free to explore and test - Comments and feedback are welcome. Good Luck!
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v2 adds: - Options for the center line (channel type): WMA, EMA or a Donchian Center line - Options for the channel style & band: Close Change, Bar Range, True Range, ATR These settings allow much more flexibility - but need to be tested and tweaked until trader can see a workable "entry zone" based on the underlying and the trader's own timeframe & style - Code Clean-up
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v3 adds some more code clean-up and 4 type options for the signal line (WMA, EMA, Zero-Lag WMA, and Hull MA) for a total 48 set-up variations update code to use the color.new() instead of "transp"
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v4 final tweaks - adjusts some defaults - adjusts the way the plots are filled for improved visual
here are some example of variations -- i plan to post a more detailed guide soon
Great tool to support those who use 9/30 strategy and variants. Very customizable.
Can do much more than the 9/30 strategy. The most challenging part is actually to find the right approach to "fine tune" the parameters and make it effective depending on your style, timeframe and assets.
If there is a chance to include conditional entry/exit signal, it would be fantastic.
Thanks for the sharing.
RedKTrader
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@SugarTrader77, thanks for the feedback - and i totally agree. tweaking the settings is the part that requires trader to apply their knowledge of what they trade and how they want to trade it, i tried to share some initial examples, but the variations are almost unlimited.
on the signals - they will vary largely based on the chosen setup & parameter settings - and if the long "filter" is used on not. for the time being, the "visual" signals can be a good generic starting point
good luck!
just_naba
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looks great thanks as always doing great
RedKTrader
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@naba_naif, thank you. let's make some money :)
just_naba
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@RedKTrader, sound is good , i have a red camel and green camel , u know the camel has strong patience , but if attacks its more stronger then a bear and a bull. .that a .strategic idea ..hope some one help to convert the idea into a script .
RedKTrader
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@naba_naif, interesting thought .. let's discuss further on DM :)