*** USE AT YOUR OWN RISK ***
JayRogers : "There are drawing/painting issues in pinescript when working across resolutions/timeframes that I simply cannot fix here.. I will not be putting any further effort into developing this until such a time when workarounds become available."
NOTE: Re-painting has not been observed with the default set up, nor with Alternate resolution multiplier up to 5.
Strategy based around Open-Close Moving Average Crossovers optionally from a higher time frame.
- I have generally found that setting the strategy resolution to 3-5x that of the chart you are viewing tends to yield the best results, regardless of which MA option you may choose (if any) BUT can cause a lot of false positives - be aware of this. JustUncleL: using one of the helps reduce false positives.
- Don't aim for perfection. Just aim to get a reasonably snug fit with the O-C band, with good runs of green and red. JustUncleL: using (8 to 10) gives a good fit.
- Option to either use basic open and close series data, or pick your poison with a wide array of MA types.
- Optional Stop Loss and Target Profit for damage mitigation if desired (can be toggled on/off)
- Positions get taken automatically following a crossover - which is why it's better to set the resolution of the script greater than that of your chart, so that the trades get taken sooner rather than later.
- If you make use of the stops/target profit, be sure to take your time tweaking the values. Cutting it too fine will cost you profits but keep you safer, while letting them loose could lead to more draw down than you can handle.
Revsion R5 Changes by JustUncleL
- Corrected cross over calculations, sometimes gave false signals.
- Corrected Alternate Time calculation to allow for Daily,Weekly and Monthly charts.
- Open Public release.
Revision R4 By JustUncleL
- Change the way the Alternate resolution in selected, use a Multiplier of the base Time Frame instead, this makes it easy to switch between base time frames.
- Added TMA and SSMA moving average options. But is still giving the best results.
- Using "calc_on_every_tick=false" ensures results between back testing and real time are similar.
- Added Option to Disable the coloring of the bars.
- Updated default settings.
R3 Changes by JustUncleL:
- Returned a simplified version of the open/close channel, it shows strength of current trend.
- Added Target Profit Option.
- Added option to reduce the number of historical bars, overcomes the too many trades limit error.
- Simplified the strategy code.
- Removed Trailing Stop option, not required and in my option does not work well in Trading View, it also gives false and unrealistic performance results in back testing.
R2 Changes by @JayRogers:
- Simplified and cleaned up plotting, now just shows a Moving Average derived from the average of open/close.
- Tried very hard to alleviate painting issues caused by referencing alternate resolution.
- Upgraded to Version 3 Pinescript compliance.
- Added option to select Trade type (Long, Short, Both or None)
- Added bar colouring work around patch.
- Some code corrections and changes to improve efficiency.
NOTE: To enable non-Repainting mode set "Delay Open/Close MA" to 1 or more, but expect the reported performance to drop dramatically.
Correction on SuperSmooth MA calculation.