*** 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.
This is real hard work and a great script. I have a question. Would taking a trade after the closing of the candle and selecting a higher timeframe, of say 1 hour, help avoid repainting issues completely?
Thank you for your reply. Let me tell you that I have been trading using your script and I don't use any other indicators. Your script is one of the most ingenious and profitable strategies I have ever come across.
Sadly, one of the things bothering me is the repaint issue. Sometimes signals just disappear which is somewhat acceptable. The other issue is that an entry/exit price changes to the "open" price after the completion of the current candle. So the end result calculates based on the "open" prices of the candles (where the signal was generated) rather than the actual prices when the buy/sell at the crossover. So I have a couple of questions regarding this:
1. How do I minimize the effects of repaint without altering the script? I know you have a no-repaint version but it doesn't appear to be as accurate as this one. I mean, your script generates an entry signal based on a crossover. So how do I make sure this crossover has actually happened on the chart?
2. Is it possible to alter the script so that it avoids calculations of the end results based on the open prices of the candles but rather calculates based on the actual pries at crossover?
For convenience, you can change the line of code 167 and 168, then Stop-loss and Take-profit will be in percent, not in ticks.
167: TP = tpPoints > 0 ? floor(tpPoints/100*strategy.position_avg_price/syminfo.mintick) : na
168: SL = slPoints > 0 ? floor(tpPoints/100*strategy.position_avg_price/syminfo.mintick) : na
Perhaps this will be useful to you.
Thanks for the open script!