20 EMA Daytrading Indicator For ThinkOrSwim

[rharv]

The author states:
This strategy creates long and short signals based on a 20 EMA crossing condition. Works well in 4H timeframes or higher. Accuracy is around 60%.

BUY
When a green candle crosses above 20 EMA
Followed by another green candle which closes above the previous candle high

SELL
When a red candle crosses below 20 EMA
Followed by another red candle which closes below the previous candle low


Stop loss at ATR + 5
Take Profit at 1.3R

original Tradingivew code:
https://www.tradingview.com/script/YoRka7mY-20-EMA-Daytrading-Strategy/
new ToS code in post below.

 

[QUIKTDR1]

# 20 EMA Daytrading Strategy

input length = 20;
def e20 = ExpAverage(close, length);

plot EMA20 = e20;
EMA20.SetDefaultColor(Color.ORANGE);

def longCond = close[1] < e20[1] and close >= high[1];
def shortCond = close[1] > e20[1] and close <= low[1];

AssignBackgroundColor(if longCond then Color.GREEN else if shortCond then Color.RED else Color.CURRENT);

AddChartBubble(longCond, low, "LONG", Color.GREEN, yes);
AddChartBubble(shortCond, high, "SHORT", Color.RED, no);

 

[rharv]

# 20 EMA Daytrading Strategy

input length = 20;
def e20 = ExpAverage(close, length);

plot EMA20 = e20;
EMA20.SetDefaultColor(Color.ORANGE);

def longCond = close[1] < e20[1] and close >= high[1];
def shortCond = close[1] > e20[1] and close <= low[1];

AssignBackgroundColor(if longCond then Color.GREEN else if shortCond then Color.RED else Color.CURRENT);

AddChartBubble(longCond, low, "LONG", Color.GREEN, yes);
AddChartBubble(shortCond, high, "SHORT", Color.RED, no);

Thank You!!! I'll test it today

 

[Thinker]

The author states:
This strategy creates long and short signals based on a 20 EMA crossing condition. Works well in 4H timeframes or higher. Accuracy is around 60%.

BUY
When a green candle crosses above 20 EMA
Followed by another green candle which closes above the previous candle high

SELL
When a red candle crosses below 20 EMA
Followed by another red candle which closes below the previous candle low


Stop loss at ATR + 5
Take Profit at 1.3R

original Tradingivew code:
https://www.tradingview.com/script/YoRka7mY-20-EMA-Daytrading-Strategy/
new ToS code in post below.

Are you using Heikin Ashe candles?

 

[rharv]

Are you using Heikin Ashe candles?

Just using regular candles for now, was thinking about using Heikin Ashe candles and adding the super trend