AlgoTrader77
Member
New here, so I thought I’d post something everyone can use (who wants to).
I’m normally not a very big fan of lagging indicators but this is super easy to use and gives pretty high win ratios in these markets. Plus, it’s VERY easy to get the hang of it!
I had this created for me a while back (see code below).
You simply wait for a bar/candle to close below/above the line and take a breakout/breakdown 1 tick above/below (depending on direction) the prior candle. (see annotations in screenshot)
Been getting 20 to over 100 points (points NOT ticks!) per trade!!
I annotated this in the screenshot, but to reiterate… loss mitigation is entirely up to you. Some of these candles are 40-90+ points in a single minute. So, use caution on how tight you keep things. Let the market breathe and the strategy do its thing! You can use the opposite end of the prior candle you are trading your breakout/breakdown from to protect capital. Or you can pretty much do whatever is inline with your risk tolerance.
Profit taking is a bit different – at least for how I handle it. I set an initial profit target 100 points above my entry (because these markets are NUTS!!). I’ve had this hit many times in 30 minutes or less. Especially that last one which took about 5 minutes (see Wednesday March 19, 2020 at 2:46 Chicago time short entry price 7395.25).
I use this on the NQ with a 1-minute chart and that’s about it. Super fun and easy to see in real-time.
Here is the code:
I’m normally not a very big fan of lagging indicators but this is super easy to use and gives pretty high win ratios in these markets. Plus, it’s VERY easy to get the hang of it!
I had this created for me a while back (see code below).
You simply wait for a bar/candle to close below/above the line and take a breakout/breakdown 1 tick above/below (depending on direction) the prior candle. (see annotations in screenshot)
Been getting 20 to over 100 points (points NOT ticks!) per trade!!
I annotated this in the screenshot, but to reiterate… loss mitigation is entirely up to you. Some of these candles are 40-90+ points in a single minute. So, use caution on how tight you keep things. Let the market breathe and the strategy do its thing! You can use the opposite end of the prior candle you are trading your breakout/breakdown from to protect capital. Or you can pretty much do whatever is inline with your risk tolerance.
Profit taking is a bit different – at least for how I handle it. I set an initial profit target 100 points above my entry (because these markets are NUTS!!). I’ve had this hit many times in 30 minutes or less. Especially that last one which took about 5 minutes (see Wednesday March 19, 2020 at 2:46 Chicago time short entry price 7395.25).
I use this on the NQ with a 1-minute chart and that’s about it. Super fun and easy to see in real-time.
Here is the code:
Code:
plot myindicator=ExpAverage(close,20);
myindicator.SetDefaultColor(Color.White);
myindicator.AssignValueColor(if close>=myindicator then Color.Green else Color.Red);
myindicator.SetStyle(curve.LONG_DASH);
myindicator.SetPaintingStrategy(paintingstrategy.LINE_VS_SQUARES);
myindicator.SetLineWeight(5);
myindicator.setHiding(if close>open(period="DAY") then 0 else 1);
Last edited by a moderator:
