Strategy Premise

The  Channel pattern represents two trend lines positioned above (channel resistance) and below (channel support) the price. The price action is contained between these two parallel trend lines. Strategy determines bounds on the basis of length that we input, for example if we use default length 5, Upperbound and Downbound of the channel will be the highs and lows of the last 5 candles, when a breakout happens to either side, LE/SE is created accordingly.

Strategy Logic

Long Entry: When a candle closes above Upper bound Send LE 

Long Exit: Either when SL or Target is hit. If SL/TGT is not hit and below Down bound Send LX, SE

Short Entry: When a candle closes below Down bound Send SE

Short Exit: Either when SL or Target is hit. If SL/TGT is not hit and above Upper bound Send SX, LE

Price Channel Strategy Parameters for TradingView Charts

1. Length(Mandatory): This is number of bars used to calculated  Ex: 14 à previous 14 candles are used

• Quantity: This is used to specify the trade quantity 

• Custom Stop Loss in Points: Movement in chart price against the momentum which will trigger exit

• Custom Target in Points: Movement in chart price against the momentum which will trigger exit

• Intraday Trade Session : Entry Trade Will be Taken only on this session.

• EXIT  Session : Trades will be squared off in this timeframe

TradingView Settings

STEP 1: Download The Pine Script Algo  here

STEP 2: Open desired Chart in trading View with normal Candlestick , Select desired timeframe of the chart , Go to pine editor section , remove the default code, paste the downloaded code,  save the file and to chart.

STEP  3: Once Strategy applied on chart, click on settings to optimize parameters  for your own trading.

Setting Up Alert

Before setting up alert make sure that You have selected desired script, timeframe, strategy settings, apibridge is configured and running. Click in settings add alert and paste {{strategy.order.comment}} in message box.

Important: do not change any settings during live trading.

NOTE: The pinescript works both with webhook alerts (TV Pro plan) and normal popup alerts (TV free plan).