APIBridge, TradingView
Strategy Premise
An impulse wave, which net travels in the same direction as the larger trend, always shows five waves in its pattern. … Price action is divided into trends and corrections. Trends show the main direction of prices, while corrections move against the trend.
Strategy Logic
Long Entry: When Wave Trend 1 Cross Over(green) Wave Trend 2 (Red) , Send LE.
Long Exit: Either when SL or Target is hit. If SL/TGT is not hit send LX and SE
Short Entry: When Wave Trend 1(Green) Cross Under Wave Trend 2(Red) Send SE
Short Exit: Either when SL or Target is hit. If SL/TGT is not hit send SX and LE
Wave Trend Strategy Parameters for TradingView Charts
1. Channel Length: This is the number of bars used to calculated Ex: 14 à previous 14 candles are used.
2. Avg. Length : Common moving average lengths are 10, 20, 50, 100 and 200. These lengths can be applied to any chart time frame (one minute, daily, weekly, etc.),
3. Quantity: This is used to specify the trade quantity
4. Custom Stop Loss in Points: Movement in chart price against the momentum which will trigger exit
5. Custom Target in Points: Movement in chart price against the momentum which will trigger exit
TradingView Settings
STEP 1: Download The Pine Script Algo here
STEP 2: Open desired Chart in trading View with normal Candlestick, Select the desired timeframe of the chart, Go to the pine editor section, remove the default code, paste the downloaded code, save the file, and to chart.
STEP 3: You can optimize your strategy by changing the input parameters, using “Settings” of Bollinger Band Strategy.
Setting Up Alert
Before setting up an alert make sure that You have selected the desired script, timeframe, strategy settings, API bridge 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).
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