Strategy Premise
The indicator is a hybrid of SAR and Linear Regression calculated in a similar way as the SuperTrend. In other words the linear regression is used to calculate the deviation from the parabolic SAR. Also this deviation is then used to calculate an uptrend or a downtrend for the security. Based on the trend we get a line that is plotted on the chart. Any crossover/under of the line and the close price generates a signal.
Strategy Logic
Long Entry: Send LE when price close above indicator line.
Long Exit: Either when SL or Target is hit. If SL/TGT is not hit and price close below indicator, send LX and SE
Short Entry: Send SE when price close below indicator line.
Short Exit: Either when SL or Target is hit. If SL/TGT is not hit and price close above indicator, send SX and LE
PSAR x parameters for TradingView Charts
Start: Start value for parabolic SAR
Increment: Increment value for parabolic SAR
Maximum: Maximum value for parabolic SAR
Len: Length of look back to calculate linear regression and identify trend
Deviation: Deviation from PSAR to identify trend
Trade 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
TradingView Settings
Step 1: Download the PineScript Algo
Step 2: Open desired chart in TradingView with normal candlestick. Select desired time frame of the chart.
Go to the Pine Editor section, remove the default code, paste the downloaded code, save the file and add to chart.
Step 3: Once Strategy is applied to the chart, click on settings to optimize parameters for your own trading.
Step 4: Setting Up Alert
Before setting up an alert make sure that You have selected the desired script, time frame, strategy settings, APIbridge is configured and running. Click in settings add alert and paste {{strategy.order.comment}} in the message box.
Important: do not change any settings during live trading.
NOTE: The pine script works both with webhook alerts (TV Pro plan) and normal popup alerts (TV free plan).
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