APIBridge, TradingView
Strategy Premise
The SMI Ergodic Indicator is the same as the True Strength Index. The true strength index (TSI), a technical indicator used in the analysis of financial markets that attempts to show both trend direction and overbought/oversold conditions.
The Signal line, an EMA of the SMI, Plotted to help trigger the Trading Signal. When SMI Cross Over Signal line Send Long Condition and SMI Cross Under Signal line Send Short Condition.
Strategy Logic: SMI Ergodic Indicator Algo
Long Entry: When SMI Cross Over Signal line, Send LE.
Long Exit: Either when SL or Target hit. If SL/TGT not hit and SMI Cross under Signal line send LX and SE
Short Entry: When SMI Cross under Signal line, Send SE
Short Exit: Either when SL or Target hit. If SL/TGT not hit and SMI Cross Over Signal line send SX and LE
SMI Ergodic indicator Strategy Parameters for TradingView Charts
Length: The number of bars to calculate Ex: 14 à previous 14 candles.
Quantity: 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
1st STEP: Download The Pine Script Algo here
4th STEP: 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.
3rd STEP: You can optimize your strategy by changing the input parameters, using “Settings” of SMI Ergodic indicator Strategy.
Setting Up Alert
Before setting up an alert make sure to select the desired script, timeframe, strategy settings, configure API bridge 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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