Support and Resistance Levels with Break Strategy
Strategy Premise
It provides basic Pivot Support and Resistance levels, along with any bull or bear wick. The strategy takes a left/right bar input which we use to calculate a pivot high and low point (if any). Any breakout of a support or resistance level with volume generates a trade signal.
Strategy Logic
Long Entry: When it generate ‘Green B’ signal on chart, send LE
Long Exit: Either it hits when SL or Target. If SL/TGT is not hit and ‘Red B’ signal is generated, send LX and SE
Short Entry: When it genrate ‘Red B’ signal is on chart, send SE
Short Exit: Either when it hit SL or Target. If SL/TGT is not hit and ‘Green B’ is generated, send SX and LE
Support and Resistance Levels with Breaks Parameters for TradingView Charts
Left bars: Number of bars to the left hand side of the pivot
Right Bars: Number of bars to the right hand side of the pivot
Volume Threshold: Threshold value (%) for the Volume Oscillator
Quantity: We use it 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 timeframe 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, timeframe, strategy settings, API bridge 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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