In very short terms, both strategies are based on breakouts, probably the easiest way to trade (with proper education, obviously)
I created this indicator based on highs and lows, which will create support and resistance line, which will create a channel/box.
There is the possibility to :
- change channel/box size - ride it till it will enter again into the channel/box - set TPs and SL targets - set alerts for Long, Short, Close when price enter into the channel, SL - enable or disable 2 TP targets - enable or disable 1 SL - enable or disable middle line
Rules are simple:
1. Go Long when price breaks the upper line 2. Go Short when price breaks the lower line 3. Exit Long/Short when price enter into the channel/box 4. Stop Loss are added for safety 5. Added 2 layers for Take Profits 6. Added middle line that can act as Stop Loss
Legend:
1. White line - channel/box 2. Upper white line followed by green line - price cracked the channel/box - Go Long 3. Lower white line followed by red line - price cracked the channel/box - Go Short 4. Red zone - Stop Loss zone 5. Dotted red line - Stop Loss line 6. Dark green zone - first Take Profit zone 7. First dotted dark green line - first Take Profit target 8. First dotted dark green line followed by dotted lime line - price touched first Take Profit 9. Bright green zone - second Take Profit zone 10. Second dotted dark green line - second Take Profit target 11. Second dotted dark green line followed by dotted lime line - price touched second Take Profit 12. Dotted gray line - channel/box middle line
*** Don't use any indicator without knowing whatyou are doing, there is no such a magic lottery winning ticket
@camaross2019, Hi there, the script is free to use, push the Add to favorite button and search it in your fav indicators
Wooboost
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Love this script! Super easy to use and understand. One question, is it possible to add a trailing stop-loss and take-profit for this? That would be like icing on the cake.
edward_Z
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@Wooboost, glad it helps.
Trailings in pinescript are not so reliable right now, maybe in future versions
UnknownUnicorn1412320
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Fantastic. Thank you.
edward_Z
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@Wallycool49, Your welcome! Glad to help! :)
edward_Z
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With SL and TPs disabled
PckAlgo
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@edward_Z, can i get access please for learning darvas Box and pinescript ?
prepperwiki
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can I access the code please, to study and adjust some for signal the entry