OPEN-SOURCE SCRIPT
Smart Zone Intraday Strategy (by Sunil Bhave)
Identify the power zone. For simplicity, maybe use a moving average (like EMA) as the central line and upper/lower bands based on ATR (Average True Range). This creates a dynamic zone.
Determine solid green/red candles. Check if the candle's body is above a certain threshold (e.g., body size greater than 70% of the candle's range) and the close is above/below the power zone.
Generate buy/sell signals when price crosses above/below the smart zone with a strong candle.
Set stop loss at the low of the power zone for buys and high for sells. Maybe use the lower band for stop loss in buys and upper band for sells.
Calculate take profit based on a 1:1 risk-reward ratio. So, the distance from entry to stop loss is the same as entry to take profit
Key features:
The strategy automatically calculates position sizing based on account equity
Includes realistic commission settings (0.1% per trade)
Allows parameter optimization through input settings
Maintains separate tracking for long and short positions
Determine solid green/red candles. Check if the candle's body is above a certain threshold (e.g., body size greater than 70% of the candle's range) and the close is above/below the power zone.
Generate buy/sell signals when price crosses above/below the smart zone with a strong candle.
Set stop loss at the low of the power zone for buys and high for sells. Maybe use the lower band for stop loss in buys and upper band for sells.
Calculate take profit based on a 1:1 risk-reward ratio. So, the distance from entry to stop loss is the same as entry to take profit
Key features:
The strategy automatically calculates position sizing based on account equity
Includes realistic commission settings (0.1% per trade)
Allows parameter optimization through input settings
Maintains separate tracking for long and short positions
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.