You can set operation mode to be Long/Short or long-only.
You also can set a fixed stop-loss or ignore it so that the strategy act solely based on entry and exit signals.
- When all EMAs are rising, market is considered rising ( ) and the plotted indicator becomes green.
- When all EMAs are falling, market is considered falling ( ) and the plotted indicator becomes red.
- Otherwise, market is considered ranging and the plotted indicator becomes orange.
- Enter LONG if all EMAs are rising (i.e. when the plotted indicator becomes green).
- Enter SHORT if all EMAs are falling (i.e. when the plotted indicator becomes red).
- EXIT market if none of the above (i.e. when the plotted indicator becomes orange).
- It's just a bare trading idea - a profitable one. However, you can enhance this idea and turn it into a full trading strategy with enhanced risk/money management and optimizing it, and you ABSOLUTELY should do this!
- DON'T insist on using Long/Short mode on all instruments! This strategy performs much better in Long-Only mode on many (NOT All) trending instruments (Like BTC , ETH, etc.).
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.