exlux99

BTC Candle Correlation Strategy

This is a special strategy adapted for crypto market, which instead of using the current chart candles, we use inside calculation a candle from different charts.
For best usage I recommend a big timeframe like 1-4h+.


In this case we take the high, low, open and close candles from different brokers for BTC , and with it we form up the candle that we are going to use for the logic of entry.
At the same time we are going to create an upper and lower bands using a moving average and the difference between high and low.

So in a way to put it, if BTC triggers a sell or buy order, we input instead these orders on the current chart, like in this example with ETH.


Rules for entry
For long : if we have a crossover of the btc source value with the upper band .
For short: if we have a crossunder of the btc source vale with the lower band.

For exit, we do it when we receive a different signal than the initial one.

This strategy does not have any other risk management inside, so use it with caution.

If you have any other questions, let me know !
Release Notes: small details
Open-source script

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.

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