SushilKothawade

Double Doji

Strategy Kiss = 'Keep It Simple, Stupid' or 'Keep It Simple, Smart'

The script simply identifies 2 consecutive Doji candles, and calculates Target on both the sides for given Reward : Risk factor.
The High-Low to Open-Close ratio is set to default value 20. The Reward : Risk ratio is of default value 2.
Both can be set to values of your choice.
Accuracy best on Daily chart . Can be tried on any timeframe though.

Trading Rules: Buy at higher / Short at lower of the 2 candles, with other as Stop Loss.
If a Stop Loss is hit, go for reverse trade. If again a SL is hit, switch to other instrument.

Important: If trading in Futures and target is achieved, hedge the position by buying an option (subject to liquidity).
Reason is, the trend may condition to any extent and you would definitely not want to miss out the whole action.
Check the shared example. For a risk to 175 points, reward is 2200+ points (more than 12.5 times).
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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Comments

good one
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