OPEN-SOURCE SCRIPT
SWING TRADE
ATR Calculation:
The Average True Range (ATR) is used to measure volatility.
atr_length defines the period over which ATR is calculated default: 14.
Pivot Average:
A 10-day simple moving average pivot avg is calculated using the closing price.
Buy and Sell Signals:
Buy Signal: When the price is above the pivot average plus a multiple of ATR.
Sell Signal: When the price is below the pivot average minus a multiple of ATR.
The atr_multiplier determines how sensitive the buy/sell levels are to price movements.
Visual Elements:
The pivot average is plotted as a blue line on the chart.
Buy and sell signals are plotted as green and red labels below and above bars, respectively.
Strategy Execution:
The strategy enters a long position when a buy signal is triggered.
It exits the long position when a sell signal is triggered.
The Average True Range (ATR) is used to measure volatility.
atr_length defines the period over which ATR is calculated default: 14.
Pivot Average:
A 10-day simple moving average pivot avg is calculated using the closing price.
Buy and Sell Signals:
Buy Signal: When the price is above the pivot average plus a multiple of ATR.
Sell Signal: When the price is below the pivot average minus a multiple of ATR.
The atr_multiplier determines how sensitive the buy/sell levels are to price movements.
Visual Elements:
The pivot average is plotted as a blue line on the chart.
Buy and sell signals are plotted as green and red labels below and above bars, respectively.
Strategy Execution:
The strategy enters a long position when a buy signal is triggered.
It exits the long position when a sell signal is triggered.
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 publication is governed by House rules. You can favorite it to use it on a chart.
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