OPEN-SOURCE SCRIPT
Trend catcher (by SV & Kr13)
This strategy identifies potential breakout opportunities in both directions using recent highs/lows, volume confirmation, and EMA alignment (Short, Medium, Long EMAs).
It goes long when the price breaks above a defined range with sufficient volume and all EMAs in a bullish configuration. It goes short either on a breakout below a recent low with a downward 200 EMA slope or after detecting a narrow consolidation (for a specified number of bars) entirely below the Medium EMA.
Positions are closed when the price moves back across the 200 EMA in the opposite direction. A checkbox allows enabling or disabling short entries.
It goes long when the price breaks above a defined range with sufficient volume and all EMAs in a bullish configuration. It goes short either on a breakout below a recent low with a downward 200 EMA slope or after detecting a narrow consolidation (for a specified number of bars) entirely below the Medium EMA.
Positions are closed when the price moves back across the 200 EMA in the opposite direction. A checkbox allows enabling or disabling short entries.
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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