OPEN-SOURCE SCRIPT
15-Min Buy Setup - Nitish
This code generates a buy signal when all four conditions are met:
The candles should be below the EMA5 line.
The signal generating candle’s previous candle should have the high to EMA5 gap of not less than 0.01%.
The signal generating candle’s volume should not be less than 90% of its previous candle.
The signal generating candle should close above the EMA5 line with a gap of at least 0.01%.
The stop loss is set at the low of the previous three candles and current candle only when a buy signal is generated. The entry price is calculated when a buy signal is generated and the distance between entry price and stop loss is used to calculate the take profit distance and level.
The candles should be below the EMA5 line.
The signal generating candle’s previous candle should have the high to EMA5 gap of not less than 0.01%.
The signal generating candle’s volume should not be less than 90% of its previous candle.
The signal generating candle should close above the EMA5 line with a gap of at least 0.01%.
The stop loss is set at the low of the previous three candles and current candle only when a buy signal is generated. The entry price is calculated when a buy signal is generated and the distance between entry price and stop loss is used to calculate the take profit distance and level.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.