OPEN-SOURCE SCRIPT
Schaff Trend Cycle + Double MA
This strategy uses two different moving averages to determine a trend. It opens a position on a pullback from a trend.
Conditions for buy signal are:
►Crossover out of Shaff Trend Cycle's extreme levels
►The price is above its short period exponential moving average.
►A short period exponential moving average is above a long period exponential moving average.
*Conditions for sell are the opposite.
All in all, I don't think it needs to be on your chart but it can be optimized and even successful on some timeframes.
Shaff Trend Cycle solution was provided by everget, I converted his script to Pine v.4, added exponential averages and created an algorithm for backtesting.
Conditions for buy signal are:
►Crossover out of Shaff Trend Cycle's extreme levels
►The price is above its short period exponential moving average.
►A short period exponential moving average is above a long period exponential moving average.
*Conditions for sell are the opposite.
All in all, I don't think it needs to be on your chart but it can be optimized and even successful on some timeframes.
Shaff Trend Cycle solution was provided by everget, I converted his script to Pine v.4, added exponential averages and created an algorithm for backtesting.
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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