Quixilver_stx

Consecutive Candle Count Momentum Strategy

Very simple strategy based on consecutive candle count. Simple but can be very profitable if you know how to execute.

Example:
- Buy when consecutive up closes exceeds 3
- Sell when consecutive down closes exceeds 3

For a buy signal, if price closes higher within 5 candles, it is defined as a win.
For a sell signal, if price closes lower within 5 candles, it is defined as a win.

Win rates for buy/sell signals are calculated over history of security.
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

Awesome script! Is it possible to look at the Close instead of Open when monitoring consecutive candles?
Reply
Interesting script! What does "Max Bars Before Exit" mean?
Reply
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