Previous day high and low are marked based on daily timeframes.
This strategy is back tested on 15min timeframe and is coded solely for BANKNIFTY . So conditions are set accordingly.
If 15min Open > Previous day high , SHORT "BANKNIFTY" on closing of first 15MIN candle.
If 15min Open < Previous day low , BUY "BANKNIFTY" on closing of first 15MIN candle.
Exit criteria is based on time (MIS order auto square off type)(intraday). So as if trade is took at 15 min timeframe. Exit is at 15:00- 15:15 candle.
Exit criteria don't have Stop-loss or Target. Will be adding in upcoming update.
Note:= Strategy's values(capital, slippage) and Square off Time can be changed by tweaking some values on Square OFF time in settings.
eg: IF tested on 5min TF. EXIT time= 15:10-15:15
IF tested on 30min TF. EXIT time = 14:30-15:00
IF tested on 1hr TF. EXIT time = 14:00-15:00
1. SL level
2. TP level
Note:- Exit criteria have been updated now exit can be done using Squareoff time or SL or Target. You can set SL and Target value from settings.
Previous version had error on Short SL level.