The intent of this strategy is to buy breakouts with a tight stop on smaller timeframes in the direction of the longer term trend. Default longer term trend is the daily, but the user can choose any timeframe to use for the SMAs (which act as filters and trailing stops).
Exit the trade using a trailing stop of a close below either the 10 MA or 20 MA (user choice) on that larger timeframe as the position moves in your favor (i.e. whenever position price rises above the MA). This is one area where this script could use a little work or some human intervention - when the trade is entered right in the vicinity of the moving averages, you get some whipsaw. Not sure how to avoid that at this point though if you want to look at those longer term moving averages as your exit criteria.
Option of using daily ATR as a measure of finding contracting ranges and ensuring a decent risk/reward. (If the difference between the breakout point and your stop level is below a certain % of ATR, it could possibly find those consolidating periods.)
Another tip in the hopes you add DCA and TP haha :)
Respect
kkhaial
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Thank you for sharing with the community
ney123456789
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Do you know how to create a scan based on Qullamaggie philosofy?
kkhaial
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Hello my friend, really loving your script, it is showing some nice results with BTC.
I was wondering if it's possible to add a Dollar cost averaging and a Take profit.
I would not of bothered you if i knew how to code :(
Thank you again
millerrh
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@kkhaial, Hi, thanks for the tip! Dollar cost averaging is really a good tool for portfolio growth and long-term holds. When talking about backtesting a trading idea, you really want to see how one trade idea compares to another. You can always dollar cost average into your trading account to make it grow. So I do not plan on adding that (nor do I think I even could if I wanted to) to a trading idea that potentially gets you in and out very quickly. The whole point to a trading idea is your entries and exits, so dollar cost averaging doesn't really make sense.
Profit targets on the other hand do make sense. That is actually something I have been thinking of. I want to add the ability to take partial profits (user configurable) and let the rest ride. Not sure how long that will take me though as I'm not 100% sure how to do it, but I'll probably be adding that feature in the near future.