(i) Arrow represent trade setup
(ii) Circle represent triggering of the trade
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1. Where to place stop loss?
2. Where to exit the trade?
3. How to protect gains in your trade?
4. How to apply money management rule?
5. How to trade gap opening?
(ii) Circle represent triggering of the trade
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1. Where to place stop loss?
2. Where to exit the trade?
3. How to protect gains in your trade?
4. How to apply money management rule?
5. How to trade gap opening?
// By SIMPLE TRADING TECHNIQUES // Arrow represent trade setup // Circle represent triggering of the trade //-------------------------------------------------------------------- study(title="STT ENGULFING CANDLESTICK STRATEGY",overlay = true, shorttitle="STT ECS") src = close, len = input(8, minval=1, title="Length") up = rma(max(change(src), 0), len) down = rma(-min(change(src), 0), len) rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down)) //coloring method below src1 = close, len1 = input(50, minval=1, title="UpLevel") src2 = close, len2 = input(50, minval=1, title="DownLevel") isup() => rsi > len1 isdown() => rsi < len2 barcolor(isup() ? green : isdown() ? red : na ) //study('buy/sell arrows', overlay=true) out = sma(close, 50) data = rsi > len1 ? open[1] > close[1] ? close > open ? close >= open[1] ? close[1] >= open ? close - open > open[1] - close[1] ? high > out : na : na : na : na : na : na data1 = rsi < len2 ? close[1] > open[1] ? open > close ? open >= close[1] ? open[1] >= close ? open - close > close[1] - open[1] ? low < out : na : na : na : na : na : na plotchar(data, char='↑',location=location.belowbar, color=lime, text="ECS Buy") plotchar(data1, char='↓', location=location.abovebar, color=red, text="ECS Sell") //Trade Trigger tiggerlongcandle = (data[1] == 1) and (high > high[1]) ? 1 : 0 tiggershortcandle = (data1[1] == 1) and (low < low[1]) ? 1 : 0 plotshape(tiggerlongcandle ? tiggerlongcandle : na, title="Triggered Long",style=shape.circle, location=location.belowbar, color=green, transp=0, offset=0, text="ECS") plotshape(tiggershortcandle ? tiggershortcandle : na, title="Triggered Short",style=shape.circle, location=location.abovebar, color=red, transp=0, offset=0, text="ECS") plot (out, color = black, linewidth = 3, title = "Trend - Long Term")