OPEN-SOURCE SCRIPT
3 EMA Stochastik RSI ATR SL TP only LONG
Updated
Hey there!
Here i will show you the 3 EMA RSI Stochastic Crossover strategy with an ATR SL and TP.
The strategy works as follows:
For long positions, the EMA's must be in the following order:
The 8 E M A must be above the 14 E M A and the 14 E M A must be above the 50 E M A.
The buy signal is given to us by the Stochastic RSI indicators.
The K line must cross the D line above. The following candle must then close above all E M A's.
The stop loss is determined by three times the value of the ATR.
The take profit is determined by two times the value of the ATR.
In this strategy only long positions are traded.
Here i will show you the 3 EMA RSI Stochastic Crossover strategy with an ATR SL and TP.
The strategy works as follows:
For long positions, the EMA's must be in the following order:
The 8 E M A must be above the 14 E M A and the 14 E M A must be above the 50 E M A.
The buy signal is given to us by the Stochastic RSI indicators.
The K line must cross the D line above. The following candle must then close above all E M A's.
The stop loss is determined by three times the value of the ATR.
The take profit is determined by two times the value of the ATR.
In this strategy only long positions are traded.
Release Notes
I have added the possibility to trade short positions on 3 EMA Stochastic RSI ATR only LONG strategy.It also possible to choose only short or long positions or both by selection box.
I have made the EMA's visible.
Good luck!
Release Notes
I fixed a bug with short positions which calculated the ATR SL & TP incorrectly.Release Notes
To filter out the bad signals, I added the MACD. The script takes a LONG position as an addition only if the MACD and signal line are below the histogram and cross each other.
For short position the exact opposite is true.
That has significantly increased the profitability.
For this reason, you should calculate the capital you need for the risk yourself and not let the script calculate it.
You can find a risk calculator for this on my YT profile.
I also added the possibility to decide between the Lowest Low/ Highest High and the ATR Stop Loss.
The commission is 0.075. Even with a slipage of 10 the profitability remains the same.
The Stop Loss as well as Take Profit of the ATR is now color coded.
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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