OPEN-SOURCE SCRIPT
Supertrend - 4h Letterman
This strategy, named "Supertrend - 4h Letterman", leverages the Supertrend indicator to identify and act on bullish market trends. Here's a summary of its features and warnings:
Features:
Capital Allocation: Allocates 15% of equity per trade, ensuring a controlled risk-reward ratio.
Commission and Slippage: Includes a 0.1% commission and a slippage value of 3 to account for real-market conditions.
Date Filters: Allows users to specify a start and end date for trading, defaulting to January 1, 2018, through December 31, 2069.
Trade Logic:
Enters a long position when a bullish trend is detected.
Exits the position when the trend reverses to bearish.
Visualization: Plots the Supertrend levels with clear uptrend (green) and downtrend (red) visuals for easy monitoring.
Risk Warning:
Trading involves significant risk and may lead to loss of invested capital. Users are strongly advised to trade responsibly and consult with a financial advisor if unsure.
Let me know if you’d like further refinements or additional clarifications!
Features:
Capital Allocation: Allocates 15% of equity per trade, ensuring a controlled risk-reward ratio.
Commission and Slippage: Includes a 0.1% commission and a slippage value of 3 to account for real-market conditions.
Date Filters: Allows users to specify a start and end date for trading, defaulting to January 1, 2018, through December 31, 2069.
Trade Logic:
Enters a long position when a bullish trend is detected.
Exits the position when the trend reverses to bearish.
Visualization: Plots the Supertrend levels with clear uptrend (green) and downtrend (red) visuals for easy monitoring.
Risk Warning:
Trading involves significant risk and may lead to loss of invested capital. Users are strongly advised to trade responsibly and consult with a financial advisor if unsure.
Let me know if you’d like further refinements or additional clarifications!
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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Disclaimer
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