OPEN-SOURCE SCRIPT
My strategy
This strategy follows Kathy Lien’s scalping approach, utilizing the 20 EMA and MACD on the M5 timeframe.
- **Entry Conditions**: Enter a trade when the price crosses both the MACD and the 20 EMA, provided the crossover happens within a maximum of 5 candles.
- **Stop Loss**: Set at approximately 20 pips.
- **Trade Management**:
- When the price reaches 1R, close half of the position and move the stop loss to the entry point.
- Use a trailing stop, maintaining a 15-pip distance from the 20 EMA.
- **Entry Conditions**: Enter a trade when the price crosses both the MACD and the 20 EMA, provided the crossover happens within a maximum of 5 candles.
- **Stop Loss**: Set at approximately 20 pips.
- **Trade Management**:
- When the price reaches 1R, close half of the position and move the stop loss to the entry point.
- Use a trailing stop, maintaining a 15-pip distance from the 20 EMA.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.