OPEN-SOURCE SCRIPT
Prem_0915_5mins_strategy
This is the strategy which is worked out in 5 min TF. This should be applied only on Indexes (e.g., Nifty 50, BankNifty, etc.). This should strictly NOT be used for stocks and other F&Os. This is just for an educational purpose. Do not follow the strategy as such. Analyse before using every strategy and every investment.
Step 1: The candle should breakout and close beyond the high line (or The candle should breakdown and close below to the the low line)
Step 2: Enter at the next candle after the breakout (for CE) or breakdown (for PE)
Step 3: SL should be the low of the previous candle under the highline (or above the low line) but within the range
Step 4: Apply for 1:1 RR ratio and quit for safer profit.
Step 1: The candle should breakout and close beyond the high line (or The candle should breakdown and close below to the the low line)
Step 2: Enter at the next candle after the breakout (for CE) or breakdown (for PE)
Step 3: SL should be the low of the previous candle under the highline (or above the low line) but within the range
Step 4: Apply for 1:1 RR ratio and quit for safer profit.
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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