Overview This code implements a trading strategy based on Bollinger Bands with customizable Stop Loss (SL) and Take Profit (TP) levels. It's designed to work on TradingView's Pine Script version 6. Key Parameters length: The period for calculating the Bollinger Bands (default: 20) mult: The multiplier for the standard deviation (default: 2.0) direction: Strategy direction (-1 for short only, 0 for both, 1 for long only) sl_pips: Stop Loss in pips tp_pips: Take Profit in pips How It Works The strategy calculates Bollinger Bands based on the closing price. It enters a long position when the price crosses above the lower Bollinger Band. It enters a short position when the price crosses below the upper Bollinger Band. Stop Loss and Take Profit are set for each trade based on the input parameters. Usage Instructions Copy this code into a new TradingView Pine Script editor. Adjust the input parameters as needed: Modify the Bollinger Bands period and multiplier Set your desired Stop Loss and Take Profit levels in pips Choose the strategy direction (long, short, or both) Apply the script to your desired chart and timeframe. Use TradingView's strategy tester to backtest and optimize the strategy. Monitor the strategy's performance and adjust parameters as necessary. Important Notes The strategy uses OCAs (One-Cancels-All orders) to manage entries. It automatically cancels pending orders when conditions are not met. Always test thoroughly on historical data before using in live trading. Consider market conditions and your risk tolerance when setting parameters.
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.
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.