9 EMA Strategy with Retest Logic - Buy Only

3 days ago

//version=5
indicator("9 EMA Strategy with Retest Logic - Buy Only", overlay=true)

// Input parameters
emaLength = input.int(9, title="EMA Length")
bodySizeMultiplier = input.float(0.5, title="Minimum Body Size as Multiplier of ATR")
atrLength = input.int(14, title="ATR Length")

// Calculations
ema = ta.ema(close, emaLength)
atr = ta.atr(atrLength)

// Candle body calculations
bodySize = math.abs(close - open)
minBodySize = bodySizeMultiplier * atr

// Variables to track retest logic
var bool tradeActive = false

// Conditions for retests
priceAboveEMA = close > ema
priceBelowEMA = close < ema

// Retest Buy Logic
bigBarCondition = bodySize >= minBodySize
buyRetestCondition = priceBelowEMA[1] and priceAboveEMA and bigBarCondition

// Buy Signal Condition
buyCondition = buyRetestCondition and not tradeActive

// Trigger Buy Signal
if (buyCondition)
tradeActive := true
label.new(bar_index, high, "BUY", style=label.style_label_up, color=color.green, textcolor=color.white)
alert("Buy Signal Triggered at " + str.tostring(close))

// Reset Trade Active Status
if (priceBelowEMA)
tradeActive := false

// Plot EMA
plot(ema, color=color.purple, linewidth=2, title="9 EMA")