OPEN-SOURCE SCRIPT
Price Action Strategy - Engulfing with Trailing SL
This strategy:
Entry signals:
Bullish and bearish engulfing candle patterns
Optional volume filter (requires higher than average volume)
Optional trend filter (uses 50 EMA direction)
Optional RSI filter (buys oversold, sells overbought)
Exit mechanisms:
Trailing stop-loss based on percentage from current price
ATR-adjusted trailing to adapt to market volatility
Risk management:
ATR-based stop placement
Dynamic trailing that follows price momentum
Entry signals:
Bullish and bearish engulfing candle patterns
Optional volume filter (requires higher than average volume)
Optional trend filter (uses 50 EMA direction)
Optional RSI filter (buys oversold, sells overbought)
Exit mechanisms:
Trailing stop-loss based on percentage from current price
ATR-adjusted trailing to adapt to market volatility
Risk management:
ATR-based stop placement
Dynamic trailing that follows price momentum
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.