OPEN-SOURCE SCRIPT
Irchesh Enhanced Momentum Strategy
Trend Filter (EMA):
Dual EMA (50/200 periods) to identify the main trend
Long condition only when EMA 50 > EMA 200
Short condition only when EMA 50 < EMA 200
Momentum RSI with Divergences:
14-period RSI with customizable levels
Automatic detection of bullish/bearish divergences
Volume filter (1.5x the 20-period moving average)
Advanced Risk Management:
Fixed stop loss (1%) and take profit (2%)
Dynamic trailing stop (1.5%)
Option to disable the trailing stop
Additional Filters:
Price above/below fast EMA for confirmation
Volume above average to confirm strength
Recommended Optimization:
Test different EMA values (e.g., 21/50 instead of 50/200)
Adjust RSI parameters based on the timeframe
Experiment with different volume multipliers
Optimize stop loss/take profit levels
Important Notes:
The strategy works best in strongly trending markets
RSI divergences require volume confirmation
Use H1 or higher timeframes to reduce noise
Combine with fundamental analysis for better performance
Dual EMA (50/200 periods) to identify the main trend
Long condition only when EMA 50 > EMA 200
Short condition only when EMA 50 < EMA 200
Momentum RSI with Divergences:
14-period RSI with customizable levels
Automatic detection of bullish/bearish divergences
Volume filter (1.5x the 20-period moving average)
Advanced Risk Management:
Fixed stop loss (1%) and take profit (2%)
Dynamic trailing stop (1.5%)
Option to disable the trailing stop
Additional Filters:
Price above/below fast EMA for confirmation
Volume above average to confirm strength
Recommended Optimization:
Test different EMA values (e.g., 21/50 instead of 50/200)
Adjust RSI parameters based on the timeframe
Experiment with different volume multipliers
Optimize stop loss/take profit levels
Important Notes:
The strategy works best in strongly trending markets
RSI divergences require volume confirmation
Use H1 or higher timeframes to reduce noise
Combine with fundamental analysis for better performance
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.