OPEN-SOURCE SCRIPT
QFL single TF with alerts
Updated
Backtesting compatible QFL pine script w/alerts
This version of QFL was made based on this one:
From author:
tradingview.com/u/synapticEx/
I made the following additions according to my requirements:
- I need to use pine script 4
- I needed to avoid repainting issues so I'm not calling directly security, I'm using the wrapper function.
- There might be still repainting issues when you use "max base age" which uses the function "barssince" so be careful, you can disable it by setting its value to zero.
- Alerts so I can use it for automated trading and bots
- In order to make this signal compatible with the backtest script there's an option provided in the settings. If you enable this option this indicator will plot 1 whenever there's a BUY signal. This will allow the backtest to pick the "QFL Buy" from external indicator so it can perform the backtest.
I recommend some of these settings to start playing with the chart in 15 min / QFL in 1, 2 or 4 hours.
The higher the TF the more conservative.
QFL with 3.5% is pretty popular but you can try higher QFL percentage settings for a more conservative approach.
This version of QFL was made based on this one:
From author:
tradingview.com/u/synapticEx/
I made the following additions according to my requirements:
- I need to use pine script 4
- I needed to avoid repainting issues so I'm not calling directly security, I'm using the wrapper function.
- There might be still repainting issues when you use "max base age" which uses the function "barssince" so be careful, you can disable it by setting its value to zero.
- Alerts so I can use it for automated trading and bots
- In order to make this signal compatible with the backtest script there's an option provided in the settings. If you enable this option this indicator will plot 1 whenever there's a BUY signal. This will allow the backtest to pick the "QFL Buy" from external indicator so it can perform the backtest.
I recommend some of these settings to start playing with the chart in 15 min / QFL in 1, 2 or 4 hours.
The higher the TF the more conservative.
QFL with 3.5% is pretty popular but you can try higher QFL percentage settings for a more conservative approach.
Release Notes
- added sell signal- added toggle to hide bases and buy/sell signals
- added alerts
Release Notes
- added separated sell percentage parameter. Example of use: you can buy at 3.5% and sell at 2% which could make more sense on a bear market. Release Notes
- changed default max candle age to disabled - added an option to allow consecutive signals which triggers signals that match the condition in two or more consecutive candles. This can help to place multiple trades when they manage to close quick enough.
- added an option for allowing signals that are consecutive when the base has changed even if the allow consecutive signals option is turned off
Release Notes
Support for knowing when the base has moved to a new price.Base change works for longs and shorts.
It supports alerts and it shows a label when the base changes.
Remember that QFL bases are plotted with an offset of 3 candles according to the original design, so the label and the alert will only be trigger once the base 100% confirmed to prevent re painting but this will mean the label will look shifted to the right.
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.
Want to use this script on a chart?
Join our membership to gain access to the private scripts.
thetradingparrot.com
thetradingparrot.com
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.