OPEN-SOURCE SCRIPT
Updated EMA Bounce - Full MTFA System - Trend Following system
This is a trend following script which will use Donchain channels to find out if the market is making HH and HL or LH and LL. It then checks if DEMA200 <DEMA400 or DEMA200>DEMA400.
Once it has found out that if the market is in uptrend or downtrend by looking in to DEMA200, DEMA400 and Donchain channel swing high or swing low, it then pulls the trigger to buy or sell when 1 Hr EMA10 crosses EMA20 from below or 1 Hr Donchain channel swing high is broken. Same goes with sell logic.
In Nutshell, It tries to find out buy entry points in an uptrend stock/Indice and sell entry points in a downtrend/Indice stock.
User needs to enter donchain floor, ceiling and % zone as an EMA zone tolerance to consider the levels around EMA rather than absolute EMA value. It also places SL below Ddaily Donchain Swing low or swing high.
Once it has found out that if the market is in uptrend or downtrend by looking in to DEMA200, DEMA400 and Donchain channel swing high or swing low, it then pulls the trigger to buy or sell when 1 Hr EMA10 crosses EMA20 from below or 1 Hr Donchain channel swing high is broken. Same goes with sell logic.
In Nutshell, It tries to find out buy entry points in an uptrend stock/Indice and sell entry points in a downtrend/Indice stock.
User needs to enter donchain floor, ceiling and % zone as an EMA zone tolerance to consider the levels around EMA rather than absolute EMA value. It also places SL below Ddaily Donchain Swing low or swing high.
Release Notes
Dashboard for tracking top 10 Nifty stocks with Nifty and BankniftyBUY SIGNAL (Bright Green) / SELL SIGNAL (Bright Red)
In Buy Zone (Yellow) / In Sell Zone (Orange)
Above Both EMAs (Dark Green) / Below Both EMAs (Dark Red)
Btw 200 & 400 (Gray)
Release Notes
Changed the logic to run the script in the aghressive mode vs conservative mode by giving a toggle switch option to use daily donchain swing high/low. This is to capture for v-shape recovery scenarios where trend is still not changed but the retrecements are sharp and break the donchain high. Release Notes
User Can now select the micro time frame and micro memory bars. Macro time frame is the main chart time frameRelease Notes
Updated it with ADX filter now. Upon backtesting, found that at times, sideways market is making the script to flag buy and sell in a short span of price range. So finetuning the ADX and comparing it the threshold helps limiting some of the trades in sideways marketOpen-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.
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.
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.