81 lines
3.9 KiB
Plaintext
81 lines
3.9 KiB
Plaintext
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//@version=5
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indicator("Pinbar trend", overlay=true)
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// Strategy Settings
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// strategy("Pinbar Trend Strategy", overlay=true)
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// Parameters
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threshold = 0.6667
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riskRewardRatio = 2
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// Calculate the length of upper and lower wicks
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upperWickLength = high - math.max(close, open)
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lowerWickLength = math.min(close, open) - low
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// Input for EMA length
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emaFastInput = input.int(10, title="EMA Fast", minval=1)
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emaMidInput = input.int(20, title="EMA Mid", minval=1)
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emaSlowInput = input.int(60, title="EMA Slow", minval=1)
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emafast = ta.ema(close, emaFastInput)
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emamid = ta.ema(close, emaMidInput)
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emaslow = ta.ema(close, emaSlowInput)
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// Input for lookback period to calculate the slope of EMA
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// lookbackPeriod = input.int(5, title="Lookback Period for EMA Slope", minval=1)
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// closeSlope = (close - close[lookbackPeriod]) / lookbackPeriod
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// Calculate total range of the bar
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totalRange = high - low
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// Conditions for bearish and bullish signal bars
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isBearishSignalBar = (upperWickLength >= threshold * totalRange and upperWickLength > lowerWickLength)
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isBullishSignalBar = (lowerWickLength >= threshold * totalRange and lowerWickLength > upperWickLength)
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// Condition to check if the bar touches the EMA line
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// isTouchingEMA = (emafast >= low and emafast <= high) or (emamid >= low and emamid <= high)
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isTouchingEMA = (isBearishSignalBar and ((emafast >= math.max(close, open) and emafast <= high) or (emamid >= math.max(close, open) and emamid <= high))) or (isBullishSignalBar and ((emafast <= math.min(close, open) and emafast >= low) or (emamid <= math.min(close, open) and emamid >= low)))
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// Condition to check if the bar is below or above the EMA
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isBelowEMA = high < emafast
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isAboveEMA = low > emafast
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// Final conditions to highlight bars
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highlightBearishBar = isBearishSignalBar and (isTouchingEMA)
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highlightBullishBar = isBullishSignalBar and (isTouchingEMA)
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weakHighlightBearishBar = isBearishSignalBar and (not isTouchingEMA)
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weakHighlightBullishBar = isBullishSignalBar and (not isTouchingEMA)
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// Plotting the bars
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barcolor(highlightBearishBar ? color.yellow : na, title = "Bearish bar color")
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barcolor(highlightBullishBar ? color.yellow : na, title = "Bullish bar color")
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barcolor(weakHighlightBearishBar ? color.rgb(33, 150, 243, 40) : na, title = "Weak bearish bar color")
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barcolor(weakHighlightBullishBar ? color.rgb(33, 150, 243, 40): na, title = "Weak bullish bar color")
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// Adding markers for bearish and bullish bars
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plotchar(series=highlightBearishBar, location=location.abovebar, char='▼', color=color.red, size=size.tiny, title = "Bearish indicator")
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plotchar(series=highlightBullishBar, location=location.belowbar, char='▲', color=color.green, size=size.tiny, title = "Bullish indicator")
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plotchar(series=weakHighlightBearishBar, location=location.abovebar, char='▼', color=color.rgb(255,82, 82, 60), size=size.tiny, title = "Weak bearish")
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plotchar(series=weakHighlightBullishBar, location=location.belowbar, char='▲', color=color.rgb(76, 175, 80, 60), size=size.tiny, title = "Weak bullish")
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// Adding alerts
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alertcondition(highlightBearishBar or highlightBullishBar, title="Pinbar Signal", message='{"ticker": "{{ticker}}", "exchange": "{{exchange}}", "interval": "{{interval}}"}')
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// Trading strategy for bullish signal bars
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// if (highlightBullishBar and closeSlope > 0)
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// longStopLoss = low
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// longTakeProfit = close + (close - longStopLoss) * riskRewardRatio
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// strategy.entry("Bullish Signal", strategy.long, when=highlightBullishBar and closeSlope > 0)
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// strategy.exit("Take Profit/Stop Loss", "Bullish Signal", stop=longStopLoss, limit=longTakeProfit)
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// // Trading strategy for bearish signal bars
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// if (highlightBearishBar and closeSlope < 0)
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// shortStopLoss = high
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// shortTakeProfit = close - (shortStopLoss - close) * riskRewardRatio
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// strategy.entry("Bearish Signal", strategy.short, when=highlightBearishBar and closeSlope < 0)
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// strategy.exit("Take Profit/Stop Loss", "Bearish Signal", stop=shortStopLoss, limit=shortTakeProfit)
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