Good morning/afternoon to everyone. Please how is the sub window
created? And how does one go about adding the MAs?
created? And how does one go about adding the MAs?
- #304
- Jun 15, 2021 2:33am Jun 15, 2021 2:33am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
{quote} Hi LauraWant to thank you so much for providing this kind of black-and-white strategy. My brain works best with these kinds of rule-based approaches so I very much appreciate this! Would you mind clarifying (for those of us using a different trading platform) what periods the different colour SMMA's relate to so I can set my chart up the same way on Tradingview? Also, there is no setting to offset/shift an SMMA on Tradingview. Is there an alternative indicator or period SMMA I can use?
//@version=3
study(title = "Shift Smoothed Moving Average", shorttitle="Sh_SMMA", overlay=true)
len1 = input(5, minval=1, title="Length")
src1 = input(close, title="Source")
smma1 = 0.0
smma1 := na(smma1[1]) ? sma(src1, len1) : (smma1[1] * (len1 - 1) + src1) / len1
plot(smma1, color=lime, linewidth=3)
shift_length = input(5, title="Shift")
len2 = input(5, minval=1, title="Length")
src2 = input(close, title="Source")
smma2 = 0.0
smma2 := na(smma2[1]) ? sma(src2, len2) : (smma2[1] * (len2 - 1) + src2) / len2
plot(smma2, color=orange,offset=shift_length, linewidth=3)
- #307
- Jun 15, 2021 4:20am Jun 15, 2021 4:20am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
- #308
- Jun 15, 2021 4:31am Jun 15, 2021 4:31am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
- #311
- Jun 15, 2021 5:22am Jun 15, 2021 5:22am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
Further to my previous post, I can now set out the strategy for purely trading the cross of the -50 line by the slow moving average.
The first decision we have to make is whether to use aggressive or standard mode. There are pros and cons to each. The standard mode will get you into positions later but will have less false signals, whereas the aggressive mode will get you in earlier but has more false signals. Personally, I prefer aggressive mode but the choice is yours.
The next decision is how much, if at all, of a buffer you want to use. I would recommend you have a buffer if using aggressive mode as it will help to reduce false signals. I'm using a buffer of 3 right now. That means that I will not get a long signal until the slow moving average goes above -47 (and below -53 for a short signal).
Next you need to establish a position/money management strategy. I recommend, if possible, splitting your entry in 3. Aim to take one third off at the first TP level, one third at the second TP level and final third at the point of the crossover. So, using Dow as an example, I might take one third off at +30, another third at +50 and the final third at the point of the crossover. You will need to come up with an appropriate figure for each individual instrument you trade. I appreciate that some of you might be trading micro lots and therefore be unable to split your position in 3. If that is the case, I recommend taking regular profit and re-entering. So, if trading EU for example, you might decide to take profit every 10 pips. This isn't ideal compared to splitting a position in 3 but it's probably the best workaround available to you.
Let's look at a live example:
You can see our entry point marked by the magenta arrow. The trade is currently up around 70 points since our entry. We'd have taken off the first third at +30 and the second third at +50 so we'd currently have one third left running.
Another example:
Here we see a short entry on Gold on Friday. This would have been worth around 150 points if you held until end of play Friday (even more if you held over the weekend). Again, I'd recommend taking off your position in one thirds. So for Gold we might take off our first third at +40, second third at +70 and final third at end of the trading day for +150. That would give us around 87 points profit in total (+260 divided by 3).
Have a play around the the indicator and settings on different markets. Work out a plan based on the volatility of the instrument. This will be highly profitable in the right conditions.
As requested, I've included a template for aggressive mode.
The first decision we have to make is whether to use aggressive or standard mode. There are pros and cons to each. The standard mode will get you into positions later but will have less false signals, whereas the aggressive mode will get you in earlier but has more false signals. Personally, I prefer aggressive mode but the choice is yours.
The next decision is how much, if at all, of a buffer you want to use. I would recommend you have a buffer if using aggressive mode as it will help to reduce false signals. I'm using a buffer of 3 right now. That means that I will not get a long signal until the slow moving average goes above -47 (and below -53 for a short signal).
Next you need to establish a position/money management strategy. I recommend, if possible, splitting your entry in 3. Aim to take one third off at the first TP level, one third at the second TP level and final third at the point of the crossover. So, using Dow as an example, I might take one third off at +30, another third at +50 and the final third at the point of the crossover. You will need to come up with an appropriate figure for each individual instrument you trade. I appreciate that some of you might be trading micro lots and therefore be unable to split your position in 3. If that is the case, I recommend taking regular profit and re-entering. So, if trading EU for example, you might decide to take profit every 10 pips. This isn't ideal compared to splitting a position in 3 but it's probably the best workaround available to you.
Let's look at a live example:
You can see our entry point marked by the magenta arrow. The trade is currently up around 70 points since our entry. We'd have taken off the first third at +30 and the second third at +50 so we'd currently have one third left running.
Another example:
Here we see a short entry on Gold on Friday. This would have been worth around 150 points if you held until end of play Friday (even more if you held over the weekend). Again, I'd recommend taking off your position in one thirds. So for Gold we might take off our first third at +40, second third at +70 and final third at end of the trading day for +150. That would give us around 87 points profit in total (+260 divided by 3).
Have a play around the the indicator and settings on different markets. Work out a plan based on the volatility of the instrument. This will be highly profitable in the right conditions.
As requested, I've included a template for aggressive mode.
- #312
- Jun 15, 2021 5:43am Jun 15, 2021 5:43am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
+55 Dow.
- #314
- Jun 15, 2021 7:51am Jun 15, 2021 7:51am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
{quote} Hi Laura, in this latest template, the subwindow did not appear in my chart...
You'll have to attach the indicator manually and select the appropriate settings. Here are mine:
{quote} Tradingview Code : //@version=3 study(title = "Shift Smoothed Moving Average", shorttitle="Sh_SMMA", overlay=true) len1 = input(5, minval=1, title="Length") src1 = input(close, title="Source") smma1 = 0.0 smma1 := na(smma1[1]) ? sma(src1, len1) : (smma1[1] * (len1 - 1) + src1) / len1 plot(smma1, color=lime, linewidth=3) shift_length = input(5, title="Shift") len2 = input(5, minval=1, title="Length") src2 = input(close, title="Source") smma2 = 0.0 smma2 := na(smma2[1]) ? sma(src2, len2) : (smma2[1] * (len2 - 1) + src2) / len2 plot(smma2,...
Thank you so much for this!
I am currently using the indicators for this strategy that pedrobhs has kindly created however it does not seem possible to add an alert for when the SMMA's cross. The code you have kindly provided may be able to help me in creating an alert to go alongside the existing indicators that will save some screen-checking time.
In case you haven't seen those indicators yet and feel they would be useful, you can find them at the bottom of the first post. I would link them for you but I'm new to the world of forums and don't yet know how to do that successfully.
- #319
- Jun 15, 2021 9:26am Jun 15, 2021 9:26am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
- #320
- Jun 15, 2021 10:02am Jun 15, 2021 10:02am
{quote} Thank you so much for this!
Hey DinosMum, I will update the code for those indicators tonight to align with Lauras recommendation of -50 cross of Slow line, I can also add those alerts you mention and any other alert you might need. Just let me know.
Takecare