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Opportunity Criteria

Easier to follow with trend ribbon. More accurate trading with advanced buy and sell signals. No more repaints thanks to AI-supported coding.

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moleno56
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523 views4 pages

Opportunity Criteria

Easier to follow with trend ribbon. More accurate trading with advanced buy and sell signals. No more repaints thanks to AI-supported coding.

Uploaded by

moleno56
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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// This source code is subject to the terms of the Mozilla Public License 2.

0 at
https://mozilla.org/MPL/2.0/
// © daddywookie

//@version=5
indicator("Opportunity Criteria")

movementLength = input.int(24, title="Max Position Duration", minval=1, maxval=48,


step=1, group="Strategy Config", tooltip="Number of intervals to allow for exit to
occur")
profitTarget = input.float(5, title="Profit Target %", minval=0.5, maxval=50,
step=0.5, group="Strategy Config")
stopLimit = input.float(3, title="Stop Loss %", minval=0.5, maxval=50, step=0.5,
group="Strategy Config")

// ---> Configure backtest start and end dates with inputs


startDate = input.time(timestamp("01 Jan 2022 00:00 +0000"), title="Start Time",
group="Strategy Active Dates", tooltip="Date to start evaluating the strategy")
endDate = input.time(timestamp("31 Dec 2200 23:59 +0000"), title="End Time",
group="Strategy Active Dates", tooltip="Date to finish evaluating the strategy")

activeDates = time >= startDate and time <= endDate

enterLong = false
enterShort = false
exitBar = 0

entryPrice = open[movementLength]
longProfit = entryPrice + entryPrice*(profitTarget/100)
shortProfit = entryPrice - entryPrice*(profitTarget/100)
longStop = entryPrice - entryPrice*(stopLimit/100)
shortStop = entryPrice + entryPrice*(stopLimit/100)
stopBar = 0

studyBarOffset=(-1*movementLength)-1

// ---> Set up the metrics we are going to compare as a set of -1 > 1 scales for
short to long

shortlong_Entry = 0
shortlong_EntryStrength = 0

// ---> Gather some statistics about our entries


var shortlong_EntryCount = 0
var short_EntryCount = 0
var long_EntryCount = 0

// ---> reset exit status


exitLongStop = false
exitShortStop = false
exitLongProfit = false
exitShortProfit = false

// ---> Step back through the history to compare the open[i] price with the current
high/low. Handle long and short in their own loops

long_i = 1
short_i = 1

while long_i < movementLength and activeDates

// ---> Reference the furthest back bar we are testing for an entry
thisBar = movementLength - long_i

// ---> Did this bar exceed our profit or stop levels and trigger an exit
exitLongStop := low[thisBar] < longStop
exitLongProfit := high[thisBar] > longProfit

// ---> If we hit a stop then flag it and exit this search


if(exitLongStop)
enterLong := false
long_i := movementLength

// ---> If we hit a profit then flag it, update stats and exit the search
else if(exitLongProfit)
enterLong := true
exitBar := thisBar
shortlong_Entry := 1
shortlong_EntryStrength := 1-(long_i/movementLength)
shortlong_EntryCount += 1
long_EntryCount += 1
long_i := movementLength

// ---> If nothing happened move forward to the next bar


else
long_i += 1

while short_i < movementLength and activeDates

thisBar = movementLength - short_i

exitShortStop := high[thisBar] > shortStop


exitShortProfit := low[thisBar] < shortProfit

// ---> Did we hit a short exit without hitting a stop


if(exitShortStop)
enterShort := false
short_i := movementLength

else if(exitShortProfit)
enterShort := true
exitBar := thisBar
shortlong_Entry := -1
shortlong_EntryCount += 1
shortlong_EntryStrength := -1+(1*short_i/movementLength)
short_EntryCount += 1
short_i := movementLength

else
short_i += 1

// ---> Show another indicator to see if there is a correlation with our proposed
entries
smoothed_RSI = ta.ema(((ta.rsi(hl2,14)-50))/50,14)

// ---> Plot out our entry points and series indicators

// ---> Simple -1, 0, 1 values for go short, do nothing or go long


plot(shortlong_Entry, title="Short or Long", offset=studyBarOffset,
color=color.white)

// ---> Advanced indicator to show strength of entry, showing how quickly it will
profit
plot(shortlong_EntryStrength, title="Short or Long Strength",
offset=studyBarOffset, color=color.blue)

// ---> Simple indicator icons for long or short. These appear on the bar which
should calculate your entry, the actual entry would occur at the open of the next
bar
plotshape(enterLong, "Enter Long", shape.triangleup, location.bottom,
offset=studyBarOffset, color=color.new(color.blue,33), size=size.auto)
plotshape(enterShort, "Enter Short", shape.triangledown, location.bottom,
offset=studyBarOffset, color=color.new(color.red,33), size=size.auto)

// ---> Plot our proposed predictive indicator


plot(smoothed_RSI, title="Inverse RSI", offset=studyBarOffset, color=color.green)
//plot(longStop, color=color.new(color.blue, 50))
//plot(shortStop, color=color.new(color.red, 50))
//plot(shortStopBar, title="ShortstopBar", color=color.new(color.blue, 20))
//plot(shortProfit, color=color.new(color.red, 20))
//plotchar(exitShortStop, "Short Exit", "X", location.top, offset=-1*exitBar,
color=color.blue)
//plotchar(enterShort, "Short Profit", "X", location.top, offset=-1*exitBar,
color=color.red)

//---> Prepare and display a label with some output information

var barDelta = 0

if(time >= startDate and time <= endDate)


barDelta += 1

shortlong_EntryRate = math.round((shortlong_EntryCount/barDelta)*100)
long_EntryRate = math.round((long_EntryCount/barDelta)*100)
short_EntryRate = math.round((short_EntryCount/barDelta)*100)

print(txt) =>
// Create label on the first bar.
var lbl = label.new(bar_index, na, txt, xloc.bar_index, yloc.price, color(na),
label.style_none, color.gray, size.large, text.align_left)
// On next bars, update the label's x and y position, and the text it displays.
label.set_xy(lbl, bar_index, 0)
label.set_text(lbl, txt)

shortlong_EntryCountStr = "Number of entries: " +


str.tostring(shortlong_EntryCount) + " from " + str.tostring(barDelta) + " bars ("
+ str.tostring(shortlong_EntryRate) + "%)\n"
long_EntryCountStr = "Number of Long entries:" + str.tostring(long_EntryCount) + "
from " + str.tostring(barDelta) + " bars (" + str.tostring(long_EntryRate) + "%)\n"
short_EntryCountStr = "Number of Short entries: " + str.tostring(short_EntryCount)
+ " from " + str.tostring(barDelta) + " bars (" + str.tostring(short_EntryRate) +
"%)\n"

reportString = shortlong_EntryCountStr + long_EntryCountStr + short_EntryCountStr

print(reportString)

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