This is a 1 trade per day strategy for trading SPY or QQQ index. By default, this is designed for 1 min time frame. This was an experimental script that seems to be profitable at the time of publication.
How it works: Pre-market high and low is defined per trading day between 9:00 to 9:30 EST. Then we looking for the first breakout on either PM high or PM low. - Breakout high = long trade - Breakout low = short trade If long trade, we wait until Stochastic RSI D signal line to hit a lower threshold (18 by default). Then we enter long when K crosses above D line. If short trade, we wait until Stochastic RSI D signal line to hit an upper threshold (82 by default). Then we enter short when K crosses below D line.
Stop loss for long - set to PM low if entry is above PM high + %ATR buffer - or set to PM range + %ATR buffer
Stop loss for short - set to PM high if entry is below PM low + %ATR buffer - or set to PM range + %ATR buffer
Profit target is set to 2x the risk by default.
*Note: Different Stochastic RSI lengths should be used if trading 5 min time frame. See tooltip.
@PtGambler, Been searching for it with no success. I especially liked the (small/big) triangles. Would you please kindly drop a link to the built in of tradingview? Hopefully it looks like the one you used here. Thank you very much.
@PtGambler, Thank you very much for your time. I will give it a try.
sam45445
⋅
what do i have to take out from the code so its just the pre market entrys and this stoich atr thing
cghursh
⋅
Great work on this! For some reason, short postions arent entering? Im using 5 min and have tried other timeframes and havent adjusted anything. Curious if I need to do something so that shorts as well as long trades appear? Thanks.
PtGambler
⋅
@cghursh, hmm im seeing some shorts, you shouldn't have to adjust anything. If the price breaks below premarket low, the script should try to look for shorts
kailokli97
⋅
Hello @PtGambler thank you for the share may i ask how come there are some days that the order entry didn't take place all the way until 11ish? e.g. on july19th?
PtGambler
⋅
@kailokli97, thanks for the question. First i assume you are using it on 5min chart. Second, there are typos under the "entry parameters" in properties. It should say Stochastic D instead of K. for Short entries, it should be above 82 and Long entries below 18.