Combo Backtest 123 Reversal & Money Flow Indicator This is combo strategies for get a cumulative signal.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
Indicator plots Money Flow Indicator (Chaikin). This indicator looks
to improve on Larry William's Accumulation Distribution formula that
compared the closing price with the opening price. In the early 1970's,
opening prices for stocks stopped being transmitted by the exchanges.
This made it difficult to calculate Williams' formula. The Chaikin
Oscillator uses the average price of the bar calculated as follows
(High + Low) /2 instead of the Open.
The indicator subtracts a 10 period exponential moving average of the
AccumDist function from a 3 period exponential moving average of the
AccumDist function.
WARNING:
- For purpose educate only
- This script to change bars colors.
在腳本中搜尋"high low"
Buy The Retrace backtest strategyA trend-following strategy entering pullbacks
Simple but efficient
Mostly used it on 1 min chart but it works extremely well on 5 min as well.
The components of the strategy:
-MTF ATR based Trend
-Fib based cloud to help determine the trend - Caution when trend and cloud shows a different trend - a reversal may be possible.
-Optional values for the signals -how often you would like to get one- can be changed based on - the current close relative to the close-only high-low range over a given period of time.
-3x take profit levels
- all adjustable in %
- take profit quantities adjustable in % for each level
-paints a line where your average position is
-labels the current position size
Be careful where the cloud is broken, a reversal may happen.
Be careful longing / shorting the same levels which acted as a support/resistance before - this is why the win ratio is around 80% only as a small percentage gets stopped out usually.
Would like to get access? Pm me I'll grant it.
LAGging span leaves Bollinger Bands strategyAbstract
This script points out the positions a lagging span leaves a Bollinger Band.
This script does not plot a lagging span but moves the Bollinger Band forward.
You can find profit opportunities by combining this script and risk management.
Introduction
Bollinger Bands is a popular indicator.
It contains a moving average, an upper band and a lower band.
The moving average can indicate trend, the upper band and the lower band can indicate if the price is far away from the moving average.
However, in trading markets, anything can happen.
Both continuation and reversal are possible when the price touches the moving average, the upper band or the lower band.
Therefore, many traders adjust the parameters of the Bollinder Band or add other indicators to improve their trading strategies.
@Daveatt et. al. provided an idea that uses a lagging span.
A lagging span is a line chart. It displays the reference price but in earlier time.
For example, if the offset of a lagging span is 26 days, the value of the lagging span on 29 days ago is the reference price 3 days ago.
A lagging span is a part of Ichimoku Cloud.
It can compare the price to the earlier price and the values of indicators in the past.
To compare the price to the values of indicators in the past, we can also shift indicators forward instead of adding a lagging span into the chart.
This script uses shift-the-indicators-forward method.
In other words, this script plots the Bollinger Band forward so that the price can be compared to the values of the Bollinger Band in the past.
Computing and Adjusting
(1) Compute Moving Average
(2) Compute Standard Derivation
(3) Upper Band = Moving Average + Standard Derivation * Multi
(4) Lower Band = Moving Average - Standard Derivation * Multi
(5) Shift the Bollinger Band forward according to the offset parameter.
(6) Mark the points the price leaves the shifted Bollinger Band
(7) Compute the most possible loss and profit before the next opposite signal.
Parameters
source : the data for computing the bollinger band. can be open, high, low, close or their combination.
length : how many days are calculated by the bollinger band
mult : the distance from the moving average to the upper band and the distance from the moving average to the upper band is equal to ( mult * standard derivation ) .
x_offset : the offset of the lagging span
Conclusion
This script can find signals for potential breakout or trend continuation.
If you want to use this signal well, you need to know when to cut loss and protect the profit.
Reference
@Daveatt , Bollinger bands/Lagging span cross , BGyrPgOA , Tradingview 2019
How to trade with Bollinger Bands
How to use Ichimoku Cloud
How to trade with a line chart
Crypto Long only Strategy 3h+ timeframeToday I bring another crypto strategy that works greatly with pairs like BTCEUR, ETHEUR, for 3h+ time frames.
Its a risky strategy because we have a hard stop loss of 25% of our capital which can be modified.
The idea behind its simple, we have a candle which is made from open+high+low+close / 4 , and we make the decision based on this one.
We only go long with this strategy .
For entry: if we have 5 ascending candles we enter, and we exit when we have 4 descending candles.
For this example, I used 100% of the initial capital(1000 EUR/USD), with a commission of 0.1% per each deal.
At the same time, the max capital that can be lost in a trade is going to be the equity risk, in this example 25% .
Overall we can see that's more or less around the same level as buy and hold strategy
Profitable Strategy Forex 80 by LukasHello all,
Herewith I publish my Forex strategy, it's works for major pairs only.
I ran more than a thousand test to get this result! :))
The strategy have more than 8 Buy and Sell signal condition with 2 core signal provider.
You can turn on/off each 7 signal and find the most profitable combination for each pairs.
If you trade on lower timeframe, you can turn on "Higher Timeframe MA".
It's also will trigger buy/sell when breakout from monthly high / low when entry condition meets.
You can set weekly or monthly.
I work on 4H timeframe when develop the script, so best use is 4H.
Basically i want to make reliable strategy that can automate trade
without the need to check chart every minutes! Hahha
So i think higher time frame is the best time to start,
and I found 4H chart on Forex have more clear structure and volatility .
I make the signal visible, it consist of 3 line represent The Pairs, Base and Counter pairs,
basically when Green line on top it means Base currency is strong, vice versa.
You may share your setting in the comment section, so others can try it :)
For this result I turn on Signal A,C,D,E,F
Signal A and B use special RSI
Signal C and D use special MACD
Signal E use RSI
Signal F use EMA and DEMA combination
In my opinion each pairs has unique character, some of them move faster than others.
So, adjust the setting for each pairs will benefit you more.
For further develop of this strategy, please give me feedback! :)
Renko Strategy T3 V1An interesting strategy using Renko calculations and Tilson T3 on normal charts targeted for cryptocurrencies but can work with different assets.
Tested on Daily but can work with lower frames using Renko Size and T3 Length adjustments.
== Description ==
Strategy get Renko close/open/high/low values and smooth them with T3 Tilson.
Base on these results the strategy triggers a long and short orders, where green uptrending and red downtrending.
Including Alerts
== Repaint ==
There seems to be some sort of inconsistency when doing 'Replay' function with the strategy, which means using Replay function won't trade like if you see the trading results without Replay. Regarding real time, it does not seem to repaint, besides that you need to wait for the last active bar to complete for it to give you indication.
You can disable strategy to use it has a sole indicator.
There might be a new strategy of Renko Strategy V2 in the future as i have an in progress prototype, Follow to get updated:
www.tradingview.com
Combo Backtest 123 Reversal & FX Sniper: T3-CCI This is combo strategies for get a cumulative signal.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
This simple indicator gives you a lot of useful information - when to enter, when to exit
and how to reduce risks by entering a trade on a double confirmed signal.
You can use in the xPrice any series: Open, High, Low, Close, HL2, HLC3, OHLC4 and ect...
WARNING:
- For purpose educate only
- This script to change bars colors.
2 Candles Inside ATR2 agitated candles falling inside ATR range, awaiting possibly a big move.
Buy / Sell signals at combined high / low can be used as order with other as stop loss.
Counter trade, when this minimal stop loss is hit, is also as useful. However, wait till the SL candle closes, before opening position on the other side.
Works quite well on 15 mins chart, with settings of ATR duration 25 and multiplier 0.6. These settings are configurable, so feel free.
AltBetaHello Tradingivew!
This is a new script I have been working on for last few weeks, its still in a beta mode version but i want to publish it to get some feedback on it
This script uses a variety of indicators in conjunction with each other
Its unique in a way as it only LONGS and gives the exits rather than shorting too
It uses a percentage of the spread between average of high, low and close with ema crossover
it's uni-directional, picking longs only
Stop losses are wide enough to give the signal room for good results
it works best by backtesting against data to see results before using it on any particular symbol or timeframe
To try it our you may message me directly on tradingview chat
Thanks
BITA STRATEGY 3.0This indicator is base on high low concept and give good signal in Banknifty , Nifty , Crudeoil , Silver & Gold .
Please use 30 Minutes time frame for maximum accuracy
Please backtest it before use and make your own profit and stoploss level based on you risk management.
I have made this indicator for education purpose only.
I strongly say NO to trade with real money on my indicator.
It is your sole responsibility for any financial profits or losses.
Do comment your feedback and improvement points if any
Enjoy .....
* Pivot Levels Detector (for H4, D2) [aleeert]Pivot Levels Detector is the script based on idea about breakouts of pivot levels which based on certain numbers of bars used for reaching the target and breakout the level. Working timeframes are H4 and 2D . The script works better with BTCUSD, ETHUSD, EOSBTC, AAPL, TSLA.
No repainting!
The script doesn't use any moving averages or other relative methods which cancel or change data on previous bars. Once the signal is showed it will stay forever.
NOTE: The results from Strategy Tester could slight vary from results you see on the chart. It's because of calculation method used on Strategy Tester, which uses a data from closed bars only, not by target reaching. So the results you see on the chart are more correct.
Follow me for receiving more scripts and indicators.
Regards,
aleeert
Combo Backtest 123 Reversal & Elder Ray (Bull Power) This is combo strategies for get a cumulative signal.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
Developed by Dr Alexander Elder, the Elder-ray indicator measures buying
and selling pressure in the market. The Elder-ray is often used as part
of the Triple Screen trading system but may also be used on its own.
Dr Elder uses a 13-day exponential moving average (EMA) to indicate the
market consensus of value. Bull Power measures the ability of buyers to
drive prices above the consensus of value. Bear Power reflects the ability
of sellers to drive prices below the average consensus of value.
Bull Power is calculated by subtracting the 13-day EMA from the day's High.
Bear power subtracts the 13-day EMA from the day's Low.
You can use in the xPrice any series: Open, High, Low, Close, HL2, HLC3, OHLC4 and ect...
WARNING:
- For purpose educate only
- This script to change bars colors.
Pivot Point V2 Backtest Pivot points simply took the high, low, and closing price from the previous period and
divided by 3 to find the pivot. From this pivot, traders would then base their
calculations for three support, and three resistance levels. The calculation for the most
basic flavor of pivot points, known as ‘floor-trader pivots’, along with their support and
resistance levels.
WARNING:
- For purpose educate only
- This script to change bars colors.
Combo Backtest 123 Reversal & Elder Ray (Bear Power) This is combo strategies for get a cumulative signal.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
Developed by Dr Alexander Elder, the Elder-ray indicator measures buying
and selling pressure in the market. The Elder-ray is often used as part
of the Triple Screen trading system but may also be used on its own.
Dr Elder uses a 13-day exponential moving average (EMA) to indicate the
market consensus of value. Bull Power measures the ability of buyers to
drive prices above the consensus of value. Bear Power reflects the ability
of sellers to drive prices below the average consensus of value.
Bull Power is calculated by subtracting the 13-day EMA from the day's High.
Bear power subtracts the 13-day EMA from the day's Low.
You can use in the xPrice any series: Open, High, Low, Close, HL2, HLC3, OHLC4 and ect...
WARNING:
- For purpose educate only
- This script to change bars colors.
Camarilla Pivot Points V2 Backtest Camarilla pivot point formula is the refined form of existing classic pivot point formula.
The Camarilla method was developed by Nick Stott who was a very successful bond trader.
What makes it better is the use of Fibonacci numbers in calculation of levels.
Camarilla equations are used to calculate intraday support and resistance levels using
the previous days volatility spread. Camarilla equations take previous day’s high, low and
close as input and generates 8 levels of intraday support and resistance based on pivot points.
There are 4 levels above pivot point and 4 levels below pivot points. The most important levels
are L3 L4 and H3 H4. H3 and L3 are the levels to go against the trend with stop loss around H4 or L4 .
While L4 and H4 are considered as breakout levels when these levels are breached its time to
trade with the trend.
WARNING:
- For purpose educate only
- This script to change bars colors.
Strategy Tester EMA-SMA-RSI-MACDOn Tradingview I never saw a custom adjustable strategy script yet, so this is it,
you can change different things and see if you'll get a good strategy or not
Settings:
First choose the source, you can choose out of:
close, open, high, low, ohlc4, hlc3, hl2
Then choose you strategy: Long & Short, Long only or Short only
Next, choose your entry "Buy/Long" (which is the "close Short position" when "Short"):
- (E)MA 1 > (E)MA 2 (Each can be made ema or sma)
- close above (E)MA 1
- RSI strategy
- macd > signal
- macd > 0
- signal > 0
Then choose your RSI values if needed (for example you want a trigger when EMA 1 > SMA 2
but only if RSI > 60, then change "IF RSI >" from 0 to 60
Next you can choose an extra argument
and even a second argument with Higher Time Frame settings
Under this you can change your (E)MA values as desired (HTF values, MACD and RSI length can be found lower)
All the same with the exit/close (or if "Short", this is your entry)
Again, change everything as you wish
Then comes the RSI length setting, MACD settings and HTF settings, followed by SL/TP settings
(you also can enable/disable SL/TP), and TIME settings (for example you want to know the profit only from this year)
Alerts are provided in next script
Have fun!
Combo Backtest 123 Reversal & Elder Ray (Bear Power) This is combo strategies for get a cumulative signal.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
Developed by Dr Alexander Elder, the Elder-ray indicator measures buying
and selling pressure in the market. The Elder-ray is often used as part
of the Triple Screen trading system but may also be used on its own.
Dr Elder uses a 13-day exponential moving average (EMA) to indicate the
market consensus of value. Bear Power measures the ability of sellers to
drive prices below the consensus of value. Bear Power reflects the ability
of sellers to drive prices below the average consensus of value.
Bull Power is calculated by subtracting the 13-day EMA from the day's High.
Bear power subtracts the 13-day EMA from the day's Low.
You can use in the xPrice any series: Open, High, Low, Close, HL2, HLC3, OHLC4 and ect...
WARNING:
- For purpose educate only
- This script to change bars colors.
Cyato Grid Basic Buy & Sell [BACKTEST]Private indicator
This Grid bot strategy creates buy orders when the price goes down one level or more, and sell order when the price goes up one level or more.
To avoid useless trades, the lastest traded level is disabled until another level is crossed.
To create the grid, one upper level and one lower level is calculated. Those 2 levels are either given by the user using "MANUAL" mode or automatically calculated by an AI. The space between these two levels are then divided equally into several steps, creating the grid. The number of steps is chosen by the user, from 3 to 20.
HOW IT WORKS
This is the Backtest version meaning this is the one you should use with the Strategy Tester (more below).
Select either "MANUAL" or "AI" mode.
When using "MANUAL", you have to configure an upper level and a lower level.
When using "AI", the upper and lower level are automatically calculated from last 7 days high/low plus a 3% deviation. You can configure the timeframe and the deviation.
Select the grid quantity, from 3 to 20.
Example with 3:
Example with 10:
Example with 20:
You can choose between "Once Per Bar Close" or "Once Per Bar" alert type.
"Once Per Bar Close" will wait candle close to confirm a trade.
"Once Per Bar" will trigger a trade if the price crossed a step anytime inside a candle. Note that the backtest will still use bar close price in its calculation.
BACKTESTING
The strategy will buy 1 contract when a BUY signal appears and sell 1 contract when a SELL signal appears.
Here 1 contract = 1 BTC
The strategy can buy up to 20 contracts. Pyramiding is enabled.
The Backtest info panel is here to show how many trades are open in the backtest.
I know very well that a backtest has no value if several trades are left open. That is why I coded a feature to close all open trades at once on the last candle. This feature can be turned on and off.
To get this indicator, use the link in my signature below, thanks!
Break out strategy 0Breakout strategy (for verification)
Not recommended.
If you enter with a high (low) breakout for any period
ブレークアウトストラテジー(検証用)
推奨するものではありません。
任意の期間の高値（安値）ブレークアウトでエントリーした場合
Combo Backtest 123 Reversal & Dynamic Pivot Point This is combo strategies for get a cumulative signal.
First strategy
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
The strategy buys at market, if close price is higher than the previous close
during 2 days and the meaning of 9-days Stochastic Slow Oscillator is lower than 50.
The strategy sells at market, if close price is lower than the previous close price
during 2 days and the meaning of 9-days Stochastic Fast Oscillator is higher than 50.
Second strategy
This Pivot points is calculated on the current day.
Pivot points simply took the high, low, and closing price from the previous period and
divided by 3 to find the pivot. From this pivot, traders would then base their
calculations for three support, and three resistance levels. The calculation for the most
basic flavor of pivot points, known as ‘floor-trader pivots’, along with their support and
resistance levels.
WARNING:
- For purpose educate only
- This script to change bars colors.
BEST Trend Direction Helper (Strategy Edition)Hello traders
A follower asked me to convert my Trend Direction Helper into a strategy
So blessed this indicator reached the 1400+ likes milestone - I can't believe how many people are trading with it
I based the setup as follow:
- Entries on those green/red labels
- exit whenever a Simple Moving Averages cross in the opposite direction happen
- possibility to filter only Longs/Shorts or both
Also...
The strategy includes the Zig Zag/Pivots high/low and other options from the indicator version. I only added a quick strategy component with a hard exit concept based on SMA cross
All the best fam and... HAPPY NEW YEAR !!!!!!!!!!!
Dave
Leverage Strategy and a few words on risk/opportunityHello traders,
I started this script as a joke for someone... finally appears it could be used for educational content
Let's talk about leverage and margin call
Margin Call
A margin call is the broker's demand that an investor deposit additional money or securities so that the account is brought up to the minimum value, known as the maintenance margin.
A margin call usually means that one or more of the securities held in the margin account has decreased in value below a certain point.
Leverage
A leverage is a system which allows the trader to open positions much larger than his own capital. ... “Leverage” usually refers to the ratio between the position value and the investment needed,
Strat
The strategy simulates long/short positions on a 4h high/low breakout based on the chart candle close.
The panel below shows the strategy equity curve. Activating the margin call option will show when the account would be margin called giving the settings
Casino
I'm not doing any financial recommendation here.
I made this strategy so that people include more risk management metrics into their strategy.
From the code, we see it's fairly easy to calculate a leveraged position size and a margin call flag - when that flag is hit, the system stops trading.
I simplified things to the extreme here but my point is that the leverage is a double-edge sword gift.
Assuming we always take the same position sizing, increasing the leverage speed up how fast a margin could be ..... called. (bad joke? feel free to tell me). Not saying it will, saying it introduces more risk by design.
Then one could say "I'll just turn off that stupid margin call option". And that's when someone starts backtesting with unrealistic market conditions.
Finally...
When I backtest I always assume the worst in every scenario possible (because I'm French), I always try to minimize the risk first (also because I'm French), keeping as close from 0 as possible (French again)
Then I add the "opportunity" component, looking to catch the maximum of opportunity while keeping the risk low.
It's like a Rubix cube puzzle - decreasing the risk is one side of the equation but whenever I try to catch more opportunity... my risks increases.
Then I update my risk... and now the opportunity decreases... (#wut #wen #simple)
Completely removing the risk from a trading strategy isn't something I wouldn't dare doing.
Trading involves risk. Being obsessed by decreasing the risk is what I do BEST :)
Dave
Backtesting on Non-Standard Charts: Caution! - PineCoders FAQMuch confusion exists in the TradingView community about backtesting on non-standard charts. This script tries to shed some light on the subject in the hope that traders make better use of those chart types.
Non-standard charts are:
Heikin Ashi (HA)
Renko
Kagi
Point & Figure
Range
These chart types are called non-standard because they all transform market prices into synthetic views of price action. Some focus on price movement and disregard time. Others like HA use the same division of bars into fixed time intervals but calculate artificial open, high, low and close (OHLC) values.
Non-standard chart types can provide traders with alternative ways of interpreting price action, but they are not designed to test strategies or run automated traded systems where results depend on the ability to enter and exit trades at precise price levels at specific times, whether orders are issued manually or algorithmically. Ironically, the same characteristics that make non-standard chart types interesting from an analytical point of view also make them ill-suited to trade execution. Why? Because of the dislocation that a synthetic view of price action creates between its non-standard chart prices and real market prices at any given point in time. Switching from a non-standard chart price point into the market always entails a translation of time/price dimensions that results in uncertainty—and uncertainty concerning the level or the time at which orders are executed is detrimental to all strategies.
The delta between the chart’s price when an order is issued (which is assumed to be the expected price) and the price at which that order is filled is called slippage . When working from normal chart types, slippage can be caused by one or more of the following conditions:
• Time delay between order submission and execution. During this delay the market may move normally or be subject to large orders from other traders that will cause large moves of the bid/ask levels.
• Lack of bids for a market sell or lack of asks for a market buy at the current price level.
• Spread taken by middlemen in the order execution process.
• Any other event that changes the expected fill price.
When a market order is submitted, matching engines attempt to fill at the best possible price at the exchange. TradingView strategies usually fill market orders at the opening price of the next candle. A non-standard chart type can produce misleading results because the open of the next candle may or may not correspond to the real market price at that time. This creates artificial and often beneficial slippage that would not exist on standard charts.
Consider an HA chart. The open for each candle is the average of the previous HA bar’s open and close prices. The open of the HA candle is a synthetic value, but the real market open at the time the new HA candle begins on the chart is the unrelated, regular open at the chart interval. The HA open will often be lower on long entries and higher on short entries, resulting in unrealistically advantageous fills.
Another example is a Renko chart. A Renko chart is a type of chart that only measures price movement. The purpose of a Renko chart is to cluster price action into regular intervals, which consequently removes the time element. Because Trading View does not provide tick data as a price source, it relies on chart interval close values to construct Renko bricks. As a consequence, a new brick is constructed only when the interval close penetrates one or more brick thresholds. When a new brick starts on the chart, it is because the previous interval’s close was above or below the next brick threshold. The open price of the next brick will likely not represent the current price at the time this new brick begins, so correctly simulating an order is impossible.
Some traders have argued with us that backtesting and trading off HA charts and other non-standard charts is useful, and so we have written this script to show traders what happens when order fills from backtesting on non-standard charts are compared to real-world fills at market prices.
Let’s review how TV backtesting works. TV backtesting uses a broker emulator to execute orders. When an order is executed by the broker emulator on historical bars, the price used for the fill is either the close of the order’s submission bar or, more often, the open of the next. The broker emulator only has access to the chart’s prices, and so it uses those prices to fill orders. When backtesting is run on a non-standard chart type, orders are filled at non-standard prices, and so backtesting results are non-standard—i.e., as unrealistic as the prices appearing on non-standard charts. This is not a bug; where else is the broker emulator going to fetch prices than from the chart?
This script is a strategy that you can run on either standard or non-standard chart types. It is meant to help traders understand the differences between backtests run on both types of charts. For every backtest, a label at the end of the chart shows two global net profit results for the strategy:
• The net profits (in currency) calculated by TV backtesting with orders filled at the chart’s prices.
• The net profits (in currency) calculated from the same orders, but filled at market prices (fetched through security() calls from the underlying real market prices) instead of the chart’s prices.
If you run the script on a non-standard chart, the top result in the label will be the result you would normally get from the TV backtesting results window. The bottom result will show you a more realistic result because it is calculated from real market fills.
If you run the script on a normal chart type (bars, candles, hollow candles, line, area or baseline) you will see the same result for both net profit numbers since both are run on the same real market prices. You will sometimes see slight discrepancies due to occasional differences between chart prices and the corresponding information fetched through security() calls.
Features
• Results shown in the Data Window (third icon from the top right of your chart) are:
— Cumulative results
— For each order execution bar on the chart, the chart and market previous and current fills, and the trade results calculated from both chart and market fills.
• You can choose between 2 different strategies, both elementary.
• You can use HA prices for the calculations determining entry/exit conditions. You can use this to see how a strategy calculated from HA values can run on a normal chart. You will notice that such strategies will not produce the same results as the real market results generated from HA charts. This is due to the different environment backtesting is running on where for example, position sizes for entries on the same bar will be calculated differently because HA and standard chart close prices differ.
• You can choose repainting/non-repainting signals.
• You can show MAs, entry/exit markers and market fill levels.
• You can show candles built from the underlying market prices.
• You can color the background for occurrences where an order is filled at a different real market price than the chart’s price.
Notes
• On some non-standard chart types you will not obtain any results. This is sometimes due to how certain types of non-standard types work, and sometimes because the script will not emit orders if no underlying market information is detected.
• The script illustrates how those who want to use HA values to calculate conditions can do so from a standard chart. They will then be getting orders emitted on HA conditions but filled at more realistic prices because their strategy can run on a standard chart.
• On some non-standard chart types you will see market results surpass chart results. While this may seem interesting, our way of looking at it is that it points to how unreliable non-standard chart backtesting is, and why it should be avoided.
• In order not to extend an already long description, we do not discuss the particulars of executing orders on the realtime bar when using non-standard charts. Unless you understand the minute details of what’s going on in the realtime bar on a particular non-standard chart type, we recommend staying away from this.
• Some traders ask us: Why does TradingView allow backtesting on non-standard chart types if it produces unrealistic results? That’s somewhat like asking a hammer manufacturer why it makes hammers if hammers can hurt you. We believe it’s a trader’s responsibility to understand the tools he is using.
Takeaways
• Non-standard charts are not bad per se, but they can be badly used.
• TV backtesting on non-standard charts is not broken and doesn’t require fixing. Traders asking for a fix are in dire need of learning more about trading. We recommend they stop trading until they understand why.
• Stay away from—even better, report—any vendor presenting you with strategies running on non-standard charts and implying they are showing reliable results.
• If you don’t understand everything we discussed, don’t use non-standard charts at all.
• Study carefully how non-standard charts are built and the inevitable compromises used in calculating them so you can understand their limitations.
Thanks to @allanster and @mortdiggiddy for their help in editing this description.
Look first. Then leap.
