Price: $29.00
This is a trading strategy written in Pine Script, a programming language specific to TradingView’s platform.
The strategy is designed to identify long trading opportunities using a simple moving
average (SMA) crossover and exit positions based on a stop loss and take profit level.
Description
The inputs for this strategy are the stop loss and take profit levels, which are both expressed as a percentage of the current price. The default values are set to 2% for the stop loss and 3% for the take profit, but these can be adjusted by the user.
The strategy uses two SMAs, one with a period of 5 and the other with a period of 6. The crossover of the 5-period SMA above the 6-period SMA is used as the entry signal for a long position. The entry signal also requires that the 5-period SMA is above the 6-period SMA to confirm the trend direction.
The exit conditions are defined by a stop loss and take profit level. The stop loss level is calculated as a percentage of the average price of the open long position. If the stop loss level is reached, the position is closed.
