Price: $29.00
This is a trading strategy script written in Pine Script, the programming language used for creating custom indicators and strategies on TradingView.
The strategy is called the “Pivot Reversal Strategy” and is intended to identify potential trend reversals using pivot points and a filtered exponential moving average (EMA) as entry signals.
Description
The script takes in four inputs:
• leftBars – the number of bars to look back on the left side of the pivot point
• rightBars – the number of bars to look forward on the right side of the pivot point
• EmaFiltre – the period of the EMA filter used to confirm the trend
• longTrailPerc – the percentage for trailing stop loss on long positions
• shortTrailPerc – the percentage for trailing stop loss on short positions
The script then calculates the EMA filter using the ta.ema function from TradingView, and sets two entry signals based on whether the current EMA value is greater or less than the previous EMA value.
Next, the script uses the ta.pivothigh and ta.pivotlow functions to identify pivot points
in the price chart.
It then sets conditions to enter long or short positions when a pivot high or low is
detected, respectively.
The entry price is set at the pivot price plus or minus the minimum tick size
using the strategy.entry function.
Finally, the script sets trailing stop loss levels for long and short positions using the
strategy.exit function.
