Break of High/Low with Volume, MACD, and MAs

1 Eyl

How It Works:

Sessions:

The London session is defined between 8:00 and 16:00 UTC.
The New York session is defined between 13:00 and 21:00 UTC.

Previous High/Low:

The script identifies the highest high and lowest low from the previous bar using ta.highest(high, 1)[1] and ta.lowest(low, 1)[1].

Candle Body Size:

The script calculates the size of the current candle's body and checks if it is at least double the size of the previous candle's body.

Volume Check:

A high volume threshold is set as 1.5 times the 50-period SMA of the volume.

MACD Crossover:

The script calculates the MACD and its signal line and checks for bullish (buy) or bearish (sell) crossovers.

Signals:

A long signal (buy) is generated if the price breaks the previous high with a large body candle, high volume, and a bullish MACD crossover during the specified sessions.

A short signal (sell) is generated if the price breaks the previous low with a large body candle, high volume, and a bearish MACD crossover during the specified sessions.

Plotting:

The 50-period and 200-period moving averages, previous high, and previous low are plotted on the chart.

If a long condition is met, a "BUY" label is displayed below the bar. If a short condition is met, a "SELL" label is displayed above the bar.

Alerts:

Alerts are triggered whenever the conditions for a long or short trade are met.
Customization:

Feel free to adjust the session times, volume threshold, MACD settings, or moving averages based on your trading strategy or the specific asset you are trading.