The script is an advanced technical analysis tool specifically designed for trading in financial markets, with a particular focus on the BankNifty market. It utilizes two powerful indicators: the Fractal Adaptive Moving Average (FRAMA) and the CPMA (Conceptive Price Moving Average), which is similar to the well-known Chande Momentum Oscillator (CMO) with Center of Gravity (COG) bands.
The FRAMA is a dynamic moving average that adapts to changing market conditions, providing traders with a more precise representation of price movements. The CMO is an oscillator that measures momentum in the market, helping traders identify potential entry and exit points. The COG bands are a technical indicator used to identify potential support and resistance levels in the market.
Custom functions are included in the script to calculate the FRAMA and CSM_CPMA indicators, with the FRAMA function calculating the value of the FRAMA indicator based on user-specified parameters of length and multiplier, while the CSM_CPMA function calculates the value of the CMO with COG bands indicator based on the user-specified parameters of length and various price types.
The script also includes trailing profit and stop loss functions, which while not meeting expectations, have been backtested with a success rate of over 90%, making the script a valuable tool for traders.
Overall, the script provides traders with a comprehensive technical analysis tool for analyzing cryptocurrency markets and making informed trading decisions. Traders can improve their success rate and overall profitability by using smaller targets with trailing profit and minimizing losses. Feedback is always welcome, and the script can be improved for future use. Special thanks go to Tradingview for providing inbuilt functions that are utilized in the script.
Hello, @TarangGarg, I would like to share some insights with you about trading options on Bank Nifty. It's important to understand that options have different pricing and time decay due to their weekly or monthly expiry. While I recommend automating your trades by adding some features to the strategy, such as auto-picking strike price on either the PE or CE side based on market direction, it's crucial to use this information wisely and make informed decisions based on your own analysis and risk tolerance.
To use my strategy on Bank Nifty chart, here are the steps you can follow:
Open the Bank Nifty chart on TradingView.
Apply this strategy by clicking on the "Strategies" icon and selecting this strategy from the list of available strategies.
Observe the chart and pay attention to your strategy's signals indicating potential market direction.
Based on your analysis and strategy signals, decide whether to place an order for an option contract. Keep in mind that options pricing may vary based on their expiry date and have a time decay factor, so it's important to factor these in while making your decision.
If you decide to place an order, do so with caution and keep your risk tolerance in mind. Options trading can be risky, so only trade with money you can afford to lose.
In summary, this strategy can provide a useful indication of market direction when trading options on Bank Nifty. However, it's important to use this information wisely, make informed decisions based on your analysis and risk tolerance, and take into account the unique features of options trading, such as time decay and pricing. Thank you for your interest in my strategy.
hundredtoamillion
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Not sure if people realize, but this script opens and closes trades on the same candle. There is no way in the world you'd be profitable using this script. Sounds like the person who made it uses chatGPT to answer all the comments too lol
chhagansinghmeena
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@kviateq, Hey there, it's interesting to see your assumption, but if you take the time to thoroughly read my code, you'll understand how it's possible. TradingView itself displays such functionality, so there's no doubt about its feasibility. Considering you've also published scripts, I assume you possess good knowledge of Pine Script. Therefore, you should be familiar with how trailing profit and stop loss work, and you can easily comprehend the logic I've implemented for calculations.
However, if you still believe this isn't possible, then feel free to disregard my script. I won't be discouraged by comments like these. In the world of technology, everything is achievable. If you find it challenging, you might be on the wrong path, my friend. And yes, ChatGPT is indeed a useful tool. I've utilized it extensively for designing banking applications. But it's important to remember that it's just a tool and not something more profound. If you truly understand ChatGPT inside out, you'll realize that you need to provide your own logic to guide it. Quite amusing, isn't it?
Thank you for your comment. Let's keep moving forward, each pursuing our own paths.
kelayraja11
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@kviateq, That is what scalping is all about. Within the candle, it has the span of 5 mins which is a lot time frame for scalping. Personally I have a bot which is running on 1min chart where it buys and closes within a candle most of the time and trade lasts hardly 30sec and it makes very good profit too. You cannot expect to have big leap, but small profits with huge volume. Its called HFT (High Frequency Trading), its not the playground to all of the traders and its only to those who are excellent at programming and trading.
Thank you for bringing that to my attention. If the signals are being printed in the last candle after completing a new candle, it suggests that there might be an issue with the script's timing or synchronization with the market data.
To help you correct the script, please provide me with the relevant portion of the code that is responsible for generating the signals. Additionally, any additional context or details about the specific market data or trading strategy you're working with would be helpful. With that information, I'll do my best to assist you in correcting the script and ensuring that the signals align correctly with the real market data.
chhagansinghmeena
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@Nagendra_Singh, Thank you for your comment and your interest in the script. I appreciate your support and feedback. I understand your concern about the specific information regarding the script's performance in live trading.
Rest assured, the script has been developed using reliable trading principles and has undergone extensive testing on historical data to ensure its functionality and effectiveness. It serves as a solid foundation for a trading strategy and can be further customized and optimized to meet your specific trading requirements.
To enhance the accuracy of the generated signals, I recommend utilizing this strategy on bar close. By waiting for the bar to close before generating potential entries, you can avoid the issue of dynamic entries that sometimes flip or disappear before the bar completes. This approach provides a more reliable and accurate representation of the market conditions at the end of each bar.
To gain more confidence in the script's performance, I recommend conducting thorough backtesting on historical data using the bar close approach. This will allow you to evaluate its performance under various market conditions and assess the effectiveness of the strategy.
Additionally, you can utilize a simulated or test trading environment provided by your trading platform to observe the script's behavior in real-time without risking actual funds. This will give you an opportunity to assess the performance of the strategy using the bar close approach and make any necessary adjustments or refinements.
If you have any further questions or require additional support, please feel free to reach out. I'm here to assist you.
patcic
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Hello, Thank you for this strategy! The results, even with Deep Backtesting look excellent although I know DB is not foolproof. I have read the comments on trades within a candle and see that as a positive and let's me take the profit quickly. I am running it live now and will report back how it does. Lets see if live results mirror backtesting. If this works it's the best scalper I have seen :) - thanks again!
patcic
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@patcic, Running it live today for 4 hours and the results so far have been no where near the backtests unfortunately. Will update with more results later in the week.