@iguanna, there is also a "Strategy" version of this which you can backtest and see for yourself. The backtest doesn't look as good anymore because of one large loss which traded in the wrong direction, but the results are greatly improved if you just use a trailing stoploss. Try something like use the lowest low of the last 3 bars as a long stoploss trigger. Or the highest high of the last 3 bars if you are short.
iguanna
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@Jomy, I added the indicator and strategy to my chart, but it says no available, how can I make it work?
Jomy
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@iguanna, I don't know. It works on my chart. Try copying the code and pasting into your Pine Script tab, and save it yourself, and then add it to the chart.
iguanna
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@Jomy, I tried using the Pine Script tab, and it keeps saying n/a n/a n/a n/a since yesterday.... it can be because I'm using a crypto currency (Bitmex XBT)? What else can I do? thank you for your reply!
Jomy
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@iguanna, this chart will only work for XBTUSD. Also make sure you are on 1h time frame. It requires a lot of bars of history, so if you apply it to an altcoin, it won't have enough history. If you want to play around with other instruments, see these lines:
for i = 24 to 1200 by +24
c:=b+c
d=c/50
Note that 24 x 50 = 1200. You can reduce the number of steps to lookback to 20 or something. Change to: