SPY 1 Hour Swing Trader

23. Apr. 2023

The purpose of this script is to spot 1 hour pivots that indicate ~5 to 6 trading day swings. Results indicate that swings are held approximately 5 to 6 trading days on average, over the last 6 years. This indicator spots a go long opportunity when the 5 ema crosses the 13 ema on the 1 hour along with the RSI > 50. It also spots uses a couple different means to determine when to exit the trade. Sell condition is primarily when the 13 ema crosses the 5 ema and the MACD line crosses below the signal line and the smoothed Stoichastic appears oversold (greater than 60). Stop Losses and Take Profits are configurable in Inputs along with ability to include short trades plus other MACD and Stoichastic settings. If a stop loss is encountered the trade will close. Also once twice the expected move is encountered partial profits will taken and stop losses and take profits will be re-established based on most recent close. Once long trades are exited, short trades will be initiated if recent conditions appeared oversold and input option for short trading is enabled. If trying to use this for something other than SPXL it is best to update stop losses and take profit percentages and check backtest results to ensure proper levels have been selected and the script gives satisfactory results.

23. Apr. 2023

Versionshinweise

Added ADX Slope to hold on to trending trades longer before taking partial profits
Tweaked Stochastic from 60 to 70 in order to initiate sell later (waiting for more of an overbought condition)

9. Juni 2023

Versionshinweise

Added alert messages to strategies so when alerts appear they can be more descriptive and show message indicating what action to take.

Add the following code to your alert:
{{ticker}} @ {{time}}
{{strategy.order.action}}
{{strategy.order.alert_message}}