Last Update: May 5, 2024
Advanced Trading Strategy Container
- Variable Pyramiding
- Definable Signal Sources and Signal Import
- Leveraged Trading
We built this strategy container so any Tradingview user can build sophisticated trading strategies without knowing any Pine Script code. Even better, now you can easily use almost any indicator available on Tradingview to build your strategy, also without any coding. That works even if the strategy code is hidden. The strategy container is flexible and allows for some of the things that Tradingview users have been asking for for a while now., including variable pyramiding, testing pyramid directions, and leverage in pyramid trading strategies. We’re excited to release this at no cost.
Key Features:
- Direction and Exit: Trade long, short, or both, and exit trades automatically with a signal in the opposite direction.
- Backtesting Range: Easily change the range for your backtest (date & time)
- Buy & Sell signals: Simply import trading signals from any indicator that plots signals with a 1 for Buy and a -1 for Sell. Or define your trading signal yourself right from the Strategy with multiple operators and any indicator on the chart. You can even use this on indicators that are hiding their code.
- Variable Pyramiding: Over are the days when you had to invest the same amount with every pyramid trade. With this strategy, we enable you to define how much capital you want to invest for three consecutive trades in the same direction. With the standard settings, you will define the percentage for each trade separately, which means they don’t have to be identical. You can invest 20% in the first trade, 40% in the second and 130% in the third trade, or any other combination. Depending on your trading strategy settings, you may not always or ever get to execute more than one or two trades in the same direction.
- Pyramid with Leverage:
You can enter numbers that are combined greater than 100, which allows you to use leverage in your pyramiding trading strategy. - Pyramiding Directions:
You can scale into Winners, Losers, or both. Test what works best for your particular trading strategy.
The trading results above are based on the signals of our proprietary OMEGA signals trading indicator. It is available for purchase on this website.
Detailed Strategy Features:
Trade Direction
You can select to trade Long trades only, Short trades only, or both, assuming that whatever strategy you create with this container will produce buy and sell signals.Exit on Opposite
You can select if Long signals cause the exit of Short positions and vice versa. If you turn this on, then a sell/short signal will cause the closing of your entire long position, and a buy/long signal will cause the closing of your entire short position.Signal Import and Signal Creation
Option 1:
When you check the box ‘Use external indicator Buy&Sell signals?’ and continue to select an external indicator that plots LONG/BUY signals as value ‘1’ and SHORT/SELL signals as value ‘-1, then this strategy container will use those signals for the strategy, in combination with all other available settings’.Here an example of code in an indicator that would be able to be used to import signals with this strategy container
buy = long_cond and barstate.isconfirmed
sell = short_cond and barstate.isconfirmed
//———- SIGNAL FOR STRATEGY
signal = buy ? 1 : sell ? -1 : 0
plot(plot_connector? Signal : na, title=”OMEGA Signals”, display = display.none)
Option 2:
You can create buy/long and sell/short signals from within this strategy container under the sections called “Define ‘LONG’ Signal” and “Define ‘SHORT’ Signal.”You can do this with a single external indicator, by comparing two external indicators, or by comparing one external indicator with a fixed value. The indicator/s you use need to be on the same chart as this strategy container. You can add up to two (2) external indicators that can be compared to each other at a time. A checkbox allows you to select whether the logical operation is executed between Source #1 and #2, between Source # 1 and an absolute value, or just by analyzing the behavior of Source #1.
- Operations available, whenever possible based on source data, include:
- “crossing”
- “crossing up”
- “crossing down”
- “rejected from resistance (Source #1) in the last bar”, which means ‘High’ was above Source #1 (resistance level) in the last completed bar and ‘Close’ (current price of the symbol) is now below Source #1″ (resistance level).
- “rejected from resistance (Source #1) in the last 2 bars”, which means ‘High’ was above Source #1 (resistance level) in one of the last two (2) completed bars and ‘Close’ (current price of the symbol) is now below Source #1″ (resistance level).
- “rejected from support (Source #1) in the last bar” — similar to above except with Lows and rejection from support level
- “rejected from support (Source #1) in the last 2 bars” — similar to above except with Lows and rejection from support level
- “greater than”
- “less than”
- “is up”
- “is down”
- “is up %”
- “is down %”
- Operations available, whenever possible based on source data, include:
- Variable Pyramiding, Leverage, and Pyramiding Direction
- Variable Pyramiding
With this strategy container, you can define how much capital you want to invest for three consecutive trades in the same direction (pyramiding). You can define what percentage of your equity you want to invest for each pyramid-trade separately, which means they don’t have to be identical. As an example: You can invest 5% in the first trade let’s call this pyramid trade #0), 10% in the second trade (pyramid trade #1), and 7% in the third trade (pyramid trade #2), or any other combination. If your trading strategy doesn’t produce pyramid trading opportunities (consecutive trades in the same direction), then the pyramid trade settings won’t come to bear for the second and third trades, because only the first trade will be executed with each signal. - Leverage
You can enter numbers for the three pyramid trades that are combined greater than 100%. Once that is the case, you are using leverage in your trades and have to manage the risk that is associated with that. - Pyramiding Direction
You can decide to scale only into Winners, Losers, or Both.Losers: Price of the underlying security at the current signal is lower than the average cost of the position.
Winners: Price of the underlying security at the current signal is higher than the average cost of the position.
Both means that you are selecting to scale/pyramid into both Winning and Losing streaks.
- Variable Pyramiding
Other Inputs that influence signal execution:
You can choose to turn these on or off.- Limit Long exits with a WMA to stay longer in Long positions: If you check this box and enter a Length number (integer) for the WMA (Weighted Moving Average), then Long positions can only be exited with short signals when the current WMA is lower than on the previous bar/candle. Short signals sometimes increase with uptrends. We’re using this WMA here to limit short signals by adding another condition (WMA going down) for the short signal to be valid.
- Maximum length of trades in the number of candles. Positions that have been in place for the specified number of trades are excited automatically.
- Set the backtest period (from-to). Only trades within this range will be executed.
- Market Volatility Adjustment Settings
- Use ATR to limit when Long trades can be entered (enter ATR length and Offset). We’re using the 3-day ATR here, with your entries for ATR length and offset. When the 3-day ATR is below its signal line, then Long trades are enabled; otherwise, they are not.
- Use VIX to limit when Short trades can be entered (enter VIX). If you select this checkbox, then Short trades will only be executed if the daily VIX is above your set value.
- Use Momentum Algo functions to limit Short trades. This uses the average distance of Momentum Highs and Lows over the lookback period to gauge whether markets are calm or swinging more profoundly. Based on that you can limit short entries to more volatile market regimes. The assumption here is that greater distances between momentum highs and lows correlate positively with greater volatility and greater swings in the underlying security.
Set:
Fast EMA and Slow EMA period length
Number of left and right candles for High and Low pivots
Lookback period to calculate the High/Low average and then the distance between
Stop-Loss
Set separate stop-losses based on % for Long and Short positions. If the position loses X% since entry, then the position will be closed.
Take-Profit
Set separate take-profit levels based on % for Long and Short positions. If the position wins X% since entry, then the position will be closed.