I just did a Bollinger Bands script with my newly CB moving average tradingview.com/script/mofa65va-CB-Moving-Average-ChuckBanger/ While I'm generally against posting strategies because it's very easy to fake performance numbers... This is just to share a cool strategy snippet. My settings are 10 contracts/order with pyramiding set to 10. You can make the profitability a lot higher if you set the order size higher. But that dosent help you getting more out of this script when u make a bot of this script. I set the order size to 10 contracts to get your attention not to showcase the performance.
When the price is going down and outside of the lower side of the band. And when the price comes back into the channel the strategy buys. Usually that means the price is going up. And when the price is going up and outside of the upper band. The strategy sells when it crosses back in to the channel.
It is a very simple strategy but it is effective. I guess you need a proper stop-loss for this script to bee really profitable in a bot environment.
Hey ChuckBanger! If it is okay to ask, why is it easy to fake the Backtesting Results?
I am currently starting fresh in coding me first Bot and got curious about your Message.
Thanks in Advance :)
ChuckBanger
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@Mahan_Mahmoudi, There is a lot of reason for that. But for example test for your self by adding Heikin-Ashi candles to a script. It was a long time ago now, but i remember i programmed a script back in the day that gives 14 million + % in net profit by using HA candles. In the real world that script was not profitable at all.
You are much better of by using something else for back-testing then the back-testing tool here if you are building a bot. If you building a high frequency bot, tradingview is not the place to start. Because tradingview introduces lag. You should write everything with your language of choice. Python for example has a lot of tools and library's to get you started
HermanBrummer
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@ChuckBanger, Thanks for this detailed answer -- appreciate it.
Chuck I was wondering if you had any recommend tools, newbies should look at?
I've been looking at MultiCharts
Thanks in advance
ChuckBanger
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@HermanBrummer, A newbie should start by learning price action. That is the most important skill for a trader to have. When you master price action then you can start by adding an indicator to compliment what you see in the price action. For example RSI and MACD are two very common and powerful indicator. And both can be used to analyze divergences. According to me divergences is a very powerful skill to master. Ask google how to´trade with price action and how to use the indicator you what to use and what divergences is. When you master that then you can search for more advanced indicator if you need it. But remember keep it simple. I know a few full time traders that only use price action and RSI so you do not need to over complicate things...
I am currently starting fresh in coding me first Bot and got curious about your Message.
Thanks in Advance :)