Oath consists of 21 and 55 EMA , Commodity Channel Index and Supertrend indicator. It confirms a trend and gives you a signal on a pullback. Original creation worked on 1h EURUSD chart.
Oath is merely a rebrand of my previous Patient Trendfollower strategy. Unlike Patient Trendfollower, Oath has actually a good name and it does not fill your screen with noodles.
►Long setup: • 21 EMA is above 55 EMA , which is above the Supertrend indicator. • Commodity Channel Index is an oscillator, which prints into the chart if extreme levels are reached. Green is for a level above 100 or below -100, red is above 140 or below -140 and black is above 180 or below -180. • If 21 EMA > 55EMA > Supertrend and an oversold signal appear, you can buy into the trend. • When backtesting on 1h EURUSD , profit target 400 pips worked best with a stop-loss below Supertrend's bottom and the size of your spread. Spread values do not subtract from your profit. • A picture shows two valid entries.
Thanks to: • @everget for providing Supertrend solution. • Satik FX who hand-tested the system by hand and reported results in this article. He is my main inspiration for creating the complete indicator as one because I want to be able to show and hide it with a single click.
I slightly adjusted it to make writing the script easier. For example, I allowed the script to trade anytime instead of only during British/NY exchanges open. It should be a legit strategy, but I don't have my own data to confirm that, I never follow each signal a programmed indicator gives.
jcommando
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isit possible to include , use atr for profit target/ atr multiplier
OrcChieftain
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@jcommando, I think I had that in the code but removed later when I wanted to simplify the code. But yes, you should use different ways to measure your profit target than "always 400" which the script does. The idea of backtesting for me is to give you a general idea on the strategy. If it is not loosing and if the gains are distributed more or less even, I am ok deploying it with further manual analysis.
jcommando
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whats the rules for stop loss ?
OrcChieftain
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@jcommando, If I remember correctly, SL is bottom of the Supertrend for long or its top for short.
StanBx
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this looks good, no repaint?
OrcChieftain
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@StanBx, No, why would I make an indicator that lies to me? That is counterproductive unless I sell it for money which I don't. However, go through some past signals before using to learn when not to use it ;)