OPEN-SOURCE SCRIPT
SSL Chaikin BF 🚀
Updated
Combined my earlier SSL Channel script with the Chaikin Money Flow indicator.
Link to the SSL Channel script here:
INSTRUCTIONS
Look at the background, the signals are represented by the colors.
SIGNAL GENERATION
The SSL calculation prints a channel on the chart consisting of 2 lines.
This strategy gives a Long signal when price closes above the top of these 2 lines and a Short signal when it closes below the bottom.
A long signal occurs when EITHER we get an SSL long cross OR the Chaikin MF crosses above the upper threshold.
A short signal occurs when EITHER we get an SSL short cross OR the Chaikin MF crosses below the lower threshold (see settings to adjust upper and lower threshold).
STOP LOSS AND RE-ENTRY
We use a fixed stop loss of 2%
If we get stopped out but we still have the conditions for our trade (i.e. we get stopped out of a long but the next candle still shows a long condition after closing) then we re-enter.
Note: The SSL signals are generated on a cross of the price and the channels but there is still an active long signal as long as price stays above the upper band, same for below the lower band for short. Similarly, the Chaikin signal occurs as long as the Chaikin line is above the upper threshold (or below the lower threshold if short).
Tested and optimised for XBT/USD on Bitmex.
Link to the SSL Channel script here:
INSTRUCTIONS
Look at the background, the signals are represented by the colors.
- Bright green = long signal from SSL Channel
- Bright blue = long signal from Chaikin Money Flow
- Bright red = short signal from SSL Channel
- Bright orange = short signal from Chaikin Money Flow
- Green = we should be in a long from one of the signals - ok to enter back in if we get stopped out and still green
- Red = we should be in a short from one of the signals - ok to enter back in if we get stopped out and still red
- White = no trade
SIGNAL GENERATION
The SSL calculation prints a channel on the chart consisting of 2 lines.
This strategy gives a Long signal when price closes above the top of these 2 lines and a Short signal when it closes below the bottom.
A long signal occurs when EITHER we get an SSL long cross OR the Chaikin MF crosses above the upper threshold.
A short signal occurs when EITHER we get an SSL short cross OR the Chaikin MF crosses below the lower threshold (see settings to adjust upper and lower threshold).
STOP LOSS AND RE-ENTRY
We use a fixed stop loss of 2%
If we get stopped out but we still have the conditions for our trade (i.e. we get stopped out of a long but the next candle still shows a long condition after closing) then we re-enter.
Note: The SSL signals are generated on a cross of the price and the channels but there is still an active long signal as long as price stays above the upper band, same for below the lower band for short. Similarly, the Chaikin signal occurs as long as the Chaikin line is above the upper threshold (or below the lower threshold if short).
Tested and optimised for XBT/USD on Bitmex.
Release Notes
Added switch for longs or shorts and a function to choose ATR derived or fixed stop lossesOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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