OPEN-SOURCE SCRIPT
Price X volume relative trade algo
The script multiplies the price time the volumes. Than relatively calculates whether the stock or product is oversold or overbought. One can subsequently set when to go short or when to go long. The way it works is that there is a small 1 for a long and a -1 for a short. If it is 1 and the followed by a 2 one has a profit. If a -1 is followed by a -2 you traded a short with a profit.
If however a 1 is followed by a -1 you lost a long. Vice verse for the short: if the -1 is followed by a 1 you have a loss.
Once can also set a target and arrange the stop loss they way you want. A little bit complicated with many parameters to set in the setting window. But for the one who has the patient to understand the script I believe it can be very useful.
Jan de Korver:
Search the secret behance.net/gallery/58745301/MIRROR-WRITTEN-LETTER
If however a 1 is followed by a -1 you lost a long. Vice verse for the short: if the -1 is followed by a 1 you have a loss.
Once can also set a target and arrange the stop loss they way you want. A little bit complicated with many parameters to set in the setting window. But for the one who has the patient to understand the script I believe it can be very useful.
Jan de Korver:
Search the secret behance.net/gallery/58745301/MIRROR-WRITTEN-LETTER
Open-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.
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