How to AUTOMATE a Pine Script STRATEGY 🤖 AutoView Guide (PART 6/8) [PSv4]

hi traders welcome back to another auto view video in today's video i'm going to be giving you the source code to this script you see on my chart right now this script trades hammers and shooting star candles it's intended to be traded on the daily chart so it doesn't take a lot of trades per month but it does work on several markets and has a pretty decent win rate and profit factor compared to the net profit and max drawdown and best of all this script is completely automated to trade through orlando using order view so every time a setup is detected on the chart autoview places a trade with stops and targets making this an extremely low maintenance strategy that can be traded by anyone with a nolander account and an orderview subscription so today we have to break down around 100 lines of code so let's not waste any time and get started on the lesson so today's script is going to be a strategy script instead of a study script so i believe this is the first strategy script i've ever covered on my youtube channel so far i do cover these scripts in much more detail in the pan panscript mastery course and especially in my indicators and strategies course but today's lesson will be a crash course into strategies how to write them and basically the fundamental basics of these scripts how to place orders and how to convert the strategy alerts into a third party automation command in this case auto view but the theory behind this video will work for any third party you may just have to adjust how your alerts work so for example i did a lesson recently on how to use three commas with pinescript in that lesson i didn't really cover an actual strategy script but if you want to go back and watch that lesson you can use the theory i covered in that lesson to convert this script into a crypto trading script if you're interested in trying that but anyway let's move on and today's lesson is going to build on the previous few lessons so if you get lost during this lesson and you haven't watched the preceding videos in this autoview series make sure to go back and watch them these lessons are intended to build on each other so the source code to the script will be in the video description if you want to skip ahead and just copy and paste all of this code to follow along with the lesson but i'm going to follow the normal format i usually do for these videos and i'm going to start with a pretty much blank script all we have here is my user inputs and we're just plotting the closing price and i will break down each section of code and each line of code and write it out in real time with you so that you can understand exactly what everything does and why i've set up the script the way i have so let's start with the very first line of code here obviously i have a bunch of comments here which are not important except for our version annotation comment to target version 4 of pinescript but the first line of code here is our strategy annotation function with a long title and a short title so the short title is just this little bit of text here that shows up on the indicator and i've set overlaid true so this is drawing onto my actual chart over the top of price action the next thing i've done here is get a bunch of user input so i'll break down each user input one by one the first one is our stop loss multiplier which is just a float input and this adjusts the distance of our stop loss from our entry as a multiplier of the atr so in the case of a bullish example uh let's say we were entering at the close of this candle here the script is calculating the distance to the swing low and then adding on the atr and it is multiplying the atr by this setting here so by default it's set to one atr stop loss distance but you can adjust this in the settings menu here so you could have a half atr or a two atr stop and that will obviously impact your win rate the next input is our risk reward profile so this is also a multiplier but this is a multiplier of our stop loss distance so if we have a one atr stop loss from the entry to the swing low with a one to one risk reward our take profit is going to be the same amount of distance in pips as our stop-loss but you can change that in the settings menu by playing around with this setting here it is generally advised to shoot for at least a one-to-one risk reward profile in your trading setups because although having a lower risk reward profile could result in a higher win rate it does make it a little bit more difficult to turn a profit over the long term when you factor in trade costs commissions slippage all of that so i would recommend sticking to a minimum one-to-one risk reward profile the next setting here is our fib level our fibonacci level or candle percentage level so by default it's set to 0.333 percent so this fib level input is used to determine whether or not the current candle meets our criteria for a shooting star or hammer candle and the technique i'm using to validate our hammers and shooting star candles is the same technique that i showed in a previous video on my channel called detecting hammers and shooting stars so there'll be a link to this video in the video description and up in your top right hand corner here if you want more information on the technique i'm using to detect these hammers and shooting stars so those are the only three inputs we need for our strategy script the rest of these inputs are parameters for adjusting how autoview behaves so the first order view parameter here is oandademo this is a boolean input if this is set to true then the script will use awanda demo account instead of your orlando live account for trade execution next up we have limit order this is also a boolean input if this is turned on then the script will use a limit order to enter your positions instead of a market order by default this is turned on and i would recommend using this setting in any of your scripts as well if you do use order view to auto trade because it does mitigate issues with spread affecting your order fills next up we have gtd order this is how many days to leave the limit order on our chart by default it's set to two days so if you are using limit order the script will tell order view to place the limit order with an expiry of two days from when the order is placed this is so your limit orders don't stay on your chart let's say we wanted to enter on this bar here but we never got filled you don't want your limit order staying active for too long since i'm trading this on the daily chart if my order doesn't get filled within a few days chances are it's not going to get filled and price is just going to take off and i've already missed that trade so that's the point of having an expiry on our limit order now these last three inputs should be familiar if you watched the previous video in this series where i showed you how to calculate your forex position size for trading through autoview our account balance is our owanda brokerage account balance so if you're trading this on a demo account which i would encourage you to do especially in the beginning then you want to set this account balance input to whatever your demo account balance is the next input is our account currency so by default it's set to us dollars but if you have your account denominated in a different currency you can select from any of the major pairs here so in my case i would select aud and this will convert my risk into the relevant account currency if you don't set this up properly then your position size will be calculated using the wrong exchange rate and your position size could be dramatically inaccurate depending on which currency pair you've selected here so make sure to set this to the correct currency and then finally we have risk per trade which is our risk per trade as a percentage of our account balance so by default this is set to two so two percent of a one thousand us dollar account would be two hundred us dollars so on each trade i would be risking 200 us dollars with the default settings so that's it for our user inputs obviously i've set up a bunch of tool tips as well and i've grouped these using the new group parameter for my user inputs that creates this little subtitle heading and the tooltips give the user just a little bit more information on what each setting here does so now that we've got our user inputs set up let's move on to detecting the setups that i want the script to trade the first thing i'm going to do is get my indicator values the indicators i need in order to perform the analysis i need to do in the script in today's lesson we're only using the atr indicator so i need to get the current atr which is easy we just use the inbuilt atr function if i can type properly so we're getting just the default 14 period atr the next thing we need to do is calculate the 33.3 percent fibonacci level for the current candle to do that we need two different variables a bullfib and a bare fib so bullfib is going to be set to the low minus the high multiplied by our fib level which is this setting here oops just crossed it out this fib level setting here which is set to 0.333 by default which is 33.3 percent uh the final thing we need to do to complete this calculation is add on the current bars high to this value the bare fib is exactly the same but just in the opposite direction so we need to minus the high from the low and multiply that number by the fib level and then add the low onto that value that gives us our bull and bare fibs now we can check to see if the current bar closes within this range but before we do that we need to determine which price source closes or opens highest lowest on the current bar to do that we need to create two new variables again the first one is lowest body and then highest body so lowest body is going to be set to is the current closing price less than the opening price if so then the lowest body is the close otherwise it is the open before i continue let me just write out the highest body code so that is going to be the same thing just the opposite direction is the current bar's closed greater than the current bars open if so then the current bar's close is the highest body otherwise the current bars open is the highest body and now let me explain what i'm doing here so in the case of a shooting star there are two shooting star candles here on this chart this one and this one one's green and one is red now i'm not going to spend too much time going over the theory behind this technique for detecting hammers and shooting stars because i already did that in the hammers and stars detection video which again i'll leave a link in the video description to that if you haven't seen that yet but i'll explain briefly what we're doing here so in order to validate a shooting star we are calculating the 33.3 percent fibonacci from the high to the low and for a bullish hammer candle it's from the low to the high and what we want to see on this candle is the open and the close must have occurred below this 33.3 percent mark so this is the lower third of this entire bar if the bar open and closed below this red line here this red fibonacci line then we have a valid shooting star set up however my script does not discriminate between bullish and bearish shooting stars all we need to see is the bar close and open in the lower third so in the case of this shooting star here if we do the same thing draw a fib from the high down to the low you can see this red line here is our lower third watermark line this bar opened and closed within this lower third 33.3 percent so this is also a valid shooting star candle and the script will detect both of these as valid shooting star candles i have found in my own testing i did add a filter to only trade bearish shooting stars and it did not improve the accuracy of the script in fact it made it even less accurate so that is the reasoning behind why i detect both bullish and bearish shooting style candles because the story of these candles is exactly the same even though this candle closed bearish the fact that sellers were able to push this market from its high all the way down into the lower third by the close is a bearish story in relation to this price action pattern and it's the same for this bullish version price opened here rallied all the way up here and then sellers pushed it all the way down into the lower third so both of these bars both of these candlestick patterns are considered bearish at least in the context of this particular strategy that i'm coding the script as both of these candlestick patterns tell the same story and so we trade them both the reason why we calculate the highest body is so that we can just simply check to make sure that the highest can or body here closed in that lower third we could check if both the open and the close occurred below this 33.3 mark but for whatever reason i found it more intuitive to go with the approach that i've chosen in this script which is to get the lowest body and highest body and compare them to our bull and bear fib it just makes the code look a little bit more readable i think personally so now that we've got all of the data we need in order to validate the candlestick patterns we're looking for that's the next step is to determine if we have a valid setup so for that we have valid hammer and valid star valid hammer is going to be set to a boolean condition and that is is the lowest body greater than or equal to our bull fibonacci so is the lowest body higher than our upper third of the bar and is the close not equal to the open so we don't want to trade doji's there needs to be a body to the candle we're not trading doji's with this strategy so if the open is equal to the close we don't want to trade that candle and we need to check is the atr not n a or null so in programming terms null means it's basically hasn't been set yet and in pine script terms na is used as the null data type the reason we need to do this is because we are using an indicator in this case the atr which requires previous price action data in order to calculate its value so we need 14 bars on our chart looking left to calculate the average true range of those bars but if we go all the way to the very first bar on my chart here let's say this here was a shooting star candle but we haven't had 14 bars print onto our chart since this price action history began we've only had one two three four five six seven eight including this bar that means that the atr for this bar this particular bar would be n a or null and so when it comes to calculating our stop loss and our targets our stop loss and our targets will also be n a and if the atr is n a then our stop loss will be n a and then we will be entering a setup without a stop loss or a take profit target and the trade will never be closed on historical data in the strategy tester so that is the purpose of checking if the atr is not n a and this applies to all indicators that you use in your strategy scripts so for example if your strategy relies on the rsi or a moving average or anything that requires previous price action data to have printed onto the chart in order to calculate its value if you do not add this check then there is the potential that when you load your script onto a market that had a valid setup a valid price action setup early on in its price history before these indicators could calculate their values then you will basically break your script and your script will enter the trade without a stop loss or a target and the trade will never be closed by the tester and let me just say i learned this the hard way but i will never forget it because it is extremely frustrating when you can't work out why your script is not taking trades if you find that one of your scripts is behaving that way make sure you've checked this because it doesn't occur on all markets it will only occur on markets that detect a valid price action pattern very early on in the price history anyway moving on to our valid star it is basically exactly the same except in this case we're checking is the highest body less than or equal to our bare fib or the lower third of the bar size and is the closed not equal to the open and is our atr not n a so now we've determined if we have a valid set up or not a price action setup the next thing we need to do is determine whether or not we should actually execute on this trade so to do that i'm going to check if we have confirmation for our setup and this is going to be two new boolean variables one is going to be valid long one will be valid short valid loan will be set to do we have a valid hammer candle pattern and is our strategy.position size equal to zero this means that we are not involved in a position on the tester system so the script does not allow for pyramiding because it just doesn't work with this particular strategy and so we don't want to be entering multiple positions while a existing position is open if we're already involved in a trade but we detect another valid hammer we don't want to trade that second hammer we want to wait until the first trade plays out and the final thing i want to check is is the bar state confirmed so bar state dot is confirmed is only true if the current bar is on its final tick so it's cl in the act of closing and it's confirmed or it's a historical bar that is already closed so we don't want valid long to be true if the bar is a real-time bar and it hasn't closed yet because pretty much every candle on your chart might have been a hammer candle at some point but ended up closing as a doji or a bearish golfing candle it might not have actually closed as a hammer or a shooting star candle so that's why we check to make sure that the candlestick pattern is confirmed and we do the same thing for our valid short so we check do we have a valid star and is the strategy.position size variable equal to zero and is the bar state confirmed bar state dot is confirmed so if all of these conditions are met then we have a valid short setup and the same for a long setup and this is a good place to mention that your position size is relative to the direction you're trading so if you have a long position open your position size will be a positive number so depending on what your position order size is set to in this case it's just set to one contract if we were to go long one contract then our position size would be one however if we were to place a short trade in the tester system then our position size would be negative one so that's why we check if it's equal to zero and not less than one or something like that so if our position size is zero that means we're flat if it's a positive number that means we're involved in a long trade and if it's a negative number that means we are involved in a short trade so that's all we need in order to detect our candlestick patterns that we're going to trade there are basically three more steps to completing the script the next step is to basically copy and paste our position size calculation code from the previous lesson into this script so that we can determine our position size for these setups the second step is to make the tester enter and exit our trades based on our stops and targets and entries and the third step is to use the inbuilt alert function to tell autoview how to manage our positions so i'm just going to skip over the position size code for a moment and we're just going to place our mock trades through the tester system just to make sure the script is working properly and before i do that let's save the script to make sure there's no compile errors everything seems okay so before we continue we need to calculate our stops and targets for the current bar and to do this we need several variables so the first one is our stop size that's going to be set to the atr multiplied by our stop multiplier which is this setting here the next thing we need to do is calculate our stop price for our long trades our long stop distance and our long target price and then the same for our short trades so this is all pretty easy the first thing we need to do is calculate our long stock price and for this i'm going to check if the current bar is the lowest bar or if the previous bar was the lowest bar of the two so for example let's say that this candle here is not a valid long trade but the next candle is the script is going to check is the entry candle of this hammer lower than the previous candle if so then we set our stop loss below the entry candle otherwise we set our stop loss below the candle preceding it this is how i learned the strategy from my trading mentor stephen hart and in order to do this we need to check is the current bars low lower than the previous bar's low if so then we want to subtract the stop size in pips from the current bar's low otherwise we want to subtract the stop size in pips from the previous bars low and this will give us a long stop price and from our long stop price we can determine our distance our stop loss distance in pips which we need in order to calculate our target our profit target so long stop distance is going to be set to because this is a long trade we will be entering above our stop loss so we need to subtract our stop loss price from our entry price so to do that that's simply the closing price minus the long stop price that gives our distance in pips now we need to calculate our long target price and that's going to be set to the closing price plus and then in brackets our long stop distance multiplied by our risk reward setting which is this guy here so we first get our long stop price we then calculate the distance in pips to that stop loss price then we multiply that distance by our risk reward profile and add it to our entry price in order to get our target price and then it's the same for shorts so short stop price is set to is the current bars high higher than the previous bars high if so now we need to add our stop size onto the current bar's high or if the previous bar was higher we need to add our stop size to that candle's high that gives us our short stop-loss price the next thing to do is calculate our short stop distance which is going to be our short stop price minus our entry price because we are entering on a short trade our entry will be below our stop loss and then finally we need to calculate our short target price and that is going to be set to our entry price minus our short stop distance multiplied by our risk reward profile so our target is below our entry so we minus our short stop distance multiplied by our risk reward instead of adding it like we did for our long target so that's it for our stops and targets we are now ready to set up our trade variables so now we need to save our stops and targets for the current trade and in order to achieve this we need to create two var variables the first one is going to be our trade stop price the second one is our trade target price and we're going to initialize both of these as 0.0 when they are first created and then we will override these whenever a new trade is detected and these two variables will apply to long and short trades so the next thing we need to do is detect valid long setups and trigger our alerts for auto view and then we need to do the same thing for our short setups but first let's do our long setups so to do this we're going to use a if statement if we have a valid long setup then we want to set our trade stop price to whatever our long stock price currently is we want to set our target price to the long target price and then we're going to set our trade position size which we haven't created yet so i'm going to comment out this line of code but we'll come back to this one once we've finished uh entering and exiting our mock trades our trade position size is only for auto view so we don't need to cover that just yet we'll come back to that in a moment and then finally we need to trigger auto view long alert which we will also come back to in a moment and we need to do the same thing for our short trade so i'm just going to paste that in there change this to short change trade stock price to our short stop price and trade target price to our short target price flip that to short and now whenever a valid long or valid short setup is detected we are saving our stop loss and target price for the relevant setup and now we can use this information to use the tester system to enter and exit trades once we confirm that's working we'll come back and fill out our alert syntax and calculate our position size so before we continue let me save the script to make sure everything compiles okay there we go no problems so the first thing we need to do is enter trades whenever a valid setup is detected and to do that we simply use the strategy.entry function i'm not going to go into too much detail about the syntax for this function because this lesson will be far too long if i spend too much time on these functions again if you want to learn all of the nitty-gritty details of these functions make sure to go and check out the mastery course where i go into a huge amount of detail about these sorts of scripts and these functions but of course you could also just go and read the documentation by holding control and clicking on the function and there's plenty of information in the trading view documentation the only advantage of going through the mastery course is that i've broken all of this documentation down into video lessons for people who don't like spending their weekends reading through code documentation i can save you the time since i've already done that over the past few years but anyway let's enter our long trades first to do that we need to set our id to long so this is our trade id so this identifies this entry as a long entry so that we can exit our long entry later when we need to we need to set the long parameter to strategy.long or you could just set this to true this is just a true false parameter if you set it to true that means you are going long if you set it to false that means you are going short i like to use the inbuilt strategy.long constant boolean just because it makes the code a little more readable i'm not sure why they didn't name this parameter direction instead of long that gets a bit confusing when you're first learning how to write these scripts but hey it is what it is and the final parameter we need to specify here is when to enter this position this is a boolean variable and this is going to be set to our valid long boolean which we determine up here so if we have confirmation for our long setup then our stops and targets get saved and the tester will enter a long position we can copy this line of code and change everything to short and do the same thing for our short trades so when a valid short is detected we enter a short position with an id of short next up we need to exit our trades whenever our stop or target is hit so for that we use the strategy.exit function and this requires a few more parameters than our entry the first one is we need to specify an id for this order this is just going to be called long exit next up we need to tell this exit function which order to exit so for that we use our from entry parameter so this is from our long id entry so we put that id into this parameter and that will close our long position next up we need to specify our limit our take profit limit order that's going to be set to trade target price and that is why we had to create a var variable to save this information because this function is called on every new tick so if you don't save your target price then your profit limit order will change on every new bar depending on how you calculate your target but by saving the target whenever a valid long trade is entered we can tell the tester to exit our position if price action hits our tiger price and it's the same for our stop loss so stop is going to be set to trade stop price so whichever gets hit first will determine whether this is a winning or losing trade in the backtester system and finally we need to also specify a when parameter so in this case it's going to be when our strategy.position size is greater than zero so whenever our position size is greater than zero that means we're involved in a long trade and this exit function will constantly check has price hit our target or our stop loss and once either of these are hit the trade will exit and the data will be added to the tester system so now we can copy this line of code paste it in there change everything to short so we're exiting our short trade our limit and our stop can stay the same since we're using the same variables for long and short trades that does not need to change what we do need to change is the direction of our position size check so if our position size is less than zero that means we are currently involved in a short trade so when we're in a long trade we check our stops and targets for our long position and when we're in a short trade we are constantly checking our stops and targets for our short position if i save this script this should compile without any errors fingers crossed and now the strategy tester is taking trades for us and we're only trading one position so these numbers are a bit wacky but it doesn't really matter how many positions you're trading in the tester since we aren't going to be using a fixed position size anyway when it comes to auto view we're going to be adapting our position size based on our account balance as it grows or shrinks so far so good the last thing we're going to do before we move on to our auto view code is draw our trade data onto the chart so we want to draw our stops and targets and our signal detection so draw trade data for this i'm just going to use the plot function and we're going to check is our strategy.position size not equal to zero if that's the case then we are involved in a trade and we want to draw our stops and targets or if we currently have a valid long detected on the current bar or a valid short then we want to draw our trade stock price whoops otherwise we want to draw nothing so if we're involved in a trade currently or we have just detected a valid long or short trade we want to draw our stop loss price otherwise if we're not in a trade and we don't have a valid setup we want to draw nothing the next thing we will do here is title this trade stop price i will color this red color.red and i'll set the style to plot dot style unscore line break so that the stop loss will break between setups if we don't do this then we'll have a weird joining line between each setup and our chart will look something like this with lines connecting all over the place we don't want these connecting lines we just want the line to break and just draw the stop loss or target until it gets hit so that's what this plot style will do the final thing i will set here is the transparency to zero now i can copy this line of code and paste it in here twice and this is for all of our trade data so we're drawing our trade stop already we want to also draw our trade target price so let's change this to target price and we also want to draw our trade position size which we haven't calculated yet so i'll comment out this line of code but we'll come back to this in a moment let's set our trade target to green apart from that nothing else needs to change here and we'll set our position size to purple and for this we'll set our transparency to 100 so when it comes time to drawing our position size we don't want it actually drawing under the chart as a line we just want the value to be drawing up here and then finally i want to draw price action setup arrows so we're going to use the plot shape function here we're going to check do we have a valid long trade if so we want to draw a shape otherwise we want to draw nothing we're going to set the style to shape dot triangle up we're going to set the location to location.below bar for long setups we're going to set the color to color.green and the title to bullish setup now i can copy this line of code paste it down here change this to short change this to triangle down change this to above bar change the color to red and change the text to bearish setup so now if i save the script this should compile without any errors hopefully there we go and now we are drawing our stops and our targets and our setup detection arrows for every setup that this script is taking and our stops and targets will draw until one of them is hit so in this case we entered long here price came close to the stop loss but did not hit it and then went on to hit our price target and then it stopped drawing and whenever a setup is detected we're drawing these red and green triangles above the entry candle so this was our setup candle we'd enter at the next bar open or at least that's where we would place our limit order so that is it for our strategy portion of the script the final thing to do before we wrap up this lesson is add our order view functionality and before we do that we need to add in our position size code so i'm literally just going to copy and paste the code from the previous videos lesson so if you haven't watched that lesson and you want to know what this code does make sure to go and watch that lesson the link will be in the video description and should pop up in your top right hand corner right about now so i'm going to paste my position size calculation code below where we determine if we have confirmation for our setup so paste that in there the only difference between this code and the code from the previous lesson is i've added three variables here the first is our broker this just checks if the user has turned on use oanda demo if they have then we set broker to owen to practice otherwise we set it to oanda live next up we have our trade position size is a var variable and then finally we have our current pair as a var variable so this is just a string to send to orderview to tell it which market we want to execute this trade on so let's save the script to make sure that that compiles no issues there now let's come down to where we were going to calculate our trade position size and let's fill out this code now so for this we simply use our get position size function that we have created in the previous lesson up in this position size code and that's this function here and for this we need to pass our long stop distance in points as a whole number so we need to convert our long stop distance to a whole number and then multiply that number by 10 in order to get that number as price points not pips we're dealing with points here so this was a 10 pip stop loss distance then we would be passing 100 points into our get position size function now we can do the same thing for our short trades get position size two whole short stop distance multiplied by 10. now we can come down and uncomment this line of code here which draws our position size onto the chart let's save the script and see what happens now here you can see that whenever i hover over a setup the purple number up here is telling me how many units i should be trading in order to risk two percent of a one thousand us dollar account so on this particular short setup the order view command would have included this as our position size uh assuming we are trading a one thousand us dollar account so we would be trading 1 688 units and if our stop loss gets hit on this market we will only lose 200 us dollars of our 1 000 us dollar account which is 2 percent risk and just to confirm that that's accurate let's measure from our entry up to our stop it's about 129.2 pips we're going short 129 pips roughly speaking two percent risk would be sixteen thousand eight hundred and eighty five up here we have sixteen thousand eight hundred and seventy eight so very very accurate position size calculated there it's not one hundred percent because there are other factors that influence how trading your position size it's also taking into account the exchange rate at that time which has changed since then which is why the numbers are probably a little bit different now but it is very very close within 0.003 or 99.9 percent accurate which is close enough for me now before we move on for some people for some reason whenever we draw a large number like this onto the chart even though we've set transparency to 100 sometimes it can really skew their chart scaling so that their chart looks something like this if that happens to you just comment out this line of code because we don't need this anyway this is just for bug testing to make sure that our position size is accurate so if i say the script and get rid of that number the script will still work fine without plotting that info to the chart so i thought i'd better mention that because i know a lot of people do run into that issue and i still haven't worked out what chart setting leads to that happening but anyway that's pretty much it for the script the final thing we need to do is write out our auto view alerts so let's uncomment these two lines of code here and let's start writing out our auto view syntax so the first parameter we need to set for this alert is the message and this is a text parameter the next parameter is alert frequency so freq is short for frequency we're going to set the alert frequency for these alerts to alert dot frequency once per bar close and our message is going to be made up of all of our order view commands so the first one is our exchange or broker that's going to be set to our broker variable which we specify up here so it'll either be awanda practice or oanda live since this is a long setup the book or direction is going to be long and then we are going to split this onto a new line by just pressing enter and then indenting this next line by one space and we can also move our frequency down one and the reason i'm doing this is just because we have a very long alert message to write here that will write off the edge of my screen if i don't separate these onto new lines but the next parameter to specify is our quantity or position size and that is going to be set to then we need to convert our position size to a string and our position size variable is trade position size next up we want to set the symbol that we are currently trading that's going to be set to our pair variable which we again created up here so that's just the base currency in this case euro eur then a forward slash and then our counter currency so jpy next up we need to set our limit order if we are using a limit order and for this we need to check has the user turn limit order on in the settings if they have then we want to set our type our market order type to a limit and we want to set our limit order price our fixed price to our current closing price of the current price action pattern and i need to add a plus sign there and otherwise if the user has not turned limit order on in the settings menu then we just want to use a market order which will just enter at market regardless of the spread that we pay or how bad our fill could be so keep that in mind if you are using market orders next up we need to specify our stop loss so fsl is going to be set to and then we add tostring our trade stop price and before i continue i need to add a space in front of all of these commands since we don't add one at the end we need to have a space between each command that we add this alert message so there's our fixed stop loss price added as a string you need to convert any numbers two strings in order for this to compile next up we need to specify our take profit ftp and that is also going to be set to this two string function and then we pass in our trade target price and then the final thing i would normally add to this alert is our good till day or good till time expiry parameter but i'm not going to add that today because this lesson is already extremely long and that will add another 10 to 15 minutes onto this lesson what i'm going to do instead is cover gtd's and good till time orders in the next video where we'll expand on this script and we'll add a bunch of filters to mitigate certain risks that we may encounter when auto trading the script so for now this is all we need to write in order to execute our trades but what this means is that our gtd our days to leave limit order setting will not work on the current script but we'll cover this setting in the next youtube lesson so make sure to hit that subscribe button if you haven't already and you want to learn more about how to manage your limit orders through order view now i just noticed i forgot to close off this bracket here so let's close that off and comment out this other alert function call and now this should be everything we need in order to send our commands to order view for long trades at least so let's save the script to make sure everything compiles before we move on there we go no problems there and we have our long order view syntax set up and ready to go next up let's copy this alert message for our short trades change the b the book direction to short and that's it these two commands are identical except for the b equals short and long part so now if i save the script we have completed our hammers and stars strategy script if you want to learn more about what parameters you can use in your order view alerts make sure to check out the syntax lesson that i did previously that will be in the video description along with all the other links so the tester is working so over 233 trades from the beginning of price action on this market we have had nearly a 58 win rate on euro yen on this daily chart with a one to one risk reward profile you can obviously adjust the risk reward profile and stop loss distance to tweak your win rate and max drawdown so let's increase the order size to 1 000 units and change our risk reward to let's say 1.2 now we suddenly have a slightly lower win rate but more profit and a shallower drawdown actually at least with a fixed position size so i would encourage you to go and manually back test this strategy over historical price action before using this on a demo account or especially on live money because the trading view strategy test is limited in that it cannot adjust your position size based on your account balance i'm not sure what this setting does but if you set the order size to a percentage of equity and this setting is not what it sounds like it's not a one percent of equity if i set this to one percent of my total equity you can see that my position size is tiny uh with an initial capital of one hundred thousand dollars one percent of my equity per trade should be much higher than eight contracts or eight units so if you want to get an accurate reading on how this strategy would perform on historical data you need to manually back test it if you need help with that i've got a video lesson on that as well which i'll leave a link to in the video description and you can go to backtestingfx.com for more information on how to back test and why you should backtest but that about does it for today's lesson the source code again will be in the video description if you want to play around with the auto view trade execution on your demo account make sure to set up an awanda demo account and when you set your alerts select the script as your condition and then select alert function calls only as your alert condition this will ensure that only these alerts will be triggered and these alerts contain all of the relevant commands to send to autoview in order to manage your positions now this is all to be used at your own risk make sure to do your due diligence practice with this on a demo account do not under any circumstances try to trade this with real money that you cannot afford to lose there's a high chance that you will lose some or all of your money when playing around with auto trading especially in the beginning so that's it have fun with this source code i'll be back soon with a new lesson where i will teach you how to add a bunch of different filters to this script such as telling the script not to trade during certain times of day not to trade when the atr is too large or too small and we'll make this days to leave limit order or the gtd parameter work in the script we'll add a days limit and a time limit to the script but we'll do that in the next lesson because this lesson is already long enough thanks for watching i appreciate your time i hope you found this lesson valuable if you did make sure to hit the subscribe button and if you want to learn more and shortcut your journey through pinescript make sure to head over to pinescriptmastery.com where you can find all of my courses on pinescript including a bunch of scripts that i've already written to be compatible with autoview and a whole section in the mastery course on how to write strategy scripts and covering the theory behind them in great detail and that will about do it for today thanks for watching i'll see you in the next lesson take care and best of luck with your trading

Channel: The Art of Trading

Views: 12,704

Keywords: tradingview, pine script, tradingview indicators, forex algo, crypto algo, stock algo, trading algo, trading algorithm, how to create trading strategies, how to code your own trading scripts, trading scripts, forex scripts, crypto scripts, stock scripts, bitcoin scripts, trading signals, forex signals, crypto signals, stock signals, detect trading setups, pine script mastery, pine script mastery course, how to use tradingview, how to use pine script, scripting, ema

Id: BvbnzQwLmNQ

Length: 47min 29sec (2849 seconds)

Published: Thu May 13 2021