Polaris [Loxx]

31 oct 2022

Polaris is a lower timeframe, high-leverage scalping indicator. It works by scanning for volatility spikes and then calculation the likelihood that those spikes will break market structure to the upside or downside.

Settings
Volatility Type: ATR or TRD , these types will be expanded in future releases.

Volatility Multiplier: How much volatility for market structure break

Filter and source: Proprietary moving average filter period and source type

Equity Calculation Method: Fixed or compounded. This determines trade size. If fixed, then the strategy uses the same quantity per trade, if compounded the strategy uses a percentage of cash on hand as that cash grows or shrinks

% Risk Per Trade: How much you'd like to risk per trade.

Leverage Multiple: How much leverage you'd like to use

% Maintenance Margin: You can find this value posted on the exchange you use

Enabled Forced Liquidation Stop-loss?: If enabled, the strategy will liquidate at measures of leverage automatically. 10x leverage liquidates at 10% opposite move for the trade, for example. This number will be adjusted by the % Maintenance Margin determined by the exchange.

% Minimum Take Profit Cutoff: This controls whether you wish to take trades only over XX% volatility . Since this indicator is to be used for small tight scalps, this keeps you out of trades that are too small to be useful for your desired trading style

Activate Long Pullback Rule?: This controls how the trade is entered. If activated, then the entry won't occur until a pullback happens after market structure break

Activate Short Pullback Rule?: This controls how the trade is entered. If activated, then the entry won't occur until a pullback happens after market structure break

Activate Trend Flip Exits?: Force strategy to exit when trend flips from short to long and long to short

Number of Take Profits: How many take profits levels. 1-5

Activate Trailing Take Profit?: Allows you to set a trailing stop loss after TP2 his hit

Trailing Take Profit Offset Multipler: This determines when the trailing stoploss hits. It's a multiple of volatility

Activate Moving Stop-loss?: Forces the stop loss to move up as targets are reached

Where to Move Stop-loss: At which Take Profit level do we begin to move stoplosses upward with targets

Show dip buying levels: If you have a high risk appetite, these are levels where you could increase your investment size, this has no effect on the strategy but is included for if you wish to manually add to your position size

Activate Longs?: Toggles on/off Longs

Activate Longs?: Toggles on/off Shorts

The remaining settings are multiples of volatility for Take Profits and dip buying levels

UI components
Big green and red plus signs means an entry point. PTF with green and red arrows means "prepare for trend flip". Not every PTF will actually flip the trend. These are just warning shots to make you aware that a possible trend flip is coming. Labels nest to market structure breaks with numbers are the ideal entry level. You can set limit orders at these levels so as to incur less exchange fees on Binance or Bybit for example. The data window provides useful information about the current trade and targets and stoploss of the next upcoming trade giving the current price action of the asset.

Other things to note
this is an extremely high risk strategy depending on how you tune the settings. You can tune down the settings to make it less risky at the cost of profit and hit rate, but that's up to you and your trading style. This can be used all all timeframes, but is meant for timeframes below 4 hours.

2 abr 2023

Notas de prensa

Update to alerts

2 abr 2023

Notas de prensa

Removed alert() calls to expose function calls. Seems like TV doesn't allow public IO scripts to have both alert() and function calls like I can with internal scripts.