ONWAY Indicator PV6
The ONWAY indicator is a comprehensive and earnestly designed tool aimed to increase confidence in a traders market bias. ONWAY analyzes market trends, market strength, and price action near key pivot levels to form a bias on future price action. Of course, it is fundamentally impossible to predict the future, but we all try it now don't we. Gain an edge in the markets and add ONWAY to your tool box.
ONWAY Functionality
ONWAY Details
Use of this script implies that you acknowledge that past performance does not necessarily indicate future results and that guarantees are not possible in this trading realm.
ONWAY Functionality
- Confirmation Signals: ONWAY provides real-time, non-repaint BUY and SELL signals upon the active timeframes candle close.
- Targets and Stops: ONWAY will, upon signal confirmation, set a target and stop loss.
- Position Management: ONWAY will monitor its current position, if one exists, and attempt to tighten the stop loss if possible.
ONWAY Details
- Symbols and Timeframes: ONWAY is restricted to approved symbols and timeframes indicated by the 🟢 icon next to "Optimized:" and "ONWAY Timeframe:" on the dashboard. If an unapproved combination of symbol and timeframe is in use, ONWAY will be disabled (no signals will be visible). See author's instructions for the current ONWAY watchlist or to submit a symbol/timeframe request.
- Position Details: Apart from the on chart signals and position plot, the ONWAY dashboard will indicate the current position, entry price, target price, and stop price.
- Stop Loss: ONWAY has a unique stop loss/exit strategy that has proved, based on our calculations, to be advantageous. If price reaches or exceeds the stop loss, ONWAY will not close the position unless there is a candle close on the active timeframe exceeding the stop level. This is known as a soft stop loss and identified on the dashboard as "(Soft)" next to the stop price. Additionally, the stop loss will change throughout the position, following the low, for a long position or high, for a short position, within a given period, but the soft stop loss will not exceed beyond a 1:1 risk to reward ratio (the risk will always be equal to or less than the potential reward). It is importance to be aware that the soft stop is utilized at this 1:1 threshold as well. On the plus side, the changing stop loss will impose a risk free position if it finds itself between the entry price and target price. At this stage the soft stop is no longer utilized, the stop loss can only approach the target price, and profit is uhhh.....certain (I don't think the mods will like that word 😉). If the soft stop is no longer in use, the dashboard will indicate this with "(Hard)" next to the stop price.
- Position Sizing: The position sizing used for the backtested results is displayed on the dashboard next to "Strategy Lot Size:". This position size is provided solely as a reference for the backtest results. The choice of a position size is left to the users discretion.
- Backtest Results: With any strategy, backtesting is an excellent way to judge performance and viability, but it is important to recognize that past performance does not confirm repeatability in future market conditions.
- Updates: ONWAY updates its acceptable symbols frequently to account for everchanging market conditions. This includes adding new symbols, rejecting previously compatible symbols, and modifying the optimal window for current symbols.
- Acceptability Criteria: The criteria for a symbol to be deemed acceptable requires that its backtested results deliver a win rate greater than 70%, profit factor greater than 1.2, and its equity chart appear favorable. These metrics are available to users by clicking on "Strategy Tester" located on the bottom panel of the chart view.
- Accessibility: To gain access to ONWAY, see the author's instructions below.
Use of this script implies that you acknowledge that past performance does not necessarily indicate future results and that guarantees are not possible in this trading realm.