Hammers & Stars Strategy

Overview

This script trades basic hammer and shooting star candlestick patterns.

It's an extremely simple strategy with minimal filters, and according to my personal manual backtesting and automated trading results, performs best on the Daily chart on certain forex pairs.

It is intended to be traded on the forex markets but theoretically should work on all markets (especially if you optimize the settings).

The script also comes with complete AutoView automation for Oanda.

Make sure you've connected AutoView to TradingView and Oanda, then simply set an alert using the "alert() function calls only" condition and it will automatically execute trades based on whatever settings you've selected (only recommended for experienced traders - use at your own risk!)

If you're not sure how to set up AutoView, search "The Art of Trading AutoView Guide" on YouTube to find my detailed video guide.

Check out my website and YouTube channel for more information, scripts, resources and free Pine Script & trading lessons (link in my profile).

Best of luck with your trading!

- Matt / The Art of Trading



Settings Menu
Tooltips are included explaining what the various settings do, but here's a quick summary:

Strategy Settings
>= ATR Filter: Minimum size of entry candle compared to ATR
<= ATR Filter: Maximum size of entry candle compared to ATR
Stop Loss ATR: Stop loss multiplier (x ATR)
R:R: Risk:Reward profile
Fib Level: Used to calculate upper/lower third of candle. (For example, setting it to 0.5 will mean hammers must close >= 50% mark of the total candle size)
Start Date Filter: Date & time to begin trading from
End Date Filter: Date & time to stop trading

AutoView Oanda Settings
Use Oanda Demo: If turned on then oandapractice broker prefix will be used for AutoView alerts (demo account). If turned off then live account will be used
Use Limit Order: If turned on then AutoView will use limit orders. If turned off then market orders will be used (recommended to use limit order to mitigate spread issues)
Days To Leave Limit Order: This is your GTD setting (good til day)
Account Balance: Your account balance (used for calculating position size)
Account Currency: Your account balance currency (used for calculating position size)
Risk Per Trade %: Your risk per trade as a % of your account balance

Notas de prensa:

-
- Added PineConnector integration
- Added EMA filter (optional)
- Fixed transp warnings
- Added custom backtester display that risks % of account balance per trade
- USE THESE FEATURES AT YOUR OWN RISK: ALWAYS DO YOUR OWN RESEARCH & MANUAL BACKTESTING!

Notas de prensa:

- Added redundancy alert to cancel pending limit orders on PineConnector if stops or targets are hit before the entry order is filled

Notas de prensa:

-
- Fixed a bug with backtester display

Notas de prensa:

- Removed some redundant code