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5 EMA Short

This document is a TradingView script for a short trading strategy using a 5-period Exponential Moving Average (EMA). It defines entry conditions based on alert candles, calculates stop loss and take profit levels based on a specified risk-reward ratio, and plots the EMA along with trade entry, stop loss, and target points on the chart. The strategy executes trades when the entry conditions are met.

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mrbaravi87
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We take content rights seriously. If you suspect this is your content, claim it here.
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10 views1 page

5 EMA Short

This document is a TradingView script for a short trading strategy using a 5-period Exponential Moving Average (EMA). It defines entry conditions based on alert candles, calculates stop loss and take profit levels based on a specified risk-reward ratio, and plots the EMA along with trade entry, stop loss, and target points on the chart. The strategy executes trades when the entry conditions are met.

Uploaded by

mrbaravi87
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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--@version=5

strategy("5 EMA Short", overlay=true)

-- Input
emaLength = input.int(5, "EMA Length", minval=1)
riskRewardRatio = input.float(3.0, "Risk-Reward Ratio", minval=1.0, step=0.1)

-- Calculate 5 EMA
ema5 = ta.ema(close, emaLength)

-- Identify alert candle


isAlertCandle = low > ema5 and low[1] > ema5[1]

-- Entry condition
entryCondition = isAlertCandle[1] and low <= low[1]

-- Calculate stop loss and take profit


stopLoss = high[1]
entryPrice = low[1] -- Entry price is the low of the alert candle
target = entryPrice - (stopLoss - entryPrice) * riskRewardRatio

-- Variables to store trade information


var float tradeEntry = na
var float tradeSL = na
var float tradeTarget = na

-- Execute strategy and store trade information


if (entryCondition)
strategy.entry("Short", strategy.short, stop=stopLoss, limit=target)
tradeEntry := entryPrice
tradeSL := stopLoss
tradeTarget := target

-- Plot 5 EMA
plot(ema5, color=color.blue, linewidth=1, title="5 EMA")

-- Plot entry, stop loss, and target only when a trade is triggered
plotshape(series=tradeEntry, title="Entry", location=location.absolute,
color=color.yellow, style=shape.circle, size=size.tiny)
plotshape(series=tradeSL, title="Stop Loss", location=location.absolute,
color=color.red, style=shape.circle, size=size.tiny)
plotshape(series=tradeTarget, title="Target", location=location.absolute,
color=color.green, style=shape.circle, size=size.tiny)

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