PINE SCRIPT: 75% Win Rate on a Simple Pullback Strategy

Hi I'm getting a Syntax error at input 'strategy' pointing to the line with the buyCondition conditional as below:

stopDistance = strategy.position_size > 0 ? ((buyPrice - close)/ close) : na
stopPrice = strategy.position_size > 0 ? buyPrice - (buyPrice * i_StopPercent) : na
stopCondition = strategy.position_size > 0 and stopDistance > i_StopPercent

// Enter positions
if buyCondition
strategy.entry(id="Long", direction=strategy.long)

Yes there is a tab in the block following if, not sure what it wants, any ideas?

lol i made this test and my max drawdown is on 22.6% when i have a SL on 10% ^^ how come

the source code can be used in jupyter notebook or google colab for parameter tuning ?

Excellent Trading Video Professor

ye tradingview looks so good but then the spread changes or doesnt account for bid and ask always seems to give mid price charts

can we see a LTF strategy ? :))

Excellent video, gives nice insight to pine.

if you use this on ETHUSD on the 30min timeframe there are 80% anual returns

This video helped me. It covers key Pine Script syntax quickly while explaining other trading concepts. It will not waste your time.

One other factor to consider, when comparing this strategy vs. buy and hold, is taxes. Short term capital gains will likely seriously affect the final outcome.

I slightly changed the strategy you used as an example and back tested on EURUSD (76 trades from 7/8/20 to 2/7/23) and USDJPY (73 trades over the same time frame) and the results were pretty good. USDJPY risking 1 percent per trade with a 1.1 RR yielded 30.52% profit with a 68.49% win rate. EURUSD yielded 24.14% profit with a 64.47% win rate. All I changed was I added an ATR (14 RMA) and did 1x the ATR value for my stop loss. So rules were:

For Long entry. Price must close below the 10 ema, enter on the open of the next candle. Use 1x the ATR for the stop loss and 1.1 RR for TP. Opposite for shorts

Now 70ish trades over 3 years might not seem like much but if you are trading both pairs thats around 150 trades, I also plan to back test on the other major currency pairs and if they yield the same results, you have yourself a completely mechanical strategy with a high win rate and regular set ups. Would take all of 10 minutes at the end of each daily candle to sit down and glance over your forex pairs and set up your positions and require zero thought. In case anyone was looking for a good strategy foundation, this is a good one

This is really amazing. Thank you so much !!!

very good excellent presentation

on one minute time frame, as of right now, if you go with MA1 as 141 or 270 and MA2 as 20
without ticking the exit on lower close, you can get to around 80-81% profitability per trade, makes your net profit higher and if you keep it that way, it reduces the lag between realized profits if i can express myself so. you get around 190 trades and 8 candles per average which is great, because it will read the performance for less than a day, which is what you'd normally want.

and my net profit percentage is 2.48%
strangely enough here, if you play with different numbers for starting capital you will get different percentage gain which is weird, the lowest one that was similar to automatically set 50k was 4,333 everything else tends to lower the profit percentage number

When I run the identical code I get error after error... buff

Started doing my first pine coding today. It took me a while to get this to work, but I managed to get through it and see a result.

Nice video.
What Im struggling to get my head round is if the win rate is 75% we make 0.44% 75 times in 100, but lose 10% 25 times in a hundred? OR am i misunderstanding in that the overall average including losses is 0.44%

10% is a huge stop loss range. if the stock is trading at $335 then the stop loss won't hit until it drops $33.5 per share = $301.5

As I am pretty new to this trading stuff, i find your videos usefull to learn about trading in general, learning the syntax of pine script and getting a taste of diffrent strategies.

I must admit I'm currently expanding on your code from this video and it left me with a few questions:
1. I want this script to be used by a bot, like from wickhunter. How do i tell my script it has to follow the 1 minute chart? I know you have an user input for resolution but is that enough?
2. I know you can see some data on a candle bar that hasnt been finalised yet, but can i access that specific data within my script? I think i will have the add "calc_on_every_tick=true" in strategy i suppose.

Any help would be greatly appriciated.

Regards,

E.

Thank you so much. This is an amazing tutorial! Plesae do more Pine script strategy testing videos.

I believe that the stopDistance formula is wrong. Isn't it more accurate if it was (buyPrice-close) / buyPrice ?

Great video, thanks

I'm getting a syntax error

Perhaps i dont understand, but i have pasted the 75% win rate provided code and ran the strategy tester, and here is the result is -94.32%...

Thank you. This looks great. I am going to convert this to ninjascript.

I want you to know that I subscribed to this channel exclusively because of the way that you corrected the ABOVE audio cut.

Also good video

Did anyone try running the code independently? What pairs/timeframes are you guys using?

Thank you for the detailed walk-through. Do you haver a video or resource showing how to get this PineScript Code into Think or Swim?

Hello Sir, can you provide me with a pinescript for Open Equals Low candlesticks
in an Hourly time frame or any time frame with a signal. It will be easier
to find OEL candles quickly.

100% i was thinking about the simple pine for this exact topic

Good strategy but not robust. It’s long-only and will not work when market conditions change.

Really good video about teaching how pine script works but this strategy is garbage

10% per year is ridiculously low though!

As an adult who never learned coding when I should have, your videos have been a godsend. I just recently finished the free basics course and I will be signing up for the mastery course. I saw one video on your YT page involved Python. I've recently started a beginners Python course as well, and let me just say, I would also pay for a Python course from you, if you ever get to producing it.

Interesting. One other thing I noticed was that many of the losing trades were taken when the slope of the two averages disagreed. I'm curios to see how taking only the trades when the slope of the two averages was up would do.

Sir this is awesome strategy video. Is it only applies to Daily timeframe or can be use any? Thanks... and more power!!!

Interesting that it does indeed get a 75% win rate but ONLY with S&P500, with anything else I tried, especially any forex pairs it loses every single trade.

im now starting to learn pine script and investing, looks very interesting, but is it doing in real life? is it working as the strategy tester?do we have any real life results?

What i don't get is how the strategy.entry and strategy.close calls know that the opening price of the next day should be used. Is that a default behaviour?
buyPrice and stopPrice are only used here to visualize the next day's entries. Are you sure that the entries are not performed using the close price of the day where buy and sell conditions return true?

Can you design a stock strategy that gives no more than 7 trades a day with a high win % rate and high profit factor? .....or is that too dificult?

I wonder what the results were if you included the short side, or a modified short condition to take profits earlier (given that SPY is overall bullish long-term).

Code is not working please help . var float buyprice =0

This lesson is amazing. Can't thank you enough for sharing your code. Thank you!

Nice video thanks! I think the script would benefit from a direction check of the moving average. If it trends up i would take a long and if it goes down take a short.

I've tried recreating this script but it's full of errors. I can't add it to my chart.

so inspirational