Hybrid Strategy with Position Control & Breakout Filter

//version=6
indicator('Hybrid Strategy with Position Control & Breakout Filter', overlay=true)

// === INPUTS ===
emaFastLen = input.int(8, 'Fast EMA')
emaSlowLen = input.int(21, 'Slow EMA')
rsiLen = input.int(14, 'RSI Length')
rsiOverbought = input.int(70, 'RSI Overbought')
rsiOversold = input.int(30, 'RSI Oversold')
macdFast = input.int(12, 'MACD Fast')
macdSlow = input.int(26, 'MACD Slow')
macdSignal = input.int(9, 'MACD Signal')
volatilityMultiplier = input.float(1.0, 'ATR Multiplier for Volatility Filter')

// === CALCULATIONS ===
emaFast = ta.ema(close, emaFastLen)
emaSlow = ta.ema(close, emaSlowLen)
rsi = ta.rsi(close, rsiLen)
[macdLine, signalLine, _] = ta.macd(close, macdFast, macdSlow, macdSignal)
atr = ta.atr(14)

// === VOLATILITY FILTER ===
volatilityThreshold = ta.sma(atr, 14) * volatilityMultiplier
isVolatile = atr > volatilityThreshold

// === OPENING SPIKE LOGIC (first 15 mins of session only) ===
sessionStart = timestamp("America/New_York", year, month, dayofmonth, 9, 30)
first15Min = time >= sessionStart and time < sessionStart + 15 * 60 * 1000
openingBreakout = first15Min and close > open and ta.change(close) > atr * 1.5

// === POSITION TRACKING ===
var int position = 0 // 0 = no position, 1 = long, -1 = short

// === ENTRY CONDITIONS ===
longCondition = ((ta.crossover(emaFast, emaSlow) and rsi < rsiOverbought and macdLine > signalLine and isVolatile) or openingBreakout) and position != 1
shortCondition = ta.crossunder(emaFast, emaSlow) and rsi > rsiOversold and macdLine < signalLine and isVolatile and position != -1

// === EXIT CONDITIONS ===
exitLong = ta.crossunder(emaFast, emaSlow)
exitShort = ta.crossover(emaFast, emaSlow)

// === SIGNAL PLOTS ===
buySignal = longCondition
sellSignal = shortCondition

plotshape(buySignal, title='Buy Signal', location=location.belowbar, color=color.green, style=shape.triangleup, size=size.small, text='BUY')
plotshape(sellSignal, title='Sell Signal', location=location.abovebar, color=color.red, style=shape.triangledown, size=size.small, text='SELL')

// === STATE MANAGEMENT ===
if (longCondition)
position := 1
if (shortCondition)
position := -1

if (exitLong and position == 1)
position := 0
if (exitShort and position == -1)
position := 0

// === PLOT EMAs ===
plot(emaFast, color=color.orange, title='Fast EMA')
plot(emaSlow, color=color.blue, title='Slow EMA')

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

srikanthreddyinvst

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

srikanthreddyinvst