SuperTrend+EMA Strategy [PineMyths] #1
Hey there! I’m Kris Waters. I’m here to you with a new concept called PineMyths.
This is the first publication of the PineMyths project. I will try to add new articles twice a week.
You can suggest to me any trading strategy video from Youtube, maybe that would be my next PineMyth project. Stay Tuned!
Busted or Confirmed?
I’m coding strategy scripts narrated by various traders on YouTube channels. I will try to find out they are performing well or not by looking at their backtest results from the TradingView charting platform.
[CASE #1] The BEST Trading Strategy Video On YouTube | 4 Indicators | Change The Way You Trade
Author: Trade Pro
Indicator List
- EMA(20) (Built-in)
- SuperTrend(10,3) (Author: Kıvanç Özbilgiç)
Strategy Rules and Conditions
LONG Side
- SuperTrend indicator is bullish (Green)
- EMA(20) value above SuperTrend
- Bar open price is above EMA(20) value
- Active price touches EMA(20) value
SHORT Side
- SuperTrend indicator is bearish (Red)
- EMA(20) value below SuperTrend
- Bar open price is below EMA(20) value
- Active price touches EMA(20) value
Stop Price: SuperTrend indicator value when the entry conditions are met for the first time. It does not change until the position is closed.
Take Profit Price: 2 x Risk
You can access the strategy script from TradingView’s public library. Applying it to your chart you can test different assets, parameters, and timeframes.
Backtest Results
Strategy tested with using default parameters.
Backtest results are taken on 01.12.2022 from TradingView
Summary
Test results with default settings show that the strategy’s overall performance is not that good!
When I checked only activate a LONG side, it performed better then the SHORT side.
Remember, I did not apply any commission fee over settings yet!
You can add the strategy script to your TradingView account and be able to test various assets, timeframes, and even the parameters.
CASE #1 Busted!
Twitter: @PineMyths
Telegram Channel: t.me/pinemyths
Disclaimer
Any opinions, chats, research, analyses, prices, or other information contained on this blog are provided as general market information for educational and entertainment purposes only and do not constitute investment advice. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
I do not recommend the use of technical analysis as a sole means of trading decisions. I do not recommend making hurried trading decisions. You should always understand that past performance is not necessarily indicate of future results.
