This strategy is based on the Williams %R indicator and optimizes trading performance by dynamically adjusting take profit and stop loss levels. Buy signals are generated when the Williams %R crosses above the oversold area (-80), and sell signals are generated when it crosses below the overbought area (-20). An Exponential Moving Average (EMA) is used to smooth the Williams %R values and reduce noise. The strategy offers flexible parameter settings, including indicator periods, take profit/stop loss (TP/SL) levels, trading hours, and trade direction choices, to adapt to different market conditions and trader preferences.
The Williams %R Dynamic TP/SL Adjustment Strategy captures overbought and oversold price conditions in a simple and effective way while providing flexible parameter settings to adapt to different market environments and trading styles. The strategy dynamically adjusts take profit and stop loss levels, which can better control risks and protect profits. However, when applying the strategy in practice, attention should still be paid to factors such as parameter settings, signal confirmation, and trading time selection to further improve the robustness and profitability of the strategy.
/*backtest start: 2024-05-01 00:00:00 end: 2024-05-31 23:59:59 period: 4h basePeriod: 15m exchanges: [{"eid":"Futures_Binance","currency":"BTC_USDT"}] */ //@version=5 strategy("Williams %R Strategy defined buy/sell criteria with TP / SL", overlay=true) // User inputs for TP and SL levels tp_level = input.int(defval=60, title="Take Profit (ticks)", minval=10, maxval=500, step=10) sl_level = input.int(defval=60, title="Stop Loss (ticks)", minval=10, maxval=200, step=10) // Williams %R calculation length = input.int(defval=21, title="Length", minval=5, maxval=50, step=1) willy = 100 * (close - ta.highest(length)) / (ta.highest(length) - ta.lowest(length)) // Exponential Moving Average (EMA) of Williams %R ema_length = input.int(defval=13, title="EMA Length", minval=5, maxval=50, step=1) ema_willy = ta.ema(willy, ema_length) // User inputs for Williams %R thresholds buy_threshold = -80 sell_threshold = -20 // User input to enable/disable specific trading hours use_specific_hours = input.bool(defval=false, title="Use Specific Trading Hours") start_hour = input(defval=timestamp("0000-01-01 09:00:00"), title="Start Hour") end_hour = input(defval=timestamp("0000-01-01 11:00:00"), title="End Hour") // User input to choose trade direction trade_direction = input.string(defval="Both", title="Trade Direction", options=["Buy Only", "Sell Only", "Both"]) // User input to enable/disable "Minutes Before" and "Minutes After" options enable_minutes_before_after = input.bool(defval=true, title="Enable Minutes Before/After Options") minutes_before = enable_minutes_before_after ? input.int(defval=10, title="Minutes Before the Top of the Hour", minval=0, maxval=59, step=1) : 0 minutes_after = enable_minutes_before_after ? input.int(defval=10, title="Minutes After the Top of the Hour", minval=0, maxval=59, step=1) : 0 // Condition to check if the current minute is within the user-defined time window around the top of the hour is_top_of_hour_range = (minute(time) >= (60 - minutes_before) and minute(time) <= 59) or (minute(time) >= 0 and minute(time) <= minutes_after) // Condition to check if the current time is within the user-defined specific trading hours in_specific_hours = true if use_specific_hours in_specific_hours := (hour(time) * 60 + minute(time)) >= (hour(start_hour) * 60 + minute(start_hour)) and (hour(time) * 60 + minute(time)) <= (hour(end_hour) * 60 + minute(end_hour)) // Buy and Sell conditions with time-based restriction buy_condition = ta.crossover(willy, buy_threshold) and is_top_of_hour_range and in_specific_hours sell_condition = ta.crossunder(willy, sell_threshold) and is_top_of_hour_range and in_specific_hours // Strategy entry and exit with TP and SL if (trade_direction == "Buy Only" or trade_direction == "Both") and buy_condition strategy.entry("Buy", strategy.long) if (trade_direction == "Sell Only" or trade_direction == "Both") and sell_condition strategy.entry("Sell", strategy.short) // If a buy entry was taken, allow the trade to be closed after reaching TP and SL or if conditions for a sell entry are true if (strategy.opentrades > 0) strategy.exit("TP/SL", profit=tp_level, loss=sl_level) // Plot Williams %R and thresholds for visualization hline(-20, "Upper Band", color=color.red) hline(-80, "Lower Band", color=color.green) plot(willy, title="%R", color=color.yellow, linewidth=2) plot(ema_willy, title="EMA", color=color.aqua, linewidth=2)template: strategy.tpl:40:21: executing "strategy.tpl" at <.api.GetStrategyListByName>: wrong number of args for GetStrategyListByName: want 7 got 6