Open Close Cross Strategy NoRepaint Version by JustUncleL

This trading strategy is based around Open-Close Crossovers using a variety of Moving Average types without repaint, meaning signals don't change retrospectively. Trades are executed automatically depending on the crossover's direction, with options for initial stop loss and target profit points.

To trade this strategy manually on TradingView:

• Choose a Moving Average type and set the period (e.g., EMA with a period of 8).
• Calculate two MAs: one using the close prices and the second using the open prices, modified by the alternate resolution multiplier if applied (by default 6).
• Enter a long position when the close price MA crosses above the open price MA; enter a short position when the close price MA crosses below the open price MA.
• Set optional exit parameters such as a stop loss and a target profit based on points (input your values).
• End trades based on crossover conditions relative to your trading preference (Long, Short, Both).

The Open Close Cross Strategy NoRepaint Version by JustUncleL can be enhanced for manual trading on TradingView by introducing several modifications and considerations that are tailored to the manual trader’s discretion, adaptability, and in-depth analysis of market conditions.

• Custom Moving Average Selection: While the script offers various MA types, manual traders should delve deeper into the asset’s historical performance to determine which MA type best suits the asset's volatility and price characteristics. This might involve testing less common MA types or combining multiple MAs for a more robust signal.
• Enhanced Trend Confirmation: Adding another layer of trend confirmation can safeguard against false signals. This can be a higher period MA or an indicator like the ADX. When both the strategy crossover signal and the trend confirmation align, the probability of a successful trade increases.
• Volume Analysis: Incorporate volume data to confirm the strength of the crossover signals. Rising volume on a new trend suggests strength, while diminishing volume could indicate a weak or false move.
• Refined Entry and Exit Points: Instead of entering a trade immediately on a crossover signal, wait for a retest of the crossover level for entry which may yield a better price and reduced risk. Similarly, consider a trailing stop-loss instead of a fixed one to maximize gains in a trending market.
• Risk Management Adjustments: Tailor the position size based on the volatility of the asset and the current market environment. Utilize a volatility-based stop loss, such as Average True Range (ATR), to adapt to changing market conditions.
• Economic Calendar Awareness: Be alert to scheduled economic releases that may affect market volatility. Reducing position size or avoiding entry before significant news events can reduce risk.
• Market Sentiment: Keep an eye on overall market sentiment using sentiment indicators or market news to gauge whether the broader market mood supports the trade signals generated by the strategy.
• Journaling and Review: Keep a detailed record of all trades, noting the market conditions and reasons for entry and exit. Regularly review trade performance to identify areas of improvement within the strategy application.

The Open Close Cross Strategy NoRepaint Version is tailored for traders seeking consistent and reliable signals that do not alter after they are formed. It is particularly suitable for:

• Traders who prioritize confirmation: As the signals do not repaint, traders can trust that once a signal appears, it will not change, which is essential for those who value confirmation before executing trades.
• Swing traders: With options to adjust the Moving Average type and period, the strategy can be modulated for medium-term timeframes, fitting the swing trading style that captures gains over several days to weeks.
• Technical analysts: The strategy offers a variety of MA parameters inviting traders who like to analyze and adjust technical indicators based on historical performance and asset characteristics.
• Systematic traders: It suits traders who follow system-based trading as the strategy provides methodical and backtestable entry and exit points.

• Strategy Essence: Utilizes non-repainting Open-Close Crossovers; valuable for traders demanding steadfast signals.
• Operation: Automatic trade execution based on MA crossover direction; applicable for strategies demanding backtesting.
• Manual Trading: Requires selecting optimal MAs and confirming trends; useful for traders who prefer manual oversight.
• Enhancement: Add volume analysis, confirm trends with additional indicators, and incorporate economic news for improved decision-making.
• Risk Management: Employ volatility-adjusted stop loss and position sizing; vital for adapting to market conditions.
• Trader Compatibility: Best for those who value confirmation, including swing and systematic traders and technical analysts.
• Optimization: Scroll through MA types to match asset characteristics; important for customizing signals to specific markets.
• Journalling: Document and review trades to pinpoint strategy refinement opportunities; essential for continuous improvement.