Support and Resistance Bounce

Enters a long position when price bounces off support (candle must close above support line) and enters a short position when price bounces off resistance (candle must close below resistance line). Uses optimizable ATR-based stop loss and fixed point take profit targets.

Symbols: MAJOR MINOR

Created 02 Jan 25

Modified 02 Jan 25 13:38

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Header

General MAJOR MINOR

Name Support and Resistance Bounce

Description

Enters a long position when price bounces off support (candle must close above support line) and enters a short position when price bounces off resistance (candle must close below resistance line). Uses optimizable ATR-based stop loss and fixed point take profit targets.

Author Sam Northen

PresetFile bounce-strategy.set

Market MAJOR, MINOR

Scripts

ScriptLongEntry Signal('HLines1') == Bullish && Close(1) > HLines1(1) && Open(1) > HLines1(1) && Low(1) <= HLines1(1) ? Ask() : 0

ScriptLongInitialStop Low(1) - (ATR1(1) * VAR0)

ScriptLongTakeProfit OrderPrice() + (VAR1 * Point)

ScriptShortEntry Signal('HLines1') == Bearish && Close(1) < HLines1(1) && Open(1) < HLines1(1) && High(1) >= HLines1(1) ? Bid() : 0

ScriptShortInitialStop High(1) + (ATR1(1) * VAR0)

ScriptShortTakeProfit OrderPrice() - (VAR1 * Point)

Exit Management

TakeProfitStopValue 4.00

TakeProfitStopValueUnits 0

ATR

BreakevenStopValueEnabled false

Custom Indicators

CustomIndicator0 +NTL\HLines(1,'',800,64,'S2;R2',0,0,0.5,100).ex5,0,1

CustomIndicator1 +NTL\ATR(1,14).ex5,0

User Variables

UserVAR0 3;1,2,3,4,5,6,7,8,9,10

UserVAR1 500;100,200,300,400,500,600,700,800,900,1000,1100,1200,1300,1400,1500

Backtesting & Optimisation

TesterStartingBalance 100000.00

TesterLeverage 500

TesterBrokerSpreadInPoints 104

OptimisePerformanceMetric2 15

PerformanceMetric_Drawdown

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