How to AUTOMATE a Pine Script STRATEGY 🤖 AutoView Guide (PART 68) [PSv4]
hi traders welcome back to another auto
view video
in today's video i'm going to be giving
you the source code to this script you
see on my chart right now
this script trades hammers and shooting
star candles
it's intended to be traded on the daily
chart so it doesn't take a lot of trades
per month but it does work on several
markets and has a pretty decent win rate
and profit factor compared to
the net profit and max drawdown and best
of all this script is completely
automated to trade through orlando using
order view
so every time a setup is detected on the
chart autoview
places a trade with stops and targets
making this
an extremely low maintenance strategy
that can be traded by
anyone with a nolander account and an
orderview subscription
so today we have to break down around
100 lines of code
so let's not waste any time and get
started on the lesson so today's
script is going to be a strategy script
instead of a study script so
i believe this is the first strategy
script i've ever covered
on my youtube channel so far i do cover
these scripts in much more detail in the
pan panscript mastery course
and especially in my indicators and
strategies course
but today's lesson will be a crash
course into strategies how to write them
and basically the fundamental basics of
these scripts how to place orders
and how to convert the strategy alerts
into a third party automation command
in this case auto view but the theory
behind this video will work
for any third party you may just have to
adjust how your alerts work
so for example i did a lesson recently
on how to use
three commas with pinescript in that
lesson i didn't really cover an actual
strategy script but if you want to go
back and watch that lesson you can
use the theory i covered in that lesson
to convert this script
into a crypto trading script if you're
interested in trying that but anyway
let's move on
and today's lesson is going to build on
the previous few lessons
so if you get lost during this lesson
and you haven't watched the preceding
videos in this autoview series make sure
to go back and watch them
these lessons are intended to build on
each other so the source code to the
script will be in the video description
if you want to skip ahead and just copy
and paste
all of this code to follow along with
the lesson but i'm going to follow the
normal format i usually do for these
videos and i'm going to start with a
pretty much blank script all we have
here is my user inputs
and we're just plotting the closing
price and i will break down
each section of code and each line of
code and write it out in real time with
you
so that you can understand exactly what
everything does and why i've set up the
script the way i have
so let's start with the very first line
of code here obviously i have a bunch of
comments here which are
not important except for our version
annotation comment to target
version 4 of pinescript but the first
line of code here is our strategy
annotation function with a long title
and a short title so the short title is
just this little
bit of text here that shows up on the
indicator and i've set overlaid
true so this is drawing onto my actual
chart over the top of price action the
next thing i've done here is
get a bunch of user input so i'll break
down each user input one by one
the first one is our stop loss
multiplier which is just a float input
and this adjusts the distance of our
stop loss from our entry
as a multiplier of the atr so in the
case of a bullish example
uh let's say we were entering at the
close of this candle here
the script is calculating the distance
to the swing low and then adding on
the atr and it is multiplying the atr
by this setting here so by default it's
set to one atr
stop loss distance but you can adjust
this
in the settings menu here so you could
have a half atr
or a two atr stop and that will
obviously impact your win rate the next
input is our risk reward profile
so this is also a multiplier but this is
a multiplier of our stop loss distance
so if we have a one atr stop loss from
the entry to the swing low
with a one to one risk reward our take
profit is going to be the same amount of
distance
in pips as our stop-loss but you can
change that in the settings menu
by playing around with this setting here
it is generally advised to shoot for at
least a one-to-one risk reward profile
in your trading setups because although
having a lower risk reward profile could
result in a higher win rate it does
make it a little bit more difficult to
turn a profit over the long term when
you factor in trade costs commissions
slippage
all of that so i would recommend
sticking to a minimum
one-to-one risk reward profile the next
setting here is our fib
level our fibonacci level or candle
percentage
level so by default it's set to 0.333
percent
so this fib level input is used to
determine
whether or not the current candle meets
our criteria
for a shooting star or hammer candle and
the technique i'm using
to validate our hammers and shooting
star candles is the same technique that
i
showed in a previous video on my channel
called detecting hammers and shooting
stars
so there'll be a link to this video in
the video description and up in your top
right hand corner here
if you want more information on the
technique i'm using to detect these
hammers and shooting stars
so those are the only three inputs we
need for our strategy script
the rest of these inputs are parameters
for adjusting how autoview behaves
so the first order view parameter here
is oandademo this is a boolean input
if this is set to true then the script
will use awanda demo account instead of
your orlando live account
for trade execution next up we have
limit order this is also a boolean input
if this
is turned on then the script will use a
limit order to enter your positions
instead of a market order by default
this is turned on
and i would recommend using this setting
in any of your scripts as well
if you do use order view to auto trade
because it does mitigate issues with
spread affecting your order fills next
up we have gtd
order this is how many days to leave the
limit order on our chart
by default it's set to two days so if
you are using limit order
the script will tell order view to place
the limit order with an expiry of two
days
from when the order is placed this is so
your limit orders don't stay on your
chart let's say we wanted to enter
on this bar here but we never got filled
you don't want your limit order staying
active
for too long since i'm trading this on
the daily chart if my order doesn't get
filled within a few days
chances are it's not going to get filled
and price is just going to take off and
i've already missed
that trade so that's the point of having
an expiry on our limit order now these
last three inputs should be familiar if
you watched the previous video in this
series where i showed you how to
calculate your
forex position size for trading through
autoview our account balance is our
owanda
brokerage account balance so if you're
trading this on a demo account which i
would encourage you to do
especially in the beginning then you
want to set this account balance input
to whatever your demo account balance is
the next input is our account currency
so by default it's set to us dollars but
if you have your account denominated in
a different currency
you can select from any of the major
pairs here so in my case i would select
aud and this will convert my risk
into the relevant account currency if
you don't set this up properly
then your position size will be
calculated using the wrong exchange rate
and your position size could be
dramatically inaccurate
depending on which currency pair you've
selected here so make sure to set this
to the correct currency
and then finally we have risk per trade
which is our risk
per trade as a percentage of our account
balance
so by default this is set to two so two
percent of a one thousand us dollar
account would be two hundred us dollars
so on each trade
i would be risking 200 us dollars with
the default settings so that's it for
our user inputs
obviously i've set up a bunch of tool
tips as well and i've grouped these
using the new
group parameter for my user inputs
that creates this little subtitle
heading and the tooltips
give the user just a little bit more
information on what each
setting here does so now that we've got
our user inputs
set up let's move on to detecting the
setups that i want the script to trade
the first thing i'm going to do is get
my indicator values the indicators i
need in order to
perform the analysis i need to do in the
script
in today's lesson we're only using the
atr indicator so i need to get the
current atr
which is easy we just use the inbuilt
atr function
if i can type properly so we're getting
just the default
14 period atr the next thing we need to
do is calculate
the 33.3 percent fibonacci level
for the current candle to do that we
need two
different variables a bullfib and a bare
fib so bullfib
is going to be set to the low minus the
high
multiplied by our fib level which is
this
setting here oops just crossed it out
this fib level setting here which is set
to 0.333 by default which is 33.3
percent
uh the final thing we need to do to
complete this calculation
is add on the current bars high to
this value the bare fib is exactly the
same
but just in the opposite direction so we
need to minus the high from the low
and multiply that number by the fib
level
and then add the low onto that value
that gives us our bull and bare fibs
now we can check to see if the current
bar closes within
this range but before we do that we need
to determine
which price source closes or opens
highest lowest on the current bar
to do that we need to create two new
variables again the first one is lowest
body
and then highest body so lowest body is
going to be set to
is the current closing price less than
the opening price
if so then the lowest body is the close
otherwise it is the open before i
continue let me
just write out the highest body code so
that is going to be the same thing just
the opposite direction
is the current bar's closed greater than
the current bars open
if so then the current bar's close is
the highest body
otherwise the current bars open is the
highest body
and now let me explain what i'm doing
here so in the case of a shooting star
there are two shooting star candles here
on this chart this one
and this one one's green and one is red
now i'm not going to spend too much time
going over
the theory behind this technique for
detecting hammers and shooting stars
because i already did that in the
hammers and stars detection video which
again i'll leave a link in the video
description to that
if you haven't seen that yet but i'll
explain briefly what we're doing here
so in order to validate a shooting star
we are calculating the 33.3 percent
fibonacci from the high to the low
and for a bullish hammer candle it's
from the low to the high
and what we want to see on this candle
is the open
and the close must have occurred below
this 33.3 percent mark so this is the
lower third
of this entire bar if the bar open and
closed below this red line here
this red fibonacci line then we have a
valid shooting star set up
however my script does not discriminate
between bullish and bearish
shooting stars all we need to see is the
bar close and open in the lower third
so in the case of this shooting star
here if we do the same thing
draw a fib from the high down to the low
you can see this red line here
is our lower third watermark line
this bar opened and closed within this
lower third
33.3 percent so this is also a valid
shooting star candle and the script will
detect
both of these as valid shooting star
candles i
have found in my own testing i did add a
filter to only trade bearish
shooting stars and it did not improve
the accuracy of the script in fact it
made it even
less accurate so that is the reasoning
behind why
i detect both bullish and bearish
shooting style candles
because the story of these candles is
exactly the same even though this candle
closed bearish
the fact that sellers were able to
push this market from its high all the
way down
into the lower third by the close is a
bearish
story in relation to this price action
pattern
and it's the same for this bullish
version price
opened here rallied all the way up here
and then sellers pushed it all the way
down
into the lower third so both of these
bars
both of these candlestick patterns are
considered bearish
at least in the context of this
particular strategy that i'm
coding the script as both of these
candlestick patterns tell the same
story and so we trade them both the
reason why we
calculate the highest body is so that we
can just simply check
to make sure that the highest can or
body here
closed in that lower third we could
check if both the open and the close
occurred below this
33.3 mark but for whatever reason i
found it more intuitive to go with the
approach that i've chosen
in this script which is to get the
lowest body and highest body and compare
them
to our bull and bear fib it just makes
the code look a little bit more readable
i think personally so now that we've got
all of the data we need
in order to validate the candlestick
patterns we're looking for
that's the next step is to determine
if we have a valid setup so for that we
have valid
hammer and valid star valid hammer
is going to be set to a boolean
condition
and that is is the lowest body greater
than or equal to our
bull fibonacci so is the lowest body
higher than
our upper third of the bar and is the
close
not equal to the open so we don't want
to trade doji's there needs to be a body
to the candle we're not trading
doji's with this strategy so if the open
is equal to the close we don't want to
trade that
candle and we need to check is the
atr not n a or null
so in programming terms null means it's
basically hasn't been set yet
and in pine script terms na is used
as the null data type the reason we need
to do this
is because we are using an indicator in
this case the atr
which requires previous price action
data in order to calculate its value
so we need 14 bars on our chart looking
left
to calculate the average true range of
those bars but if we go all the way to
the very first bar
on my chart here let's say this here was
a shooting star candle but
we haven't had 14 bars print onto our
chart since
this price action history began we've
only had one two three four five six
seven
eight including this bar that means that
the atr
for this bar this particular bar would
be
n a or null and so when it comes to
calculating our stop loss and our
targets
our stop loss and our targets will also
be n a and if the atr is n a
then our stop loss will be n a and then
we will be entering a
setup without a stop loss or a take
profit target
and the trade will never be closed on
historical data
in the strategy tester so that is the
purpose of checking
if the atr is not n a and this applies
to
all indicators that you use in your
strategy scripts
so for example if your strategy relies
on the rsi
or a moving average or anything that
requires previous
price action data to have printed onto
the chart in order to calculate its
value
if you do not add this check then there
is the potential that when you load
your script onto a market that had a
valid setup a valid price action setup
early on in its price history before
these indicators could calculate their
values
then you will basically break your
script and your script will enter the
trade
without a stop loss or a target and the
trade will never be closed
by the tester and let me just say i
learned this the hard way but i will
never forget it because it is extremely
frustrating when you can't work out why
your script is not
taking trades if you find that one of
your scripts is
behaving that way make sure you've
checked this
because it doesn't occur on all markets
it will only occur on markets that
detect a valid price action pattern very
early on in the price history anyway
moving on to our valid star
it is basically exactly the same except
in this case we're checking
is the highest body less than or equal
to our bare fib
or the lower third of the bar size
and is the closed not equal to the open
and is our atr
not n a so now we've determined if we
have a valid set up or not a price
action setup
the next thing we need to do is
determine whether or not we should
actually
execute on this trade so to do that i'm
going to
check if we have confirmation for
our setup and this is going to be two
new
boolean variables one is going to be
valid long
one will be valid short valid loan will
be set to
do we have a valid hammer candle pattern
and
is our strategy.position size equal to
zero
this means that we are not involved in a
position
on the tester system so the script does
not allow for pyramiding
because it just doesn't work with this
particular strategy
and so we don't want to be entering
multiple positions while a
existing position is open if we're
already involved in a trade
but we detect another valid hammer we
don't want to trade that
second hammer we want to wait until the
first trade plays out and the final
thing i want to check
is is the bar state confirmed
so bar state dot is confirmed is only
true
if the current bar is on its final tick
so it's cl
in the act of closing and it's confirmed
or it's a historical bar that is already
closed
so we don't want valid long to be true
if the bar is a real-time bar and it
hasn't closed yet because
pretty much every candle on your chart
might have been
a hammer candle at some point but ended
up closing
as a doji or a bearish
golfing candle it might not have
actually closed as a hammer
or a shooting star candle so that's why
we check to make sure that the
candlestick pattern is
confirmed and we do the same thing for
our valid short so we check do we have a
valid star
and is the strategy.position size
variable
equal to zero and is the bar state
confirmed bar state dot is confirmed
so if all of these conditions are met
then we have a valid short setup and the
same for a long setup and this is a good
place to mention that your position size
is relative to the direction you're
trading so if you have a long position
open
your position size will be a positive
number
so depending on what your position order
size is set to in this case it's just
set to one contract
if we were to go long one contract then
our position size would be
one however if we were to place a short
trade in the tester system
then our position size would be negative
one
so that's why we check if it's equal to
zero and not
less than one or something like that so
if
our position size is zero that means
we're flat if it's a positive number
that means we're involved in a long
trade and if it's a negative number that
means we are involved in a short trade
so that's all we need in order to detect
our candlestick patterns that we're
going to trade there are basically three
more steps to completing the script the
next step is to
basically copy and paste our position
size calculation code from the previous
lesson
into this script so that we can
determine our position size for these
setups
the second step is to make the tester
enter and exit our trades based on our
stops and targets and entries and the
third step is to use
the inbuilt alert function to tell
autoview
how to manage our positions so i'm just
going to skip over the position size
code for a moment and we're just going
to place
our mock trades through the tester
system just to make sure the script is
working properly
and before i do that let's save the
script to make sure there's no compile
errors
everything seems okay so before we
continue we need to calculate
our stops and targets for the current
bar
and to do this we need several variables
so the first one is our stop size
that's going to be set to the atr
multiplied by our stop
multiplier which is this setting here
the next thing we need to do is
calculate our stop price
for our long trades our long stop
distance and our long
target price and then the same for our
short trades so this is all pretty
easy the first thing we need to do is
calculate our long stock price
and for this i'm going to check if the
current bar
is the lowest bar or if the previous bar
was the lowest bar of the two so for
example
let's say that this candle here is not a
valid
long trade but the next candle is the
script is going to check
is the entry candle of this hammer lower
than the previous candle
if so then we set our stop loss below
the entry candle
otherwise we set our stop loss below the
candle preceding it
this is how i learned the strategy from
my trading mentor stephen hart and
in order to do this we need to check is
the current bars low
lower than the previous bar's low if so
then we want to
subtract the stop size in
pips from the current bar's low
otherwise we want to subtract
the stop size in pips from the previous
bars low
and this will give us a long stop price
and from our long stop price we can
determine our distance our stop loss
distance in pips which we need in order
to calculate our target
our profit target so long stop distance
is going to be set to because this is a
long trade
we will be entering above our stop loss
so we need to subtract
our stop loss price from our entry price
so to do that
that's simply the closing price minus
the long
stop price that gives our distance in
pips
now we need to calculate our long target
price and that's going to be set to the
closing price plus and then in brackets
our long stop distance
multiplied by our risk reward setting
which is this guy here
so we first get our long stop price we
then calculate the distance in pips to
that stop loss price
then we multiply that distance by our
risk reward profile
and add it to our entry price in order
to get our target price
and then it's the same for shorts so
short stop price
is set to is the current bars high
higher than the previous bars high
if so now we need to add our stop
size onto the current bar's high or if
the previous bar was higher
we need to add our stop size to that
candle's high that gives us our short
stop-loss price
the next thing to do is calculate our
short stop distance
which is going to be our short stop
price minus our entry price because we
are entering on a short trade
our entry will be below our stop loss
and then finally we need to calculate
our short
target price and that is going to be set
to our entry price
minus our short stop
distance multiplied by our risk reward
profile
so our target is below our entry so we
minus
our short stop distance multiplied by
our risk reward instead of adding it
like we did for our long target
so that's it for our stops and targets
we are now ready
to set up our trade variables so now we
need to save
our stops and targets for the current
trade
and in order to achieve this we need to
create two
var variables the first one is going to
be our trade
stop price the second one is our trade
target price
and we're going to initialize both of
these as 0.0
when they are first created and then we
will override these whenever a
new trade is detected and these two
variables will apply to long and short
trades so the next thing we need to do
is detect
valid long setups and trigger
our alerts for auto view and then we
need to
do the same thing for our short setups
but first let's do our long setups so to
do this we're going to use a
if statement if we have a valid long
setup
then we want to set our trade stop price
to whatever our long stock price
currently is
we want to set our target price to the
long target price
and then we're going to set our trade
position size which we haven't created
yet so i'm going to comment out this
line of code but we'll come back to this
one
once we've finished uh entering and
exiting our mock trades
our trade position size is only for auto
view so we don't need to cover that just
yet we'll come back to that in a moment
and then finally we need to trigger
auto view long alert which we will also
come back to in a moment and we need to
do the same thing for our short trade so
i'm just going to paste
that in there change this to short
change
trade stock price to our short stop
price and trade target price to our
short
target price flip that to short
and now whenever a valid long or valid
short setup is detected we are saving
our
stop loss and target price for the
relevant setup
and now we can use this information to
use the tester system to enter and exit
trades once we confirm that's working
we'll come back and fill out our alert
syntax
and calculate our position size so
before we continue let me save the
script to make sure everything compiles
okay
there we go no problems so the first
thing we need to do is
enter trades whenever a valid
setup is detected and to do that
we simply use the strategy.entry
function
i'm not going to go into too much detail
about the syntax
for this function because this lesson
will be far too long if i spend too much
time on these functions
again if you want to learn all of the
nitty-gritty details of
these functions make sure to go and
check out the mastery course where i go
into a huge amount of detail
about these sorts of scripts and these
functions but of course you could also
just
go and read the documentation by holding
control and clicking
on the function and there's plenty of
information in the trading view
documentation
the only advantage of going through the
mastery course is that i've broken all
of this
documentation down into video lessons
for people who don't like
spending their weekends reading through
code documentation
i can save you the time since i've
already done that
over the past few years but anyway let's
enter our long trades first
to do that we need to set our id to long
so this is our trade
id so this identifies this entry as a
long entry so that we can exit our long
entry later when we need to
we need to set the long parameter to
strategy.long
or you could just set this to true this
is just a true false parameter
if you set it to true that means you are
going long if you set it to false that
means you are going short i like to use
the inbuilt strategy.long constant
boolean just because it makes the code a
little more readable
i'm not sure why they didn't name this
parameter direction instead of
long that gets a bit confusing when
you're first learning how to write these
scripts but
hey it is what it is and the final
parameter we need to specify here is
when to enter this position this is a
boolean variable
and this is going to be set to our valid
long
boolean which we determine up here
so if we have confirmation for our long
setup then
our stops and targets get saved and the
tester will enter a long position
we can copy this line of code and change
everything to short
and do the same thing for our short
trades
so when a valid short is detected we
enter a short position with an id
of short next up we need to exit
our trades whenever our stop or target
is hit so for that we use the
strategy.exit function
and this requires a few more parameters
than our entry
the first one is we need to specify an
id for this order
this is just going to be called long
exit next up we need to tell
this exit function which order to exit
so for that we use our from
entry parameter so this is from our
long id entry so we put that
id into this parameter and that will
close our long
position next up we need to specify our
limit our
take profit limit order that's going to
be set to trade
target price and that is why we had to
create a var variable to save this
information because this function is
called on every new tick
so if you don't save your target price
then your profit limit order will
change on every new bar depending on how
you calculate your target but by saving
the target whenever
a valid long trade is entered we can
tell the tester to exit our position
if price action hits our tiger price and
it's the same for our stop loss so stop
is going to be set to trade stop price
so whichever gets hit first will
determine whether this is a winning or
losing trade
in the backtester system and finally we
need to also specify a when parameter
so in this case it's going to be when
our strategy.position
size is greater than zero so whenever
our position size
is greater than zero that means we're
involved in a long trade
and this exit function will constantly
check has price hit our target
or our stop loss and once either of
these are hit the
trade will exit and the data will be
added to the tester system so now we can
copy this line of code paste it in there
change everything to short so we're
exiting our short trade
our limit and our stop can stay the same
since we're using the same variables
for long and short trades that does not
need to change
what we do need to change is the
direction of our position size
check so if our position size is less
than zero that means we are currently
involved in a short trade
so when we're in a long trade we check
our stops and targets
for our long position and when we're in
a short trade we are constantly checking
our stops and targets
for our short position if i save this
script this should compile without any
errors
fingers crossed and now the strategy
tester
is taking trades for us and we're only
trading one position so these numbers
are a bit wacky
but it doesn't really matter how many
positions you're trading
in the tester since we aren't going to
be using a fixed position size anyway
when it comes to auto view we're going
to be adapting our position size
based on our account balance as it grows
or shrinks so far so good
the last thing we're going to do before
we move on to our auto view code
is draw our trade data onto the chart so
we want to draw our stops and targets
and our signal detection so
draw trade data for this i'm just going
to use the plot
function and we're going to check is our
strategy.position
size not equal to zero if that's the
case
then we are involved in a trade and we
want to draw our stops and targets
or if we currently have a valid long
detected
on the current bar or a valid short
then we want to draw our trade stock
price
whoops otherwise we want to draw nothing
so if we're involved in a trade
currently or we have just detected a
valid long or short trade
we want to draw our stop loss price
otherwise if we're not in a trade
and we don't have a valid setup we want
to draw nothing
the next thing we will do here is title
this trade
stop price i will color this red
color.red and i'll set the style to plot
dot style unscore line
break so that the stop loss will break
between setups if we don't do this then
we'll have a weird
joining line between each setup and our
chart will look something like this with
lines
connecting all over the place we don't
want these connecting lines we just want
the line to break
and just draw the stop loss or target
until it gets hit
so that's what this plot style will do
the final thing i will set here is the
transparency to zero
now i can copy this line of code and
paste it in here
twice and this is for all of our trade
data so we're drawing our trade stop
already we want to also draw our trade
target price so let's change this to
target price
and we also want to draw our trade
position
size which we haven't calculated yet so
i'll comment out this line of code
but we'll come back to this in a moment
let's set our trade target to green
apart from that nothing else needs to
change here and we'll set
our position size to purple and for this
we'll set our transparency to 100
so when it comes time to drawing our
position size we don't want it actually
drawing under the chart as a line we
just want the value to be drawing
up here and then finally i want to draw
price
action setup arrows so we're going to
use the plot shape function here we're
going to check
do we have a valid long trade if so we
want to draw a shape
otherwise we want to draw nothing we're
going to set the style to
shape dot triangle up we're going to set
the location to location.below bar for
long setups
we're going to set the color to
color.green and the title
to bullish setup
now i can copy this line of code paste
it down here change this to short
change this to triangle down change this
to
above bar change the color to red and
change the text to bearish
setup so now if i save the script
this should compile without any errors
hopefully there we go and now we are
drawing our stops and our targets
and our setup detection arrows for every
setup that
this script is taking and our stops and
targets will draw
until one of them is hit so in this case
we entered long here
price came close to the stop loss but
did not hit it and then went on to hit
our price target and then it stopped
drawing and whenever a setup is detected
we're drawing these red and green
triangles
above the entry candle so this was our
setup candle
we'd enter at the next bar open or at
least that's where we would place our
limit order
so that is it for our strategy portion
of the script the final thing to do
before we wrap up this lesson
is add our order view functionality and
before we do that we need to add in
our position size code so i'm literally
just going to copy and paste the code
from the previous videos lesson
so if you haven't watched that lesson
and you want to know what this code does
make sure to go and watch that lesson
the link will be in the video
description and should pop up in your
top right hand corner
right about now so i'm going to paste my
position size calculation code below
where we determine if we have
confirmation for our setup
so paste that in there the only
difference between this code and the
code from
the previous lesson is i've added three
variables here
the first is our broker this just checks
if the user has turned on
use oanda demo if they have then we set
broker to owen to practice otherwise we
set it to oanda
live next up we have our trade position
size is a var variable
and then finally we have our current
pair as a var variable
so this is just a string to send to
orderview to tell it which
market we want to execute this trade on
so let's save the script to make sure
that that compiles
no issues there now let's come down to
where we were going to calculate our
trade position size
and let's fill out this code now so for
this we simply use our get
position size function that we have
created in the previous lesson up in
this position size code
and that's this function here and for
this we need to pass
our long stop distance in points
as a whole number so we need to convert
our
long stop distance to a whole number
and then multiply that number by 10 in
order to get that number
as price points not pips we're dealing
with points here
so this was a 10 pip stop loss distance
then we would be passing 100
points into our get position size
function now we can do the same thing
for our short trades
get position size two whole
short stop distance multiplied by 10.
now we can come down and uncomment this
line of code here
which draws our position size onto the
chart let's save the script
and see what happens now here you can
see that
whenever i hover over a setup the purple
number up here
is telling me how many units i should be
trading
in order to risk two percent
of a one thousand us dollar account so
on this particular short setup
the order view command would have
included this as
our position size uh assuming we are
trading a one thousand us dollar account
so we would be trading 1 688 units
and if our stop loss gets hit on this
market we will only lose
200 us dollars of our 1 000 us dollar
account
which is 2 percent risk and just to
confirm that that's accurate
let's measure from our entry up to our
stop
it's about 129.2 pips
we're going short 129
pips roughly speaking two percent risk
would be
sixteen thousand eight hundred and
eighty five up here we have sixteen
thousand eight hundred and seventy eight
so very very accurate position size
calculated there
it's not one hundred percent because
there are other factors that influence
how
trading your position size it's also
taking into account the exchange rate
at that time which has changed since
then which is why the numbers are
probably a little bit different now
but it is very very close within 0.003
or 99.9 percent accurate
which is close enough for me now before
we move on for some people
for some reason whenever we draw a large
number like this
onto the chart even though we've set
transparency to 100
sometimes it can really skew their chart
scaling so that their
chart looks something like this if that
happens to you
just comment out this line of code
because we don't need this anyway this
is just for bug testing to make sure
that our position size is accurate
so if i say the script and get rid of
that number the script will still work
fine
without plotting that info to the chart
so i thought i'd better mention that
because i know a lot of people do run
into that issue
and i still haven't worked out what
chart setting
leads to that happening but anyway
that's pretty much it for the script the
final thing we need to do is
write out our auto view alerts so let's
uncomment these two lines of code here
and let's start writing out our
auto view syntax so the first parameter
we need to set for this alert
is the message and this is a text
parameter
the next parameter is alert frequency
so freq is short for frequency
we're going to set the alert frequency
for these alerts to alert
dot frequency once per bar close and our
message
is going to be made up of all of our
order view commands
so the first one is our exchange or
broker that's going to be set to
our broker variable which we specify up
here
so it'll either be awanda practice or
oanda live
since this is a long setup the book or
direction is going to be long
and then we are going to split this onto
a new line by
just pressing enter and then indenting
this next line by one
space and we can also move our frequency
down one and the reason i'm doing this
is just because we have a very long
alert message to write here that will
write off the edge of my screen if i
don't separate these onto new lines
but the next parameter to specify is our
quantity or position size
and that is going to be set to then we
need to convert
our position size to a string and our
position size variable is trade
position size next up
we want to set the symbol that we are
currently trading
that's going to be set to our pair
variable which we again created up here
so that's just the base currency in this
case euro
eur then a forward slash and then
our counter currency so jpy
next up we need to set our limit order
if we are using a limit order
and for this we need to check has the
user turn limit order on in the settings
if they have then we want to set
our type our market order type to a
limit and we want to set our limit order
price
our fixed price to our current
closing price of the current price
action pattern
and i need to add a plus sign there and
otherwise
if the user has not turned limit order
on in the settings menu
then we just want to use a market order
which will just enter at market
regardless of the spread that we pay
or how bad our fill could be so keep
that in mind if you
are using market orders next up we need
to specify our stop loss
so fsl is going to be set to and then we
add
tostring our trade stop price
and before i continue i need to add a
space in front of all of these commands
since we don't add one at the end we
need to have a space between each
command that we add this alert message
so there's our fixed stop loss price
added as a string
you need to convert any numbers two
strings in order for this to compile
next up we need to specify our take
profit
ftp and that is also going to be set to
this
two string function and then we pass in
our trade target price
and then the final thing i would
normally add to this alert is
our good till day or good till time
expiry parameter but i'm not going to
add that today because this lesson is
already extremely long
and that will add another 10 to 15
minutes onto this lesson
what i'm going to do instead is cover
gtd's and good till time orders in the
next video
where we'll expand on this script and
we'll add a bunch of filters
to mitigate certain risks that we may
encounter when auto trading the script
so for now this is all we need to write
in order to execute our trades
but what this means is that our gtd our
days to leave limit order
setting will not work on the current
script but we'll cover this setting in
the next
youtube lesson so make sure to hit that
subscribe button if you haven't already
and you want to learn more about
how to manage your limit orders through
order view now i just noticed i forgot
to close off this bracket here
so let's close that off and comment out
this other alert function call
and now this should be everything we
need in order to send our commands to
order view
for long trades at least so let's save
the script to make sure everything
compiles
before we move on there we go no
problems there and we have our long
order view syntax set up and ready to go
next up let's copy this alert message
for our short trades
change the b the book direction to short
and that's it these two commands are
identical except for the b
equals short and long part so now if i
save the script
we have completed our hammers and stars
strategy script if you want to learn
more about what parameters you can use
in your order view alerts make sure to
check out the syntax lesson that i did
previously that will be in the video
description along with all the other
links
so the tester is working so over 233
trades from the beginning of price
action on this market we have had nearly
a 58
win rate on euro yen on this daily chart
with a one to one risk reward profile
you can obviously adjust the risk reward
profile and stop loss
distance to tweak your win rate
and max drawdown so let's increase the
order size to
1 000 units and change our risk reward
to let's say 1.2
now we suddenly have a slightly lower
win rate but more profit
and a shallower drawdown actually at
least with a fixed position size
so i would encourage you to go and
manually back test
this strategy over historical price
action
before using this on a demo account or
especially on live money because the
trading view strategy test
is limited in that it cannot adjust your
position size
based on your account balance i'm not
sure what this setting does but if you
set
the order size to a percentage of equity
and this setting is not what it sounds
like it's not
a one percent of equity if i set this to
one percent of my total equity
you can see that my position size is
tiny uh with an
initial capital of one hundred thousand
dollars
one percent of my equity per trade
should be much
higher than eight contracts or eight
units
so if you want to get an accurate
reading on how this
strategy would perform on historical
data you need to manually back test it
if you need help with that
i've got a video lesson on that as well
which i'll leave a link to in the video
description
and you can go to backtestingfx.com for
more information on how to back test and
why you should backtest
but that about does it for today's
lesson the source code
again will be in the video description
if you want to play around with the auto
view
trade execution on your demo account
make sure to set up an awanda demo
account
and when you set your alerts select the
script as your condition
and then select alert function calls
only
as your alert condition this will ensure
that
only these alerts will
be triggered and these alerts contain
all of the relevant commands to send
to autoview in order to manage your
positions
now this is all to be used at your own
risk make sure to do your due diligence
practice with this on a demo account do
not under any circumstances
try to trade this with real money that
you cannot afford to lose there's a high
chance
that you will lose some or all of your
money when
playing around with auto trading
especially in the beginning so that's it
have fun with this source code i'll be
back soon with a new lesson
where i will teach you how to add a
bunch of different filters to this
script
such as telling the script not to trade
during certain times of day
not to trade when the atr is too large
or too small
and we'll make this days to leave limit
order or the gtd
parameter work in the script we'll add
a days limit and a time limit to the
script but we'll do that in the next
lesson because this lesson is already
long enough
thanks for watching i appreciate your
time i hope you found this lesson
valuable
if you did make sure to hit the
subscribe button and if you want to
learn more
and shortcut your journey through
pinescript make sure to head over to
pinescriptmastery.com
where you can find all of my courses on
pinescript
including a bunch of scripts that i've
already written to be compatible with
autoview
and a whole section in the mastery
course on how to write
strategy scripts and covering the theory
behind them
in great detail and that will about do
it for today
thanks for watching i'll see you in the
next lesson take care and best of luck
with your trading
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