EDIT: Forgot Tradingview calculates in ticks, not pips… so this is a really good script for grabbing 35 pips at a time.
Tinkering with a momentum & divergence setup on a 8hr chart for:
AUDCAD, AUDCHF, AUDJPY, AUDUSD
EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURUSD,
GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPUSD,
NZDCAD, NZDCHF, NZDJPY, NZDUSD,
USDCAD, USDCHF, USDJPY
AUD pairs were between 71.62% and 76.85% win rate
EUR pairs where between 81.38% and 61.7% win rate
GBP pairs where between 85.59% and 80.62% win rate
NZD pairs where between 75.69% and 68.27% win rate
USD pairs where between 72.12% and 73.72% win rate
Profitability ranged from 75.89% to 469%
Number of closed trades ranged from 615-694 trades per pair
Avg # bars in winning trades = 3
Avg # bars in losing trades = 5
Avg win % gain = 1.04%
Avg loss % lost = 2.23%
Avg largest win % gain = 2.68%
Avg largest loss % lost = 3.19% (EUR/CHF was -14.76% )
Avg Sharpe Ratio = 0.651 (not amazing)
Avg Profit Factor = 1.688
Avg Max Drawdown = 6.82%
Max allowed consecutive loss per instrument, per week = 3
Max allowed consecutive wins per instrument, per week = 5
Max % equity loss per week = 2%
Max position size % of equity = 5%
Trailing stop set to 300 pips
Take Profit set to 2000 pips
If the risk management is turned off and the script only closes on the reverse signal, profits turn into outright losses on all pairs. Win rates drop to 25-40% range, “profits” range from 124% to -47%; average around 5%-7% by my guess.
2 screens per currency, don’t want to spam all 22