This strategy follows the trend when price is above VWMA indicator. I have modified entry and exit rules to get most out of it.

Instead of entering LONG when price crosses above VWMA , I have used RSI (14) of VWMA . that way it skips the false signals. (some extent)

1. VWMA setting is 33
2. When RSIofVwma is above 30 enter Long ( and also checks if price already broke the ATR Stop above line )

Stop Loss and Exits
1. Exit is when price breaks the ATR stop loss
2. ATR setting is set as same VWMA Length and multiplier is 3.5
3. STOP Loss that I mentioned in the settings is being used to calculate the how many units can be purchased based on risk of capital value.

Note: There is NO hard stop loss. having above ATR stop loss works as Trailing stop loss

For the educational purposes only
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Here is the snapshot , how RSIofVWMA skips the false signals

+1 Reply
great script! whether order size qty1 can be auto assigned by program e.g. atr like scheme?
mohanee blackcat1402

Qrty1 is how many shares you can buy based on your risk of capital divided by stop loss value.

If you want to change it to atr , modify line number 45.

Let's say you want 1.5 x atr as stop loss ... then you need to modify divided by at line 45 ... Which would look like below ...

... / ( Close - ( 1.5 * atrVal ) )

And define atrVal in the beginning of the script

atrVal = atr(close, 14 )

That's it will be automatic based on ATR

Good Luck and have fun
mohanee mohanee

Sorry it is just to divide by atr * factor

tied but but getting errors

would be wonderful if you could help with that
ediks123 DariusPoskaitis

can you paste the code here , I will check and reply back to you
@ediks123, its from your scirpt line 45. Riska capital stop loss value
ediks123 DariusPoskaitis
@DariusPoskaitis, I don't have any issue here …

You might have modified the code for your requirement .... what does it looks like ? what is the error you are getting ?
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