hammerCandle & starCandle

In this scrip we have combine Pinbar Candlesticks calculated using Fibonacci, the bullish hammer candlestick and bearish star candlestick with EMAs and ATR.

I have used 12 Hour time frame which works well EUR/USD , this script works well on higher time frames such as Daily, 12 hours etc.

I have used 1.5 times the ATR as the stop loss and 1 times the ATR as the take profit as these risk to reward ratio gives us the best results for the 12 hour time frame for EUR/USD . Past result are not a prove of performance of the future.

I have added 1 for slippage and 1 for commission.

This script contains AutoView syntax and is fully automated if you connect TradingView to AutoView and a broker, prefebly Oanda.

This script uses two exponential moving averages for trend detection and Average True Range , ATR for stop loss and take profit targets. All of these setting are adjustable.

We only trade with the trend if the 50 period exponential moving averages is above the 200 period exponential moving averages, if a hammer candle is formed for entry.
Likewise with sell trade if a star candle is formed for entry and if the 50 period exponential moving averages is below the 200 period exponential moving averages.

This script does not trail your stop loss as I have noticed it does not give me good results. Stop loss is a fix stop loss based on Average True Range and so is the profit target.
This script has risk management, it risk a certain percent of the inputted capital amount in the setting. See settings for more details.

Note: Due to auto risk management this script only works on Forex.

Green line is 50 period exponential moving averages and red line is the the 200 period exponential moving average . Blue line is stop loss for long trade and black line stop loss for short trade.

Please trade at your own risk, all the setting in the script are adjustable for you to test before trading.

Many Thanks,

Honet Trader
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