Top 3 Simple TradingView Strategies (With Free Source Code!)

Introduction

In today’s article, I'll share three of the best trading strategies I've optimized and coded for the Trad Smart AI Channel, utilizing the advanced capabilities of ChatGPT. Each strategy comes with clear explanations of the necessary indicators, entry and exit rules, along with both in-sample and out-of-sample backtest results. The best part? I’ll provide the source codes for these strategies for free! If you are new to the Trad Smart AI channel, it features simple trading strategies coded with the help of ChatGPT, all aimed at unearthing the most effective techniques for the highly customizable Trad Smart premium script.

If you're interested in learning coding with ChatGPT or want to explore some free TradingView strategies, make sure to check out the Trad Smart AI link in the description. Without further ado, let’s dive in!

1. Daily Low/High Breakout Strategy

The first strategy on our list is a daily low/high breakout strategy. This method requires just two settings: the profit target and the stop-loss multiplier. The beauty of this strategy lies in the fact that it doesn’t require any indicators on your chart. I use this on the Tesla one-minute chart, accounting for a 0.1% fee on each entry and exit, as well as slippage.

Entry and Exit Rules

For a valid long entry, you'll first identify the highs and lows of the previous trading day. After confirming the breakout of the previous day's high, a stop-loss is placed at half of the daily range, while the take-profit is set five times the daily range, giving you an optimal risk-reward ratio of 1:10.

As the price continues to break out, simply update the take-profit and stop-loss levels accordingly. The strategy generally yields high-risk reward trades but is most effective during strong uptrending movements.

Backtest Results

In a recent backtest over a four-year period using a 50-contract order size and a $ 10,000 capital, this strategy generated a 165% net profit from 500 trades, with a profit factor of 1.2 and a maximum drawdown of 38%. After optimization, referring to out-of-sample data, the strategy maintained a profit with a 29% net gain and only a 16% maximum drawdown.

2. Bollinger Bands and RSI Reversal Strategy

The second strategy involves using two significant indicators: Bollinger Bands and the Relative Strength Index (RSI). This strategy primarily focuses on entering positions during price corrections.

Entry and Exit Rules

For a long entry signal, the price must close beneath the Bollinger Bands and the RSI must be below 35. If both conditions are met, enter at the close or at the open of the following candle. The stop-loss is set at a 3% distance, while the exit is determined by the RSI crossing above 65.

Backtest Results

Using the Swiss Franc/JPY 30-minute chart, the backtest results over the past four years yielded 168 trades with a net profit of 111% and a win rate of 68%. Post-optimization, the strategy maintained profitability, delivering an 11.9% net profit with a maximum drawdown of 20%.

3. Moving Averages, RSI, and ADX Strategy

The final strategy is my favorite one, and it involves four indicators: two Simple Moving Averages, RSI, and ADX. This strategy is primarily for trending markets like crypto and stocks.

Entry and Exit Rules

A valid long signal requires the red faster-moving average to cross above the white slower moving average, the RSI to be below 60, and the ADX to be above 20. There are no fixed stop losses or take-profits; instead, we’ll exit the position when the RSI rises above 80.

Backtest Results

In a backtest using the Apple 15-minute chart, the strategy showed impressive results over four years with over 100% net profit, a win rate of 73%, and a profit factor of 6. Although it has a maximum drawdown of 133%, post-optimization it yielded a net profit of 29% with a 100% win rate in the after-optimization period.

All these strategies are available for anyone interested in exploring on the Trad Smart AI platform. For access to this and more effective scripts, check the links in the description.

That's a wrap for today’s article. If you found this information useful, please give it a like, subscribe, and enable notifications. If you want to dive deeper into coding strategies with zero coding knowledge or explore other strategies from the Trad Smart AI channel, see the linked videos.

Keywords

• Daily Low/High Breakout Strategy
• Bollinger Bands
• RSI
• ADX
• TradingView
• Risk-Reward Ratio
• Backtest Results
• Profit Factor

FAQ

Q1: What is the Daily Low/High Breakout Strategy?
A1: It's a trading strategy that targets breakouts above the previous day's highs and employs specific profit and stop-loss settings.

Q2: How does the Bollinger Bands and RSI Reversal Strategy work?
A2: This strategy triggers buy signals when the price closes below Bollinger Bands and the RSI is under 35, aiming for price corrections.

Q3: Why is the Moving Averages, RSI, and ADX strategy favored?
A3: This strategy utilizes multiple indicators to confirm trending movements while focusing only on long trades, making it suitable for markets like crypto.

Q4: Are these strategies suitable for beginners?
A4: Yes, these strategies are designed to be simple and easy to implement, making them accessible for traders of all experience levels.