The ElliotV5HOMod2 strategy is a trading strategy that utilizes various indicators to generate buy and sell signals. Here is a breakdown of what the strategy does:
Indicator Population:
Exponential Moving Averages (EMA) are calculated for different time periods based on the configuration. Hull Moving Average (HMA) is calculated using a window size of 50.
Elliot Wave Oscillator (EWO) is calculated using the specified fast and slow EWO values.
Relative Strength Index (RSI) is calculated for two different time periods: 14 and 20.
Buy Trend Population:
Conditions are defined for generating buy signals. Buy signals are triggered when the following conditions are met:
The close price is below a certain percentage of the EMA for the specified number of candles. The EWO value is above a specified threshold. The RSI value is below a specified threshold. The trading volume is greater than zero. Sell Trend Population:
Conditions are defined for generating sell signals. Sell signals are triggered when the following condition is met:
The close price is above a certain percentage of the EMA for the specified number of candles. The trading volume is greater than zero. Current Profit Calculation:
The current profit is evaluated based on the current time, the profit value, and the open date of the trade. If the current profit is less than 0.001 and the trade has been open for more than 140 minutes, a specific negative value (-0.005) is returned. Otherwise, a positive value (1) is returned. Overall, the ElliotV5HOMod2 strategy uses moving averages, oscillators, and the RSI indicator to identify potential buying and selling opportunities in the market. It also incorporates a condition to manage the current profit and determine the exit strategy for trades.