I'm not a coder and know nothing about it, but I'm interested in strategies and the possibility of getting one coded that works.
Here's the idea.. seems to work when I poor over a chart, but I don't know how to back test it, as I can't code.
This should probably be tested on a few different ETFs to see which give the best results, I'm thinking SPY, QQQ, or TVIX.
Using a one hour chart.
Enter long when price makes a new 3 hour high
Or
Enter short when price makes a new 3 hour low
With a share size divisible by 4 (e.g. 400, 800, or 4000)
Stop loss is -0.30
First profit target is 0.30 at which point you sell 1/2 position and move stop to +0.20 (twenty cents above entry price.)
Second profit target is 0.6 at which point you sell 1/2 of remaining position (1/4 of original pos.) and move stop loss up to +0.40.
Third profit target is 0.9 at which point you sell 1/2 of remaining position (1/8 if original pos.) and move stop to a trailing stop of .5.
Only one position allowed at a time. That is, reaching a new 3 hour high while already in a position will not trigger a new position.
My expectations would be that the first profit target is hit more often than the first stop loss, and the less often 2nd, 3rd, and higher profit targets would outweigh the negative risk to reward expectation from the first target/loss.
