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Pine Script Trading Strategy Developer

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Pine Script Trading Strategy Developer
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2 weeks ago
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Prompt Details

Model
Chat - GPT-3.5 (gpt-3.5-turbo)
Token size
53 ($0.00027 / call)
Example input
[market]: Cryptocurrency [target audience]: advanced traders [trading approach]: algorithmic trading [key elements]: entry/exit signals, risk management, and backtesting
Example output
Here's a custom Pine Script trading strategy for advanced cryptocurrency traders. This strategy focuses on algorithmic trading, including essential components such as entry/exit signals, risk management, and backtesting. ```pinescript //@version=5 strategy("Advanced Crypto Algorithmic Trading Strategy", overlay=true) // --- Input Parameters --- length = input.int(14, title="RSI Length") rsiOverbought = input.int(70, title="RSI Overbought Level") rsiOversold = input.int(30, title="RSI Oversold Level") smaLength = input.int(50, title="SMA Length") stopLossPerc = input.float(2.0, title="Stop Loss Percentage", step=0.1) takeProfitPerc = input.float(4.0, title="Take Profit Percentage", step=0.1) // --- Indicator Calculations --- rsi = ta.rsi(close, length) sma = ta.sma(close, smaLength) // --- Entry Conditions --- longCondition = ta.crossover(rsi, rsiOversold) and close > sma shortCondition = ta.crossunder(rsi, rsiOverbought) and close < sma // --- Exit Conditions --- stopLoss = close * (1 - stopLossPerc / 100) takeProfit = close * (1 + takeProfitPerc / 100) // --- Trading Logic --- if (longCondition) strategy.entry("Long", strategy.long, stop=stopLoss, limit=takeProfit) if (shortCondition) strategy.entry("Short", strategy.short, stop=stopLoss, limit=takeProfit) // --- Plotting --- plot(rsi, title="RSI", color=color.blue) hline(rsiOverbought, "Overbought", color=color.red) hline(rsiOversold, "Oversold", color=color.green) plot(sma, title="SMA", color=color.orange) // --- Backtesting --- strategy.exit("Take Profit/Stop Loss", from_entry="Long", loss=stopLoss, profit=takeProfit) strategy.exit("Take Profit/Stop Loss", from_entry="Short", loss=stopLoss, profit=takeProfit) // --- Risk Management --- risk = input.float(1.0, title="Risk Percentage", step=0.1) capital = input.float(10000, title="Initial Capital", step=100) riskAmount = capital * (risk / 100) size = riskAmount / (stopLossPerc / 100 * close) // --- Position Sizing --- strategy.risk.allow_entry_in(strategy.direction.long) strategy.risk.max_contracts(size) ``` ### Explanation: 1. **Inputs:** - `length`: Length for RSI calculation. - `rsiOverbought`: RSI level indicating overbought conditions. - `rsiOversold`: RSI level indicating oversold conditions. - `smaLength`: Length for Simple Moving Average (SMA) calculation. - `stopLossPerc`: Stop loss percentage. - `takeProfitPerc`: Take profit percentage. - `risk`: Percentage of capital to risk per trade. - `capital`: Initial trading capital. 2. **Indicators:** - `rsi`: Calculates the Relative Strength Index (RSI). - `sma`: Calculates the Simple Moving Average (SMA). 3. **Entry Conditions:** - Long entry: RSI crosses above the oversold level and price is above the SMA. - Short entry: RSI crosses below the overbought level and price is below the SMA. 4. **Exit Conditions:** - Stop loss and take profit are calculated as percentages of the entry price. 5. **Trading Logic:** - Long and short entries are triggered based on the defined conditions, with stop loss and take profit levels. 6. **Plotting:** - RSI and SMA are plotted for visualization. - Overbought and oversold levels are indicated with horizontal lines. 7. **Backtesting:** - The strategy includes logic for backtesting with defined exit conditions. 8. **Risk Management:** - Position sizing is based on the percentage of capital to risk per trade. This script provides a robust framework for advanced algorithmic trading in cryptocurrencies. Adjust the parameters and conditions based on specific market conditions and backtest thoroughly before using it in live trading.
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