This **Pivot and Golden Crossover Swing Strategy** combines moving averages and pivot points to identify potential swing trade opportunities. It is designed for traders who want to leverage momentum and key price levels in their decisions.
#### Key Features: 1. **Golden Crossover**: - A long position is triggered when the short moving average (50-period by default) crosses above the long moving average (200-period by default). - A short position is triggered when the short moving average crosses below the long moving average.
2. **Pivot Points**: - Identifies recent high and low pivot levels based on a user-defined lookback period (default is 5 candles). - Pivot points are used to determine entry levels and calculate stop-loss and take-profit targets.
3. **Risk Management**: - Stop-loss levels are set relative to pivot points with a user-defined multiplier (default: 1.5x). - Take-profit targets are based on the distance between moving averages, adjusted by a multiplier (default: 2.0x).
4. **Visual Indicators**: - Moving averages are plotted on the chart for trend visualization. - Pivot points are marked with triangle shapes for easy identification.
#### Use Case: This strategy works well in trending markets where golden crossovers indicate momentum shifts. The pivot points ensure precise trade management, making it suitable for swing traders aiming to capture medium-term price movements.
Let me know if you'd like any further details or adjustments!