NIFTY Momentum Candles with ATR Targets and Structural Trailing Stops

Summary

This NIFTY strategy scans for large directional candles during a specified intraday entry window. It measures candle body as a share of the full high-low range and enters long on qualifying green candles or short on qualifying red candles, provided the position is not already aligned with that direction. The script sets a profit target at a multiple of ATR and initially places the stop at the prior candle’s opposite extreme. While a position remains open, it trails the stop using recent lows for longs or recent highs for shorts.

The document provides code and configurable inputs, including the candle-body threshold, ATR target multiple, and trailing-stop lookback. It does not provide backtest results or enough evidence to judge returns, drawdowns, or execution sensitivity. The page description characterizes entries as pullbacks and exits as exhaustion, but the visible code instead enters on momentum candles and exits through fixed ATR targets or structural stops. The title refers to 15-minute NIFTY trading, while the strategy name inside the code refers to a different timeframe, leaving the intended chart timeframe unclear.

Key ideas

• Entries require a directional candle whose body exceeds a chosen share of its full range.
• The script restricts new entries to a defined intraday time window.
• Profit targets are set using ATR, while initial stops use the previous candle’s extreme.
• Stops trail behind recent lows for long positions and recent highs for short positions.
• No performance evidence is shown, and the page description conflicts with the coded entry logic.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.