//@version=6  

// SWING Trading Strategy  

// 1 Hour Time Frame  

// © JayeshBoradia Youtube viratbharat

//---------------------------------

// default_qty_type (const string) Specifies the units used for default_qty_value. Possible values are:

// a. strategy.fixed for contracts/shares/lots

// b. strategy.cash for currency amounts

// c. strategy.percent_of_equity for a percentage of available equity.

// This setting can also be changed in the strategy's "Settings/Properties" tab. Optional. The default is strategy.fixed.

//---------------------------

// default_qty_value (const int/float) The default quantity to trade, in units determined by the argument used with the default_qty_type parameter. This setting can also be changed in the strategy's "Settings/Properties" tab.

// Optional. The default is 1.

//------------------

// strategy("1 Hour Open vs Close Buy Strategy", overlay=true,default_qty_type=strategy.percent_of_equity, default_qty_value=100)

strategy("1 Hour Open vs Close Buy Strategy", overlay=true,default_qty_type=strategy.fixed, default_qty_value=1)

​

// Define the buy condition: current open is higher than the previous close

buyCondition = open > close[1] and strategy.position_size == 0 // Only buy if there is no active position

// Execute the buy order and plot buy price

if (buyCondition)

    strategy.entry("Buy", strategy.long)

    label.new(x=bar_index, y=low, text="Buy at: " + str.tostring(open),style=label.style_label_up, color=color.green, size=size.normal, textcolor=color.white)

// Define the sell condition based on 3% profit target from the buy price

targetPrice = strategy.position_avg_price * 1.03

// Check if the current price has reached the target price and close the position

if (strategy.position_size > 0 and close >= targetPrice)

    strategy.close("Buy")

    label.new(x=bar_index, y=high, text="Sell at: " + str.tostring(close),style=label.style_label_down, color=color.red, size=size.normal, textcolor=color.white)

// Plotting to visualize entries and exits on the chart

plotshape(series=buyCondition, location=location.belowbar, color=color.green,style=shape.labelup, text="Buy")

plotshape(series=(strategy.position_size > 0 and close >= targetPrice),location=location.abovebar, color=color.red, style=shape.labeldown, text="Sell")