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Mercury 5min

The Mercury 5min strategy is a long-short day trading strategy that is based on 5 min NQ bars.

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Mercury 5min Strategy Overview

Here's an overview of the trading logic for the "Mercury 5min" strategy:

  1. Session Settings:

    • The strategy allows for trading within specific sessions, which are set by default to run from 9:35 AM to 3:55 PM.

    • The user can choose which days of the week to trade, with Monday to Friday being enabled by default.

    • The strategy also provides an option to close all orders/positions if the session ends.

  2. Side Selection:

    • The strategy allows the user to select which side (Long, Short, or Both) to trade on for each day of the week. For example, on Mondays, it might only take long trades, while on Tuesdays, it might only take short trades.

  3. Indicators:

    • EMA (Exponential Moving Average): Two EMAs are used, one for long trades and one for short trades.

    • RSI (Relative Strength Index): Used to determine overbought and oversold conditions.

    • VWAP (Volume Weighted Average Price): Used as a reference point for price.

  4. Entry Conditions:

    • Long Entries: The strategy will enter a long position if:

      • It's a trading day set for long or both directions.

      • The closing price is above both the long EMA and the VWAP.

      • The RSI indicates an overbought condition.

    • Short Entries: The strategy will enter a short position if:

      • It's a trading day set for short or both directions.

      • The closing price is below both the short EMA and the VWAP.

      • The RSI indicates an oversold condition.

  5. Stop Loss and Take Profit:

    • The strategy allows the user to set percentage-based stop loss and take profit levels for both long and short trades.

  6. Exit Conditions:

    • Long Exits: The strategy will exit a long position if:

      • The stop loss or take profit is hit.

      • The closing price falls below the VWAP.

    • Short Exits: The strategy will exit a short position if:

      • The stop loss or take profit is hit.

      • The closing price rises above the VWAP.

    • Additionally, there's an option to exit trades on bar close.

  7. Session End:

    • If the session ends and the "Close all orders/positions if session ends" option is enabled, all orders and positions will be closed.

 

This strategy combines session-based trading with directional preferences for each day of the week, using the EMA, RSI, and VWAP indicators to make entry and exit decisions.

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