Placing Buy Limit Orders on Bollinger Bands' Lower Band in Pine Script 5

Hello everyone,

I'm trying to implement the following in Pine Script 5, but unfortunately, it's not working: I want to place a Buy Limit Order on the lower band of the Bollinger Bands. Whenever the price touches the lower band, a limited buy order should be triggered. Unfortunately, I can't seem to get it right. Here's my test code and an image for clarification. How can I make sure that a Buy Limit Order is placed for every bar that is above the lower band?

//@version=5
strategy("Bollinger Bands Limit Order", overlay = true)

length = input.int(20, minval=1)
mult = input.float(2.0)
src = close
basis = ta.sma(src, length)
dev = mult * ta.stdev(src, length)
lowerBand = basis - dev
upperBand = basis + dev

plot(basis, "Basis", color=color.blue)
p1 = plot(lowerBand, "Lower Band", color=color.red)
p2 = plot(upperBand, "Upper Band", color=color.green)
fill(p1, p2, color=color.new(color.purple, 80))

if (close < lowerBand or open < lowerBand)
    strategy.entry("Buy", strategy.long, limit=lowerBand)
    label.new(bar_index, low, text = "Buy", color = color.green, style = label.style_label_down, yloc = yloc.belowbar)

Hi James

How can I make sure that a Buy Limit Order is placed for every bar that is above the lower band?

Here your code test if the candle open and close is below the lower band (not testing if it's above)

if (close < lowerBand or open < lowerBand)

2/ More importantly, a strategy needs either a buy and sell conditions or a buy or sell condition with some exits (SL and/or TP) conditions
Because, a trade is made of an entry or exit

Probably your strategy doesn't take any trade because you didn't configure the exit

You can use the strategy.exit or strategy.close functions for that