Strategy Chameleon [theUltimator5]: backtest results after fees, and how the rule works

Strategy Chameleon [theUltimator5] at a glance

Kind of rule	Time of day (session and opening range)
Buys or sells	It can buy, and it can bet on falling prices.
Built on	ATR
Where it was published	TradingView, by its author, as a Pine Script strategy
Tested on	68 cells: 15 coins, October 2021 to June 2026, no fee
Cells that placed a trade	66 of 68
Middle result before fees	−0.2%
Cells above zero	20 of 66
Middle drawdown before fees	0.2%
Page updated	2026-11-08

Strategy Chameleon [theUltimator5] backtest results, every cell

Every cell is in the picture, not only the strongest. To the right of the black line is above zero. The orange line, when you see one, is the middle.

Each bar is the middle result for that coin, across its chart speeds. The black line is zero.

Each bar is a group of cells with a similar result. The number on a bar is how many cells landed there. Bars to the right of the black line finished above zero.

How Strategy Chameleon [theUltimator5] works

Rules in this group usually work like this. It only acts during set hours, such as the London or New York morning. Crypto never closes, so those hours are a choice, not a fact of the market. The question is whether those hours behave the same way on more than one coin. The next paragraph is this particular rule, which can be narrower than the group.

It can buy, and it can bet on falling prices. It acts only when several checks agree at once. It leans on ATR; those names are explained on their own pages, further down. The exact line is in the list below, in the author's names, and you can skip that list. When it enters, it also sets a stop or a target, so a trade can close without a new signal.

Each trade uses 10 percent of the account. It holds one trade at a time.

The exact condition, from the code

Same rule, translated from the code, in the author's names. You can skip this list if the paragraph above was enough.

Enters long when get buy signal and not (Use Time Filter (off)) and (Trade Direction (Both) equals 'Long Only' or Trade Direction (Both) equals 'Both') and no position is open.
Enters short when get sell signal and not (Use Time Filter (off)) and (Trade Direction (Both) equals 'Short Only' or Trade Direction (Both) equals 'Both') and no position is open.
On entry, places a stop at get stop loss (on, the close), a target at get take profit (on, the close, get stop loss (on, the close)).
On entry, places a target at get take profit (on, the close, get stop loss (on, the close)).
On entry, places a stop at get stop loss (off, the close), a target at get take profit (off, the close, get stop loss (off, the close)).
On entry, places a target at get take profit (off, the close, get stop loss (off, the close)).

Buys or sells	It can buy, and it can bet on falling prices.
Tools it calculates	ATR
A second chart speed	No. It uses one chart speed only.
Only at certain hours	Yes. It only acts during set hours.
Adding to a trade	It holds one trade at a time.
How much it trades	Each trade uses 10 percent of the account.
Cost the author assumed	The author assumed no trading cost.

Default settings

The test used the defaults in the middle column. Nothing was turned to help a coin.

Setting	Default	Group
Buy Signal Source	close	Signal Sources
Sell Signal Source	close	Signal Sources
Table Position	Bottom Right	Display Settings
Show Performance Table	on	Display Settings
Trade Direction	Both	Trading Rules
Use Stop Loss	on	Risk Management
Stop Loss Type	Percentage	Risk Management
Stop Loss %	2	Risk Management
Stop Loss ATR Multiplier	2	Risk Management
Stop Loss Points	100	Risk Management
ATR Length	14	Risk Management
Use Trailing Stop	on	Trailing Stop
Trailing Stop Type	Percentage	Trailing Stop
Trailing Stop %	1.5	Trailing Stop
Trailing Stop ATR Multiplier	1.5	Trailing Stop
Trailing Stop Points	50	Trailing Stop
Use Take Profit	off	Take Profit
Take Profit Type	Risk:Reward	Take Profit
Risk:Reward Ratio	2	Take Profit
Take Profit %	4	Take Profit
Take Profit ATR Multiplier	3	Take Profit
Take Profit Points	200	Take Profit
Use Time Filter	off	Time Filter
Trading Session	0930-1600	Time Filter

How the backtest was run

Every strategy was tried the same way, on the settings the author published.

The years are October 2021 to June 2026. The prices are from Bybit, for 13 widely traded coins, mostly on hourly, 4-hour and daily charts, with some faster charts. That was 47,242 tries. The window stored in the files is 2021-09..2026-06.

599 rules produced a finished try. A rule that finished above zero on at least 12 cells, before any fee, was tried again with a fee of 0.12 percent per side. Only buys are counted in that second try. 273 rules got it.

The method, the aggregate results and a downloadable table are on the study page. What the desk does with the results beyond these pages is its own.

This is the second pass. A fee of 0.12 percent per side is taken on the buy and again on the sell. Only buys are counted. If the rule also bets on falling prices, those trades are not in these numbers.

After fees, none of its 0 cells finished above zero.

0 of the cells cleared a quality check: at least 50 trades, gains that are not one lucky trade, and a drawdown that is real without taking the whole account.

Cells tried after the fee	0
Finished above zero	0
Cells that cleared the quality check	0

Label: backtest · old prices, buys only, a fee of 0.12 percent per side, every cell · Oct 2021 – Jun 2026. Hypothetical results; see the risk disclosure.

How to read the result

How to read the number

There is no finished result on this page, so there is no middle number to set against a lucky coin.

What this does not show

The useful question is whether the same hours work on other coins. Crypto has no closing bell, so the hour is a choice.

There is no cell to single out, and this note does not invent one. Other years, another exchange, or another fee would be a different measurement.

Questions about Strategy Chameleon [theUltimator5]

What is Strategy Chameleon [theUltimator5]?

Strategy Chameleon [theUltimator5] is a session and opening range trading strategy published on TradingView as a Pine Script. In plain terms it is a rule of the kind this site calls time of day. It can buy, and it can bet on falling prices. It is built on ATR. This page reads the rules from the code and reports what they did on old crypto prices.

How does Strategy Chameleon [theUltimator5] work?

Is Strategy Chameleon [theUltimator5] profitable in a backtest?

Before any fee, 20 of 66 cells that traded finished above zero, and the median of those cells was −0.2%. No fee has been taken off, so that number is a ceiling. The rule did not reach the second pass where a fee is charged on every trade.

Where can I find the Strategy Chameleon [theUltimator5] script?

It is published on TradingView by its author. Search TradingView for the title to find the original script. This page is an independent reading and is not affiliated with the author.

What does backtest mean on this page?

Backtest means the rule was replayed on old prices from Bybit. No real money moved. Every number on this page carries that label, and old prices do not promise anything about new ones.

Words used on this page

Backtest: The rule was tried on old prices. No real money moved.
Cell: One coin on one chart speed. Bitcoin every 4 hours is one cell. Bitcoin once a day is another.
Chart speed: How often a new price bar is drawn. 15m means every 15 minutes, 1h means hourly, 4h means every 4 hours, 1D means once a day.
Fee, per side: A cost taken each time the rule trades. Per side means once on the way in and once on the way out.
Median: Line the cells up from the biggest loss to the biggest gain. The median is the middle one. Half the cells did better and half did worse.
Drawdown: The deepest fall from a high point along the way, as a percent of the account at that high.
Above zero: The account finished with more than it started.

The indicators Strategy Chameleon [theUltimator5] uses

Each has its own page: what it measures, how it is read, where it misleads.

ATR (average true range): the volatility number behind most stops

"Strategy Chameleon [theUltimator5]" was published on TradingView by its author, under the author's own license. This page is an independent reading of those rules and of what they did on these old prices. It is not written with the author, and it is not a recommendation. Not every detail survives the translation onto this page, so read the original before you rely on it.

Strategy Chameleon [theUltimator5]