RSI Swing Signal
צפיות 16664
This indicator is a tool designed to be used with Steven Hart's RSI Exhaustion strategy. For more information google TheTradingChannel or look him up on YouTube :)
The default RSI settings for this strategy are:
RSI Overbought: 80
RSI Oversold: 20
Length: 7
When the RSI gets above 80, the line will turn red and the script will begin looking for a specific type of engulfing candle to go short. The same is true when the RSI gets below 20, but the line will turn green and look for longs. It is best used as a back-testing aid, but it can also be used to send emails or SMS alerts whenever the conditions are met. It can also be used as an alternative colored RSI indicator by removing the signals in the settings menu and changing the RSI parameters to whatever you normally use. This can aid in RSI divergence and overbought/sold strategies.
Entries:
The bright green and bright red lines represent the first type of engulfing candle.
The dark green and red lines represent the second type of engulfing candle.
Some pairs perform best with only one of these entries, while others work fine with both.
This is a counter-trend or consolidation strategy, and is best used in combination with trend-continuation or trend-following strategies. As always, make sure you back-test it before you use it to trade as it works better on some pairs than others.
The default RSI settings for this strategy are:
RSI Overbought: 80
RSI Oversold: 20
Length: 7
When the RSI gets above 80, the line will turn red and the script will begin looking for a specific type of engulfing candle to go short. The same is true when the RSI gets below 20, but the line will turn green and look for longs. It is best used as a back-testing aid, but it can also be used to send emails or SMS alerts whenever the conditions are met. It can also be used as an alternative colored RSI indicator by removing the signals in the settings menu and changing the RSI parameters to whatever you normally use. This can aid in RSI divergence and overbought/sold strategies.
Entries:
The bright green and bright red lines represent the first type of engulfing candle.
The dark green and red lines represent the second type of engulfing candle.
Some pairs perform best with only one of these entries, while others work fine with both.
This is a counter-trend or consolidation strategy, and is best used in combination with trend-continuation or trend-following strategies. As always, make sure you back-test it before you use it to trade as it works better on some pairs than others.
הערות שחרור:
Fixed script picking up some invalid engulfing candles.
הערות שחרור:
Added alert functionality.
הערות שחרור:
Added strategy back-testing results.
הערות שחרור:
Here is a companion indicator I made for this oscillator which plots your entry, SL and TP to the chart:
CLICK HERE TO SEE COMPANION INDICATOR
הערות שחרור:
Minor improvements.
הערות שחרור:
Minor improvements
הערות שחרור:
Minor improvements
הערות שחרור:
Updated to Pine Script version 4
If you want to master Pine Script coding, watch my free YouTube lessons or get the source code to my scripts then check out my Pine Script Mastery Course website: https://www.pinescriptmastery.com
תגובות
use following setting for best result
Lookback : 7
RSI Overbought Level : 60
RSI Oversold Level : 30
RSI Length : 7
RSI Source : Close
Enjoy
////////////////////////////LONG + SHORT FILTER//////////////////////////////////////////
// STEP 1 - LONG - SHORT
// Make input option to configure trade direction
tradeDirection = input(title="Trade Direction", type=string,
options=, defval="Long")
// STEP 2 - LONG / SHORT
// Translate input into trading conditions
longOK = (tradeDirection == "Long") or (tradeDirection == "Both")
shortOK = (tradeDirection == "Short") or (tradeDirection == "Both")
//////////////////////////////////////////// ENTRY AND EXIT ORDERS ///////////////////////////////////////////////
// Step 6) Submit entry orders
if ( buysignal1 and validLong and longOK)
strategy.entry(id="buysignal1", long=true, qty=longEntrySize)
if (buysignal2 and validLong and longOK)
strategy.entry(id="buysignal2", long=true, qty=longEntrySize)
if (sellsignal1 and validShort and shortOK )
strategy.entry(id="sellsignal1", long=false, qty=shortEntrySize)
if (sellsignal2 and validShort and shortOK)
strategy.entry(id="sellsignal2 ", long=false, qty=shortEntrySize)
// Step 7) Submit exit orders
if (strategy.position_size > 0)
strategy.exit(id="XL", from_entry="buysignal1", stop=tradeStopPrice, limit=tradeTargetPrice)
if (strategy.position_size > 0)
strategy.exit(id="XL", from_entry="buysignal2", stop=tradeStopPrice, limit=tradeTargetPrice)
if (strategy.position_size > 0)
strategy.exit(id="XL", from_entry="buysignal1", stop=tradeStopPrice, limit=tradeTargetPrice)
if (strategy.position_size > 0)
strategy.exit(id="XL", from_entry="buysignal2", stop=tradeStopPrice, limit=tradeTargetPrice)
I've personally never had an issue with repainting except for when I've tried to create indicators that rely on other timeframe data. Let me know if you run into any issues and I'll look into it :)