Rider Algo 5 & 6 Strategies - RSI Extreme Trading [Rider Algo]

24 בנוב׳

Rider Algo 5 & 6 Strategies – RSI Extreme Trading

This script combines two of my favorite RSI concepts into a single price-based framework:

Strategy 5 (S5): Extreme Continuation
Strategy 6 (S6): Strength & Weakness Reversal

Everything is plotted directly on the price chart using an “inverse RSI” model that shows where price would be if RSI were at specific levels (default 70/30).

1. Core Idea – RSI Price Bands
   
   The script builds two dynamic price bands:
   
   Upper RSI Band → price level where RSI = upper level (70)
   Lower RSI Band → price level where RSI = lower level (30)
   
   
   These bands show when the market is operating in RSI overbought/oversold conditions directly on the candles.
   
   Optional markers:
   “Exit OB” and “Exit OS” show when price returns inside the band.
   
   
2. Strategy 6 – Strength & Weakness Reversal (S6)Goal:
   Fade exhaustion after a sustained RSI extreme.
   
   Two independent extreme lines:
   
   RSI Extreme Line WEAKNESS (S6) → 70
   RSI Extreme Line STRENGTH (S6) → 30
   Bearish “Weakness (S6)” signalRSI trades above the Weakness line for ≥3 bars.
   RSI crosses back below.
   → Red Weakness (S6) arrow above price.
   Bullish “Strength (S6)” signalRSI trades below the Strength line for ≥3 bars.
   RSI crosses back above.
   → Green Strength (S6) arrow below price.
   
   
   These are counter-trend reversal setups after extreme RSI stretches.
   
   
3. Strategy 5 – Extreme Continuation (S5)Goal:
   Trade continuation after an extreme breakout, entering on the first clean retest of the extreme line.
   
   Uses:
   
   Same RSI bands/extreme lines
   EMA15 as a filter
   Long (S5) – Extreme Continuation LongPrice breaks above the upper band.
   Price touches EMA15 at least once.
   First wick retest of the upper band with close back above → “Long (S5)” with exact entry level.
   Short (S5) – Extreme Continuation Short
   
   Mirror logic:
   
   Break below the lower band.
   Touch of EMA15.
   First wick retest of the lower band with close back below → “Short (S5)”.
   Why EMA15 filter?
   It forces a cooldown, avoiding rapid-fire continuation signals during a single vertical leg.
   
   
4. Non-repainting logicAll signals use closed bars only.
   S6 3-bar regimes use historical bars.
   S5 retests are validated after breakout bars close.
   EMA15 uses closed candles.
   No repainting of historical markers.
   
5. Inputs & CustomizationBase RSI & BandsRSI Length – 14
   RSI Source – close
   Upper/Lower RSI Levels – adjustable (default 70/30)
   Strategy 6 – Extreme ReversalAdjustable Weakness/Strength levels
   Toggle signals on/off
   Strategy 5 – Extreme ContinuationToggle Long/Short markers
   Optional Exit OB/OS markers
   Visual Style
   Custom band colors, width, and fill transparency.
   
   AlertsMaster on/off
   OB/OS
   Band exits
   Weakness / Strength
   Long (S5) / Short (S5)
   
6. How I like to use itS6 for counter-trend entries after clear extremes.
   S5 for continuation when the market is explosive and pulls back to the extreme line after touching EMA15.
   Ideas:Stop-loss beyond the extreme line.
   Combine with HTF structure, liquidity or volume.
   Works well on assets with expansion characteristics: crypto, indices, FX.
   
7. Disclaimer

   
   This script is for educational purposes only.
   It is not financial advice.
   Test everything in demo and use proper risk management.
   

   
   
   Tagging it as:
   
   “Rider Algo 5 & 6 – RSI Extreme Trading”
   
   helps others find it.
   
   

לפני 7 ימים

הערות שחרור

Update:
- Fixed Scale
- Added tooltips for signals on the chart (hover over the signals to see tooltip)
- Changed the display name of a couple of signals.

לפני 7 ימים

הערות שחרור

Quick titlechange.