OPEN-SOURCE SCRIPT
Vikas Buy Sell Signal_ 5 EMA’s, RSI 60_40, 2 Donchian Strategy
Description of the EMA RSI Donchian Trading Strategy
Overview: The EMA RSI Donchian Trading Strategy is a comprehensive trading system designed for use in TradingView. This strategy combines multiple technical indicators—Exponential Moving Averages (EMAs), the Relative Strength Index (RSI), and Donchian Channels—to identify optimal entry and exit points for both long and short trades. The script is built using Pine Script version 5 and is tailored to provide traders with visual signals and alerts for informed decision-making.
Key Features:
Indicator Inputs:
Exponential Moving Averages (EMAs): Users can customize the lengths of five EMAs:
Fast EMA (default: 9)
Mid EMA (default: 21)
Slow EMA (default: 55)
Additional EMAs of lengths 89 and 144.
Relative Strength Index (RSI): Users can define the RSI period (default: 14) and set overbought (default: 60) and oversold (default: 40) levels.
Donchian Channels: Users can specify lengths for two Donchian Channels (default: 21 and 74).
Calculations:
The script calculates the fast, mid, and slow EMAs based on the closing prices.
The RSI is computed using the defined period.
The upper and lower bands for both Donchian Channels, as well as their midpoints, are calculated to identify price ranges.
Visual Plotting:
The script plots the five EMAs on the chart using distinct colors and line widths for easy differentiation.
It also plots the upper, lower, and mid bands for both Donchian Channels with appropriate colors, providing a visual representation of price volatility.
Entry Conditions:
Long Entry: A long position is triggered when the fast EMA crosses above the slow EMA while the RSI is above the overbought level.
Short Entry: A short position is initiated when the fast EMA crosses below the slow EMA while the RSI is below the oversold level.
Risk Management:
Stop Loss: For long entries, a stop loss is set at 1% below the most recent swing high. For short entries, it is set at 1% above the most recent swing low.
Take Profit Targets: Two take profit targets are defined for both long and short positions, calculated at 2.618% and 3.6185% from the stop loss level.
Labels and Alerts:
The script adds labels to the chart indicating buy and sell signals when trades are initiated.
Alert conditions are implemented to notify users of long and short entry signals, allowing for timely execution of trades.
Conclusion: The EMA RSI Donchian Trading Strategy is a robust tool for traders seeking to leverage technical analysis for trading decisions. By combining multiple indicators, it enhances the ability to identify trends and potential reversals, while also incorporating essential risk management practices. This strategy is suitable for traders of all levels looking to improve their trading performance through systematic analysis.
Overview: The EMA RSI Donchian Trading Strategy is a comprehensive trading system designed for use in TradingView. This strategy combines multiple technical indicators—Exponential Moving Averages (EMAs), the Relative Strength Index (RSI), and Donchian Channels—to identify optimal entry and exit points for both long and short trades. The script is built using Pine Script version 5 and is tailored to provide traders with visual signals and alerts for informed decision-making.
Key Features:
Indicator Inputs:
Exponential Moving Averages (EMAs): Users can customize the lengths of five EMAs:
Fast EMA (default: 9)
Mid EMA (default: 21)
Slow EMA (default: 55)
Additional EMAs of lengths 89 and 144.
Relative Strength Index (RSI): Users can define the RSI period (default: 14) and set overbought (default: 60) and oversold (default: 40) levels.
Donchian Channels: Users can specify lengths for two Donchian Channels (default: 21 and 74).
Calculations:
The script calculates the fast, mid, and slow EMAs based on the closing prices.
The RSI is computed using the defined period.
The upper and lower bands for both Donchian Channels, as well as their midpoints, are calculated to identify price ranges.
Visual Plotting:
The script plots the five EMAs on the chart using distinct colors and line widths for easy differentiation.
It also plots the upper, lower, and mid bands for both Donchian Channels with appropriate colors, providing a visual representation of price volatility.
Entry Conditions:
Long Entry: A long position is triggered when the fast EMA crosses above the slow EMA while the RSI is above the overbought level.
Short Entry: A short position is initiated when the fast EMA crosses below the slow EMA while the RSI is below the oversold level.
Risk Management:
Stop Loss: For long entries, a stop loss is set at 1% below the most recent swing high. For short entries, it is set at 1% above the most recent swing low.
Take Profit Targets: Two take profit targets are defined for both long and short positions, calculated at 2.618% and 3.6185% from the stop loss level.
Labels and Alerts:
The script adds labels to the chart indicating buy and sell signals when trades are initiated.
Alert conditions are implemented to notify users of long and short entry signals, allowing for timely execution of trades.
Conclusion: The EMA RSI Donchian Trading Strategy is a robust tool for traders seeking to leverage technical analysis for trading decisions. By combining multiple indicators, it enhances the ability to identify trends and potential reversals, while also incorporating essential risk management practices. This strategy is suitable for traders of all levels looking to improve their trading performance through systematic analysis.
סקריפט קוד פתוח
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כתב ויתור
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