RSI Swing Signal

5 Jul 2018

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.

21 Jul 2018

Nota Keluaran

Fixed script picking up some invalid engulfing candles.

21 Jul 2018

Nota Keluaran

Added alert functionality.

21 Jul 2018

Nota Keluaran

Added strategy back-testing results.

22 Jul 2018

Nota Keluaran

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

22 Jul 2018

Nota Keluaran

Minor improvements.

6 Nov 2018

Nota Keluaran

Minor improvements

17 Feb 2019

Nota Keluaran

Minor improvements

6 Okt 2020

Nota Keluaran

Updated to Pine Script version 4

7 Jan

Nota Keluaran

Updated to v6 pine script syntax and added midpoint 50 line.

7 Jan

Nota Keluaran

Removed old URL from within code to obey house rules