RSI Multi Strategies With Overlay Signals

In this indicator, you will find 6 different entry and exit signals based on the RSI:
- Entry into overbought and oversold zones
- Exit from overbought and oversold zones
- Crossing the 50 level
- RSI cross RSI MA below or above the 50 level
- RSI cross RSI MA in the overbought or oversold zones
- RSI Divergence
With the signals identified, you can create your own strategy. (If you have any suggestions, please mention them in the comments).
Beyond these signals, you can set SL (Stop Loss) and TP (Take Profit) levels to better manage your positions.
SL Methods:
Percentage: The stop loss is determined by the percentage you specify.
ATR: The stop level is determined based on the Average True Range (ATR).
TP Methods:
Percentage: The take profit is determined by the percentage you specify.
RR (Risk Reward): The take profit level is determined based on the distance from the stop level.
You can mix and match these options as you like.
What makes the indicator unique and effective is its ability to display the RSI in the bottom chart and the signals, SL (Stop Loss), and TP (Take Profit) levels in the overlay chart simultaneously. This feature allows you to manage your trading quickly and easily without the need for using two separate indicators.
Let's try out a few strategies together.
My entry signal: RSI Entered OS (Oversold) Zone
My exit signal: RSI Entered OB (Overbought) Zone
I'm not using a stoploss for this strategy ("Fortune favors the brave").
Let's keep ourselves safe by adding a stop loss.
I'm adding an ATR-based stop loss.
I think it's better now.
If you have any questions or suggestions about the indicator, you can contact me.
Cheers
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Untuk akses pantas pada carta, tambah skrip ini kepada kegemaran anda — ketahui lebih lanjut di sini.
We help traders automate their trading strategies.
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Penafian
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Untuk akses pantas pada carta, tambah skrip ini kepada kegemaran anda — ketahui lebih lanjut di sini.
We help traders automate their trading strategies.
milvetti.com