This strategy uses the RSI indicator together with the Bollinger Bands to sell when the price is above the upper Bollinger Band (and to buy when this value is below the lower band). This simple strategy only triggers when both the RSI and the Bollinger Band indicators are at the same time in a overbought or oversold condition.
UPDATE In this updated version 1.1 the strategy was both simplified for the user (less inputs) and made more successful in backtesting by now using a 200 period for the SMA which is the basis for the Bollinger Band. I also reduced the number of color alerts to show fewer, but more relevant trading opportunities.
And just like the first version this strategy does not use close prices from higher-time frame and should not repaint after the current candle has closed. It might repaint like every Tradingview indicator while the current candle hasn't closed.
All trading involves high risk; past performance is not necessarily indicative of future results. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
P.S. For advanced users if you want access to more functions of this strategy script, then please use version 1.0:
Hello! Your strategy is very good, thank you! please tell me how can I make an indicator based on your strategy in order to receive notifications? Thank you in advance for your help!
asiimwesimonaysis
⋅
@merchindaiser02, guess you have been using this for a while, i find it more effective in range bound market environment and gives quite a few wrong signals during strong trends. have you found a way around this,
lennoxtakura
⋅
(Leaving this here just incase you didnt see the other one)..Hey man. Just wanted to say thank you for sharing your work. Its guys like you are the real MVP's out here. Quick question for ya. I'm looking at ways of tweaking this so i can trade ETH and BTC (via tradingview + autoview + gdax) on the H1 timeframe and i was just curious how i would go about modifying this to fit these different assets. Just curious what settings i might need to change etc so i can run backtests.I know some people that have had a lot of luck with RSI strategies on crypto's so really just trying my luck here. I have a comps sci background so i just need some direction in regards to how you developed the underlying algorithm. Thanks
pastormadsen1
⋅
@lennoxtakura, settings of 5 and 21 for btc turned a nice result.
shahstarter
⋅
hi does this work on daily chart?
ChartArt
⋅
@shahstarter, Only with very different settings maybe. Which would result in another strategy.
The issue is that it's impossible to get the RSI to behave on the daily mathematically the same way (I mean as the same cycle) as on the hourly chart.
fogartyj28
⋅
how do i get this script
Ahsan2428
⋅
can anyone tell me how to use this indicator on mt4? like how to make it work? shuld i paste the code on to meta qujotes?
haxus
⋅
What about riskmanagement - Stop Lose?
mauricedasilva92
⋅
@haxus, You continued forward with this strategy? if so do you have suggestions about the riskmanagement? Thanks in advance!