This strategy uses the RSI indicator together with the Bollinger Bands to go long when the price is below the lower Bollinger Band (and to close the long trade when this value is above the upper Bollinger band).
This simple strategy only places a long, when both the RSI and the Bollinger Bands indicators are at the same time in a oversold condition.
In this new version 1.2 the strategy was simplified even more than before by going long-only, which made the strategy more successful in backtesting than the previous version (that older version also opened short trades).
This strategy does not repaint and was updated to PineScript version 3.
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 also be able to short with the same strategy approach, then please use my older version 1.1:
I have a quick question: You put entry command to open a position, with stop to a stop loss order. However, you then cancel orders with id of RSI_BB when long condition is not satisfied.
Assume now long=true, and you place a market order to create long position, and another stop loss order is also created. Typically next bar, long=false, and then you cancel the stop loss order. Now the stop loss order never got executed, and as a result, if next bar stock price kept lower and lower, and you could have big loss.
How to handle this issue? Thanks
koolaysun
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hi,how to add alert? I add alert,but,In one direction, the signal is given multiple times, how to avoid it?
lennoxtakura
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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
Imadbensi145
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Hot to add alerts
StarBruck
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Amazing... nice work!
dedwa799
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Any chance you could create a width line for this?