This strategy combines the classic RSI strategy to sell when the RSI increases over 70 (or to buy when it falls below 30), with the classic Stochastic Slow strategy to sell when the Stochastic oscillator exceeds the value of 80 (and to buy when this value is below 20).
This simple strategy only triggers when both the RSI and the Stochastic are together in a overbought or oversold condition. The one hour chart of the S&P 500 worked quite well recently with this double strategy.
By the way this strategy should not be confused with the 'Stochastic RSI', which measures the RSI only.
All trading involves high risk; past performance is not necessarily indicative of future results.
This is exactly what I've been looking for - however, I am noticing that your script is activating on the stochastics cross but not looking at RSI. Isn't it meant to give signal only when both the Stoch + RSI are either overbought or oversold together?
pollon68
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It is possible to have an indicator for alarm. Thank you very much
Virtual_Machinist
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Reverse trading based on RSI is full delirium.
Dhr-Gup
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having a hard time creating alerts for combined strategy's like this one...anyone who can point me in the right direction?
rinku.singh.111
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I just observed that it repaints :)
Mertz74
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repaints?
Vincent121
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not sure about this but I think it means that the script changes the buy and sell orders afterwards...
can anyone confirm?
rinku.singh.111
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Yes, it changes afterwards
ChartArt
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This is pretty weird. I see no reason why it could repaint, because it doesn't use higher time-frames.
I assume what you mean is that it "repaints" after a candle has closed. Because signals are shown as soon a new candle is printed and if the new candle closes much higher or lower than it opened then it "repaints". But that is an issue which EVERY indicator on Tradingview has.
Strategies which actually repaint, because they use future information not available at the time of trading only in hindsight (because they use close prices of higher-time frames) are especially these two strategies:
@ChartArt, no "repainting" is not an issue for every indicator on TV, are you insane? It's really scary someone who puts so many scripts out and doesn't understand repainting. Once a bar closes, no changes to that bar or prior to that bar should happen