This strategy uses a slower RSI with period 16 to sell when the RSI increases over the value of 55 (or to buy when the value falls below 45), with the classic Bollinger Bands strategy to sell when the price is above the upper Bollinger Band and falls below it (and to buy when the price is below the lower band and rises above it). This strategy only triggers when both the RSI and the Bollinger Bands indicators are at the same time in the described overbought or oversold condition. In addition there are color alerts which can be deactivated.
This basic strategy is based upon the "RSI Strategy" and "Bollinger Bands Strategy" which were created by Tradingview and uses no money management like a trailing stop loss and no scalping methods. Every win/loss trade is simply counted from the last overbought/oversold condition to the next one.
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.
Thanks, looks great! How about the time frame? 15 min, 5 min? Do we need even slower (say, 18 period) RSI for shorter time frames? BTW I am testing it with MFI and 65/35 enter/exit points instead of RSI.
muddy7
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thanks
what are the numbers for? +2, -2
nieselect
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ChartArt....I am looking at your chart result from this script. I have a quick question, on the chart, your long condition was satisfied at 18:45 on Oct 21, 2015, and then the price kept lower breaking the Bollinger lower band again just in next bar.
But wait, your code is supposed to have a stop loss at the previous lower band, which is broken by new lower band in following a few bars. Where is that stop loss protection? Was that stop loss order was canceled by your code?
If this is the case, then the logic seems problematic. What do you think?
How to handle this issue? Thanks
baderkamal
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ChartArt your strategy is amazing and I am backtesting it on USDT_BTC and it works well, kindly I am trying to convert it to study so I can use the Alert to trigger my trading but I fail, can you convert it.
ChartArt
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You can find the updated version 1.1 of this strategy via the link below. Both versions are similar. The newer version shows less noisy color alerts and the default period length setting for the Bollinger Bands SMA is slower: