OPEN-SOURCE SCRIPT
HMA + RSI / Owl of Profit
HMA + RSI Strategy
This strategy combines the Hull Moving Average (HMA) and the Relative Strength Index (RSI) to identify potential trade opportunities based on trend direction and momentum.
Features:
HMA Calculation:
Length: 50 (default).
HMA is plotted as a blue line on the price chart to indicate trend direction.
RSI Calculation:
Length: 14 (default).
Overbought Level: 70.
Oversold Level: 30.
RSI is plotted in purple with horizontal lines for overbought and oversold levels.
Entry and Exit Logic:
Long Condition:
Triggered when the price is above HMA, and RSI crosses above the oversold level (30).
Short Condition:
Triggered when the price is below HMA, and RSI crosses below the overbought level (70).
Exit Logic:
Long positions exit when RSI crosses below the overbought level or when the price drops below HMA.
Short positions exit when RSI crosses above the oversold level or when the price rises above HMA.
Customization Options:
Adjust HMA and RSI lengths, as well as RSI levels for overbought and oversold conditions, to suit different market conditions.
Visit my website for more tools and strategies: bybitindicators.com
Happy trading!
This strategy combines the Hull Moving Average (HMA) and the Relative Strength Index (RSI) to identify potential trade opportunities based on trend direction and momentum.
Features:
HMA Calculation:
Length: 50 (default).
HMA is plotted as a blue line on the price chart to indicate trend direction.
RSI Calculation:
Length: 14 (default).
Overbought Level: 70.
Oversold Level: 30.
RSI is plotted in purple with horizontal lines for overbought and oversold levels.
Entry and Exit Logic:
Long Condition:
Triggered when the price is above HMA, and RSI crosses above the oversold level (30).
Short Condition:
Triggered when the price is below HMA, and RSI crosses below the overbought level (70).
Exit Logic:
Long positions exit when RSI crosses below the overbought level or when the price drops below HMA.
Short positions exit when RSI crosses above the oversold level or when the price rises above HMA.
Customization Options:
Adjust HMA and RSI lengths, as well as RSI levels for overbought and oversold conditions, to suit different market conditions.
Visit my website for more tools and strategies: bybitindicators.com
Happy trading!
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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