Algo-Trader

Algo Trader RSI 3/80/20 Strategy

This script is based one a simple , yet very powerful strategy.

Script monitors the candle bar formation and RSI indicator (3/80/20).

15 minutes time frame to be used for better result.

Buy call is triggered when the following conditions are met:

1. Two Bullish Candles one after another.
2. Latest close is higher than previous candle high.
3. Latest RSI value is higher than 80.

SELL call is triggered when the following conditions are met:

1. Two Bearish Candles one after another.
2. Latest close is lower than previous candle low.
3. Latest RSI value is lower than 20.

** When the candles formed are too weak or too strong, such formations are avoided.

Stop Loss will be triggered as follow:

BUY - Stop Loss will be previous candle LOW.
SELL - Stop Loss will be previous candle HIGH.

This strategy is expected to give a winning ratio of 1:2 or 1:1.5.

However BUY or SELL call to be avoided, if the stock is already shifted too much to its direction.


This tool is created and tested for INDIAN Share market (NSE, BSE , MCX ).
Release Notes: Terms used to define Stop Loss updated for easy understanding (Settings).

Protected script
This script is published closed-source and you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?