Algo Trader RSI 3/80/20 Strategy

HDFC BANKNSE

Description

⋅ Jun 28, 2020 3:47 PM

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

⋅ Jun 28, 2020 5:19 PM

Terms used to define Stop Loss updated for easy understanding (Settings).

Comments

maninderk359

⋅ Jul 7, 2022 4:52 AM

Thanks, I follow Swanja Sharma and she delivers good knowledge on trading. Thanks for your efforts for this Strategy.

ranjanakaurav

⋅ Jan 30, 2022 4:24 PM

You also include stock should be trending for buy call like EMA 20>EMA>50>100>200 and also u can add MACD for confirmation. Did u done the back test of strategy, if yes, what is the results. How i can coding pin editor access of this strategy so i can tray with some other points to make this more strong. if we work together. contact surendrakaurav@gmail.com

papmanindia

⋅ Feb 11, 2023 5:34 AM

it works great. I just want to do back testing. Have yu done it.