We have just released an innovative strategy for TradingView. It allows you to facilitate the trading process when you have to use both indicators.
This strategy is:
- Equipped with the combination of Relative Strength Index (RSI) and Moving Average (MA) indicators
- Designed with all required functions to manage positions
The RSI+MA strategy can:
- Identify entry points for Long and Short positions.
- Depict RSI and MA values concerning each other.
- Reduce visual congestion and import usability thanks to using a combo of 2 indicators.
- Allow using pivot trading. The RSI+MA strategy will enter a Long position according to the Short position conditions. And vice versa.
Note! If you want to open a Long position, the RSI line should cross MA from top to bottom. If you want to open a Short position, RSI has to cross MA from bottom to top.
We have equipped our strategy with more than 14 additional parameters. So, you can configure the EA according to your needs!
- Use Reverse Trade — allows swapping Long and Short positions opening conditions.
- Resolution — allows you to view an indicator with data on a higher or lower timeframe on the current chart.
- RSI Length
- RSI Source: Open, High, Low, Close, HL2, HLC3, OHLC4
- Show MA — allows you to enable or disable MA displaying.
- MA Length
- MA Offset
- RSI — RSI indicator line color and style settings.
- MA — MA indicator line color and style configuration.
- Upper Band — allows customizing line style, color, and RSI upper bound value.
- Lower Band — allows you to customize line style, color, and RSI lower bound value.
- Background — background color setting within the RSI upper and lower borders.
- Precision — number of decimals for RSI values.
Note! Try RSI+MA on your demo account first before going live.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.