OPEN-SOURCE SCRIPT
RR Nifty Index Options Strategy
This is a 5-minute trading strategy designed for Nifty Index Options, utilizing a combination of the Simple Moving Average (SMA) and the Relative Strength Index (RSI) to identify trade opportunities.
How It Works
Entry Conditions:
A BUY signal is generated when the price crosses above the SMA, and RSI is below the overbought level.
A SELL signal is triggered when the price crosses below the SMA, and RSI is above the oversold level.
Exit Conditions:
Positions are closed automatically if the price hits either:
Target Profit (1% gain from entry price)
Stop Loss (0.5% loss from entry price)
How It Works
Entry Conditions:
A BUY signal is generated when the price crosses above the SMA, and RSI is below the overbought level.
A SELL signal is triggered when the price crosses below the SMA, and RSI is above the oversold level.
Exit Conditions:
Positions are closed automatically if the price hits either:
Target Profit (1% gain from entry price)
Stop Loss (0.5% loss from entry price)
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 publications is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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