OPEN-SOURCE SCRIPT
Buy and Sell Signals Example
//version=5
indicator("Buy and Sell Signals Example", overlay=true)
// Input parameters for the moving averages and RSI
rsiLength = input.int(14, title="RSI Length")
rsiOverbought = input.int(70, title="RSI Overbought Level")
rsiOversold = input.int(30, title="RSI Oversold Level")
shortMaLength = input.int(50, title="Short MA Length")
longMaLength = input.int(200, title="Long MA Length")
// Calculate the RSI and moving averages
rsi = ta.rsi(close, rsiLength)
shortMa = ta.sma(close, shortMaLength)
longMa = ta.sma(close, longMaLength)
// Define Buy and Sell conditions
buyCondition = rsi < rsiOversold and shortMa > longMa // RSI is oversold and short MA is above long MA
sellCondition = rsi > rsiOverbought and shortMa < longMa // RSI is overbought and short MA is below long MA
// Plot Buy and Sell signals on the chart
plotshape(series=buyCondition, location=location.belowbar, color=color.green, style=shape.labelup, title="Buy Signal", text="BUY")
plotshape(series=sellCondition, location=location.abovebar, color=color.red, style=shape.labeldown, title="Sell Signal", text="SELL")
// Strategy logic for backtesting (optional)
strategy.entry("Buy", strategy.long, when=buyCondition)
strategy.exit("Sell", from_entry="Buy", when=sellCondition)
// Plotting moving averages for visual reference
plot(shortMa, color=color.blue, title="Short MA")
plot(longMa, color=color.orange, title="Long MA")
indicator("Buy and Sell Signals Example", overlay=true)
// Input parameters for the moving averages and RSI
rsiLength = input.int(14, title="RSI Length")
rsiOverbought = input.int(70, title="RSI Overbought Level")
rsiOversold = input.int(30, title="RSI Oversold Level")
shortMaLength = input.int(50, title="Short MA Length")
longMaLength = input.int(200, title="Long MA Length")
// Calculate the RSI and moving averages
rsi = ta.rsi(close, rsiLength)
shortMa = ta.sma(close, shortMaLength)
longMa = ta.sma(close, longMaLength)
// Define Buy and Sell conditions
buyCondition = rsi < rsiOversold and shortMa > longMa // RSI is oversold and short MA is above long MA
sellCondition = rsi > rsiOverbought and shortMa < longMa // RSI is overbought and short MA is below long MA
// Plot Buy and Sell signals on the chart
plotshape(series=buyCondition, location=location.belowbar, color=color.green, style=shape.labelup, title="Buy Signal", text="BUY")
plotshape(series=sellCondition, location=location.abovebar, color=color.red, style=shape.labeldown, title="Sell Signal", text="SELL")
// Strategy logic for backtesting (optional)
strategy.entry("Buy", strategy.long, when=buyCondition)
strategy.exit("Sell", from_entry="Buy", when=sellCondition)
// Plotting moving averages for visual reference
plot(shortMa, color=color.blue, title="Short MA")
plot(longMa, color=color.orange, title="Long MA")
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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