OPEN-SOURCE SCRIPT
Noro's SRSI Strategy
Indicator
Blue line - common RSI indicator.
Red line - SMA based on RSI
Upper black line - 50% + limit (custom parameter, 65% by default)
Lower black line - 50% - limit (custom parameter, 35% by default)
Strategy
If the red line (SMA) is higher than the upper black line, open a long position (and close the short position).
If the red line (SMA) is lower than the lower black line - open a short position (and close the long position).
For
Cryptocurrencies
Timeframes: 1h, 4h, 1d
Options
1) Length for RSI indicator
2) Length for RSI-based SMA
3) Limit - shift from 50% RSI (above and below, black lines)
Idea
As a rule, if the RSI indicator started to show high values, after that the price rises more often than falls. The opposite is true. When the RSI indicator is at its lowest values for a long time, the price usually keeps falling. The SMA is needed to reduce the error of RSI signals. Limit is needed to reduce a trades (a many trades is a many fees).
Blue line - common RSI indicator.
Red line - SMA based on RSI
Upper black line - 50% + limit (custom parameter, 65% by default)
Lower black line - 50% - limit (custom parameter, 35% by default)
Strategy
If the red line (SMA) is higher than the upper black line, open a long position (and close the short position).
If the red line (SMA) is lower than the lower black line - open a short position (and close the long position).
For
Cryptocurrencies
Timeframes: 1h, 4h, 1d
Options
1) Length for RSI indicator
2) Length for RSI-based SMA
3) Limit - shift from 50% RSI (above and below, black lines)
Idea
As a rule, if the RSI indicator started to show high values, after that the price rises more often than falls. The opposite is true. When the RSI indicator is at its lowest values for a long time, the price usually keeps falling. The SMA is needed to reduce the error of RSI signals. Limit is needed to reduce a trades (a many trades is a many fees).
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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