OPEN-SOURCE SCRIPT
Grid Trading with RSI and Fibonacci SL
This script implements a grid trading strategy that buys when the "AI" confidence is high and the RSI is oversold, and sells when the "AI" confidence is high and the RSI is overbought.
It uses a Fibonacci-based stop-loss and adjusts the grid levels and trade size after each trade.
The "AI" is a very simple rule-based system, not actual artificial intelligence. The script also plots the RSI, AI confidence, grid price, and stop-loss level on the chart.
It's important to thoroughly backtest and understand the risks associated with grid trading strategies before using them with real capital.
It uses a Fibonacci-based stop-loss and adjusts the grid levels and trade size after each trade.
The "AI" is a very simple rule-based system, not actual artificial intelligence. The script also plots the RSI, AI confidence, grid price, and stop-loss level on the chart.
It's important to thoroughly backtest and understand the risks associated with grid trading strategies before using them with real capital.
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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