OPEN-SOURCE SCRIPT
Multi-Timeframe Trend & RSI Trading - Fahim
Explanation:
Calculate RSI: Calculates the Relative Strength Index (RSI) to identify overbought and oversold conditions.
Calculate Moving Averages: Calculates fast and slow moving averages to identify trend direction.
Calculate Higher Timeframe Moving Averages: Calculates moving averages on higher timeframes (e.g., 12 hours and 1 day) to confirm the overall trend.
Identify Trend Conditions: Determines if the current price is in an uptrend or downtrend based on the moving averages.
Identify Higher Timeframe Trends: Determines if the higher timeframes are also in an uptrend or downtrend.
Identify RSI Divergence: Checks for bullish and bearish divergences between price and RSI.
Generate Buy and Sell Signals: Generates buy signals when bullish divergence occurs and all timeframes are in an uptrend. Generates sell signals when bearish divergence occurs and all timeframes are in a downtrend.
Calculate Fibonacci Levels: Calculates Fibonacci retracement levels based on recent price swings.
Calculate Support/Resistance Levels: Calculates support and resistance levels based on price action.
Plot Signals: Plots buy and sell signals on the chart.
Calculate Take Profit Targets: Calculates take profit targets using Fibonacci levels and support/resistance levels.
Calculate Stop Loss: Calculates a fixed stop loss percentage (2% in this example).
Calculate RSI: Calculates the Relative Strength Index (RSI) to identify overbought and oversold conditions.
Calculate Moving Averages: Calculates fast and slow moving averages to identify trend direction.
Calculate Higher Timeframe Moving Averages: Calculates moving averages on higher timeframes (e.g., 12 hours and 1 day) to confirm the overall trend.
Identify Trend Conditions: Determines if the current price is in an uptrend or downtrend based on the moving averages.
Identify Higher Timeframe Trends: Determines if the higher timeframes are also in an uptrend or downtrend.
Identify RSI Divergence: Checks for bullish and bearish divergences between price and RSI.
Generate Buy and Sell Signals: Generates buy signals when bullish divergence occurs and all timeframes are in an uptrend. Generates sell signals when bearish divergence occurs and all timeframes are in a downtrend.
Calculate Fibonacci Levels: Calculates Fibonacci retracement levels based on recent price swings.
Calculate Support/Resistance Levels: Calculates support and resistance levels based on price action.
Plot Signals: Plots buy and sell signals on the chart.
Calculate Take Profit Targets: Calculates take profit targets using Fibonacci levels and support/resistance levels.
Calculate Stop Loss: Calculates a fixed stop loss percentage (2% in this example).
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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