vikris

[VJ]Phoenix Force of PSAR +MACD +RSI

This is a simple intraday strategy for working on Stocks or commodities based out on PSAR, MACD , RSI and chop index . You can modify the start time and end time based on your timezones. Session value should be from market start to the time you want to square-off

Important: The end time should be at least 2 minutes before the intraday square-off time set by your broker

Comment below if you get good returns

Strategy: Entry Exits using PSAR and momentum and trend using MACD and RSI . A chop index is used as filtering
Indicators used :

Parabolic SAR is a technical indicator that is used to determine the price direction of stocks and it also draws attention to the traders when the price is changing
PSAR helps you:
  • Identify when a certain price trend is going to change direction
    Indicate the most effective level at which to enter into the trade
    Indicate the most effective exit point for the trade

Moving average convergence divergence ( MACD ) is a trend-following momentum indicator that shows the relationship between two moving averages of a security's price. ... Traders may buy the security when the MACD crosses above its signal line and sell—or short—the security when the MACD crosses below the signal line

RSI is intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period.

Buying/Selling
When trading with the parabolic SAR , you would buy a market when the dots move below the current asset price and are green in colour. Alternatively, you would sell a market when the dots move above the current asset price and are red in colour. We use MACD , RSI to ensure that a right trade is picked when PSAR gives an indication. CI is used to stay away from the range bound market as much as possible.


Usage & Best setting :
Choose a good volatile stock and a time frame - 5m.
MA length : 200
RSI threshold : 50
MACD: 12,26,9

There is stop loss and take profit that can be used to optimise your trade

The template also includes daily square off based on your time.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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