mohanee

RSI W Pattern strategy

This strategy is similar to RSI V pattern strategy, but it looks for W pattern in RSI chart.

RULES
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BUY
1. ema20 is above ema50
2. RSI5 crossing up 30 from oversold area
3. and RSI5 must be below overbought area (default value set to 65)


Add to existing Position
1. You can add on the next W pattern OR
2. if RSI5 is crossing up from below 20

Exit
1. when RSI5 reaches 75

Note: This is for short term/swing trading . which gets on when price dip in trending and quickly gets you out on RSI overbought area

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Comments

Thank you for making this! I have been looking for a W and M pattern for a while now. Do you know if there is a setting to make the Bar on the chart a certain color when the W is triggered? Also why did you use an RSI period of 5? If I use a 5 min chart should I change my settings? Ideally what is the best timeframe for this script. Lastly, Do you plan to make an M pattern? Thank you again!
+1 Reply
mohanee eli9875
@eli9875,
1. Yes , barc color changes to yellow when W pattern found
2. RSI 5 is for short term trading , which for 5 days of the week (you can change it to 2 or 3 whatever suits for your style ... but make sure to check performance results , if you dont get atleast 70% winners , dont consider it )
3. I have coded for Daily time frame ... also found that it is working good on 1 HR chart ... ( I only verified stock symbols )
4. Yes , I am planning to come up with M pattern ...
+1 Reply
eli9875 mohanee
@mohanee, Thank you!
Reply
pretty good this !! Do you know if it repaints ?
Reply
mohanee JayRav
@JayRav, Thanks , this is strategy ...it only takes the trade on the next day of the signal occurred ...
Reply
Keep it up
Reply
nice idea!!
Reply
Good work.
Reply
Keep it up
Reply
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