OPEN-SOURCE SCRIPT
cRSI + Waves Strategy with VWMA overlay
Updated
Strategy based on my cRSI with motive/corrective wave indicator. Please note that it is far from perfect. I use it mostly to help me identify good entry and exit points when combined with my other technical analysis. It misses some obvious points, but on average it does pretty well. The challenge often is indicating when you have sufficient change in the cRSI to know that the trend has changed, that means sometimes it can be a little early or late. It definitely helps take a lot of the guess work out of things. It works better on some equities than others and better on some time frames than others. You just have to play with it. At the minimum, it is a good template to learn how to write your own.
Release Notes
Another attempt to fix a bug with the cRSI. Previous fix caused some waves to be missed. The new fix seems to work with out issue.Release Notes
As of 11/18/21 a change to how pine seems to work occurred which caused this script to have an out of bounds error. The fix was to add max_bars_back=300 to the study declaration.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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