OPEN-SOURCE SCRIPT
BB-RSI-ADX Entry Points
Updated
This is a combination of indicators used to find oversold and overbought entry points for possible reversion.
A Green arrow will appear when all condition are met for an ENTER LONG position.
A Red arow will appear when all condition are met for an ENTER SHORT position.
You can modify all of these condition parameters from the indicator's settings.
How does the indicator work
The signals are using Bollinger Bands, BB %B, RSI and ADX indicators to try and find points of reversal
Enter LONG Conditions
Enter SHORT Conditions
Those are the default settings that seem to work for me but you can customize all of these from the indicator settings.
I find this strategy to best work on a 3 minute timeframe
Note: The bb %B is calculated for stDev - 1. This will help you see a change happening faster.
A Green arrow will appear when all condition are met for an ENTER LONG position.
A Red arow will appear when all condition are met for an ENTER SHORT position.
You can modify all of these condition parameters from the indicator's settings.
How does the indicator work
The signals are using Bollinger Bands, BB %B, RSI and ADX indicators to try and find points of reversal
Enter LONG Conditions
- Current candle low is below BB lower band.
- The BB %B is more than 0.
- RSI > 30
- ADX > 25
Enter SHORT Conditions
- Current candle high is above BB upper band.
- The BB %B is less than 1.
- RSI < 70
- ADX > 25
Those are the default settings that seem to work for me but you can customize all of these from the indicator settings.
I find this strategy to best work on a 3 minute timeframe
Note: The bb %B is calculated for stDev - 1. This will help you see a change happening faster.
Release Notes
Added MIN and MAX RSI conditions to minify invalid signals. Typically you don't want to enter a LONG position if RSI is already more than 50 which means you already entered late. Same with SHORT positions.Release Notes
Added alertsOpen-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.
Disclaimer
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