OPEN-SOURCE SCRIPT
Updated RSI Session & Risk Manager
This is a disciplined RSI mean-reversion strategy designed for traders who prioritize risk management and session confluence. Instead of trading 24/7, this strategy focuses on high-liquidity market sessions (London, New York, etc.) and uses dynamic position sizing to ensure a consistent dollar-amount risk per trade.
How it Works:
Entry Logic: The strategy triggers a Long when the RSI crosses above the Oversold level (30) and a Short when it crosses below the Overbought level (70).
Session Filtering: Built-in filters allow you to restrict trading to specific days of the week and specific market hours (NY, London, Tokyo, or Sydney sessions).
Force Close: An optional feature to automatically close open positions at the end of a trading session to avoid overnight gap risk.
Pro-Level Risk Management:
Dynamic Sizing: The script automatically calculates your position size based on a fixed dollar risk (e.g., $5 per trade).
Technical Stops: Stop losses are automatically placed at the high (for shorts) or low (for longs) of the entry candle.
Fixed Reward-to-Risk: Trades are executed with a customizable R:R ratio (default 2.0), ensuring your winners are twice the size of your losses.
Visual Features:
Real-time TP/SL lines while a trade is active.
Post-trade labels indicating "Win" or "Loss" markers.
Clean, organized input menu for easy optimization.
Best Used On:
Timeframes: 5m, 15m, or 1h.
Assets: Forex pairs, Indices (US30, NAS100), and liquid Crypto pairs.
How it Works:
Entry Logic: The strategy triggers a Long when the RSI crosses above the Oversold level (30) and a Short when it crosses below the Overbought level (70).
Session Filtering: Built-in filters allow you to restrict trading to specific days of the week and specific market hours (NY, London, Tokyo, or Sydney sessions).
Force Close: An optional feature to automatically close open positions at the end of a trading session to avoid overnight gap risk.
Pro-Level Risk Management:
Dynamic Sizing: The script automatically calculates your position size based on a fixed dollar risk (e.g., $5 per trade).
Technical Stops: Stop losses are automatically placed at the high (for shorts) or low (for longs) of the entry candle.
Fixed Reward-to-Risk: Trades are executed with a customizable R:R ratio (default 2.0), ensuring your winners are twice the size of your losses.
Visual Features:
Real-time TP/SL lines while a trade is active.
Post-trade labels indicating "Win" or "Loss" markers.
Clean, organized input menu for easy optimization.
Best Used On:
Timeframes: 5m, 15m, or 1h.
Assets: Forex pairs, Indices (US30, NAS100), and liquid Crypto pairs.
Release Notes
This is a disciplined RSI mean-reversion strategy designed for traders who prioritize risk management and session confluence. Instead of trading 24/7, this strategy focuses on high-liquidity market sessions (London, New York, etc.) and uses dynamic position sizing to ensure a consistent dollar-amount risk per trade.How it Works:
Entry Logic: The strategy triggers a Long when the RSI crosses above the Oversold level (30) and a Short when it crosses below the Overbought level (70).
Session Filtering: Built-in filters allow you to restrict trading to specific days of the week and specific market hours (NY, London, Tokyo, or Sydney sessions).
Force Close: An optional feature to automatically close open positions at the end of a trading session to avoid overnight gap risk.
Pro-Level Risk Management:
Dynamic Sizing: The script automatically calculates your position size based on a fixed dollar risk (e.g., $5 per trade).
Technical Stops: Stop losses are automatically placed at the high (for shorts) or low (for longs) of the entry candle.
Fixed Reward-to-Risk: Trades are executed with a customizable R:R ratio (default 2.0), ensuring your winners are twice the size of your losses.
Visual Features:
Real-time TP/SL lines while a trade is active.
Post-trade labels indicating "Win" or "Loss" markers.
Clean, organized input menu for easy optimization.
Best Used On:
Timeframes: 5m, 15m, or 1h.
Assets: Forex pairs, Indices (US30, NAS100), and liquid Crypto pairs.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.