OPEN-SOURCE SCRIPT
RSI Trend Strategy
This script uses the logic that within a trending market, there is no such thing as overbought and oversold..
BUY / SELL alert triggers when ADX > 100, and RSI is > 70 (buy) or < 30 (sell). I only consider taking a trade when BUY / SELL alert is triggered, but also only when there is a clear strong trend (you can use MA or Price Action for this). The logic does not work when market is not trending!
Test it out and let me know how it is working for you.
BUY / SELL alert triggers when ADX > 100, and RSI is > 70 (buy) or < 30 (sell). I only consider taking a trade when BUY / SELL alert is triggered, but also only when there is a clear strong trend (you can use MA or Price Action for this). The logic does not work when market is not trending!
Test it out and let me know how it is working for you.
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.