miyako.pro

RSI Algo Trader

This is a simple RSI based signal indicator. It is intended for algorithmic trading by bots, currently working one up for http://bitforex.uk.to and http://okcoin.uk.to to use this.

For the best results leave it on 1-Hour time-frame. It also works best on bitcoin and stocks, not so much oil . GBP/USD and AUD/USD it fairs well too.

When RSI touches 70 it gives a Buy signal and when RSI touches 30 it gives a sell signal. The position is then held out until an opposite signal has been given. If the back-testing shows poor results but looks as though the inverse would be good, there is an easy toggle in the settings to flip it. Also in the code is a nifty method to pragmatically keep a variable's value from resetting each candle until later changed.

MSFT Stock:
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
study("RSI Algo", overlay=true)
myPeriod = input(defval=14, type=integer, title="Period")
myThresholdUp = input(defval=70, type=float, title="Upper Threshold")
myThresholdDn = input(defval=30, type=float, title="Lower Threshold")
myAlgoFlipToggle = input(defval=false, type=bool, title="Imverse Algorthim")
myLineToggle = input(defval=true, type=bool, title="Show Lines")
myLabelToggle = input(defval=true, type=bool, title="Show Labels")
myRSI=rsi(close, myPeriod)
buy = myAlgoFlipToggle ? falling(myRSI,1) and cross(myRSI, myThresholdDn) : rising(myRSI, 1) and cross(myRSI,myThresholdUp)
sell = myAlgoFlipToggle ? rising(myRSI, 1) and cross(myRSI,myThresholdUp) : falling(myRSI,1) and cross(myRSI, myThresholdDn)
myPosition = buy==1 ? 0 : sell==1 or myPosition[1]==1 ? 1 : 0
trendColor = buy ? red : sell ? green : na
plot(myLineToggle ? buy and myPosition[1]==1 ? low - 0.004: sell and myPosition[1]==0 ? high + 0.004 : na : na, color=trendColor, style=line, linewidth=4, editable=false)
plotshape(myLabelToggle ? buy and myPosition[1]==1 ? low - 0.005 : na : na, style=shape.labelup, location=location.absolute, text="Buy", transp=0, textcolor = white, color=black, editable=false)
plotshape(myLabelToggle ? sell and myPosition[1]==0 ? high + 0.005 : na : na, style=shape.labeldown, location=location.absolute, text="Sell", transp=0, textcolor = white, color=black, editable=false)

Comments

can you create Alert for BUY and SELL signal. thank you.
+96 Reply
change setting to 90 2 10 and see the result one more thing make the buy and sell singnel always live on every candle look like trand line if its done its best

over bought level 90
oversold level 10
period 2 once use it
+71 Reply
Bogayi patelkarm951
@patelkarm951, Hello, very interested to hear more about how you trade this method. I keep coming back to the RSI2 method but haven't been able to work a great strategy out of it. What timeframe do you use? Thanks!
+22 Reply
+13 Reply
@Bogayi, daily and hour
Reply
LeLyonnais patelkarm951
+2 Reply
aqpclimber patelkarm951
@patelkarm951, it works amazingly good with your settings, thanks.
+3 Reply
kokann patelkarm951
@patelkarm951, Hi what do you mean make the signal live on every candle? how do i do that?
Reply
@kokann, no draw only line look like trand line
Reply