New Pine Script: BB+RSI Strategy

This strategy is based on 2 indicators which are Bollinger Bands (BB) and Relative Strength index (RSI).

Strategy Description: Buy order placed when price crosses down lower BB (MA50, StdDev4) and the RSI (length 4) is below 20.

Potential ROI Monthly (in sideway/bullish): 2%

Recommended Settings:

Pair: BTCUSDT , ETHUSDT

Time frame: 3mins

Initial Capital: 50

Base Currency: Default

Order Size: 11 USDT

Pyramiding: 4 orders

Commission: 0.1 %

Take Profit: 4%

Stop Loss: nil

//@version=4
strategy("BB+RSI [capayam.com]", overlay=true)

// Bollinger Bands
length = input(50, "Bollinger Bands Length")
mult = input(4.0, "Bollinger Bands Standard Deviation")
basis = sma(close, length)
dev = mult * stdev(close, length)
upperBand = basis + dev
lowerBand = basis - dev

// RSI
rsiLength = input(4, "RSI Length")
rsiOverbought = input(20, "RSI Overbought Level")

// Entry conditions
priceCrossedLowerBand = crossover(close, lowerBand)
priceClosedWithinBands = close > lowerBand and close < upperBand
rsiBelowOversold = rsi(close, rsiLength) < rsiOverbought

// Exit conditions
takeProfit = input(4.0, "Take Profit (%)")
stopLoss = input(50.0, "Stop Loss (%)")

// Strategy logic
if (priceCrossedLowerBand and priceClosedWithinBands and rsiBelowOversold)
    strategy.entry("Buy", strategy.long)
    strategy.exit("Sell", "Buy", limit=close * (1 + takeProfit/100), stop=close * (1 - stopLoss/100))

Comments

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