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New Pine Script: RSI Cross Strategy

This strategy only uses RSI value and lines. RSI fast length at 12, while RSI slow legth at 21. And we determined the bullish momentum by selecting RSI level >63. Pretty simple. And its meant for short time frame.

Strategy Description: RSI (12) crosses up RSI (21) line, and RSI level above 63

Expected potential ROI Monthly (in sideway/bullish market): 8%

Recommended Settings:


Time frame: 5min

Initial Capital: 100

Base Currency: Default

Order Size: 33% equity

Pyramiding: 3

Commission: 0.1 %

Exit strategy: TP or SL

Take Profit: 3%

Stop Loss: 1%

strategy("RSI Crossover Strategy []", overlay=true)

// Input parameters
fastLength = input(12, title="Fast RSI Length")
slowLength = input(21, title="Slow RSI Length")
rsiOverboughtLevel = input(63, title="RSI Overbought Level")
takeProfitPercentage = input(3, title="Take Profit (%)") / 100
stopLossPercentage = input(1, title="Stop Loss (%)") / 100

// Calculate RSI values
rsiFast = rsi(close, fastLength)
rsiSlow = rsi(close, slowLength)

// Conditions for entering long position
enterLong = crossover(rsiFast, rsiSlow) and rsiSlow > rsiOverboughtLevel

// Execute long position
strategy.entry("Long", strategy.long, when=enterLong)

// Take Profit and Stop Loss levels
takeProfitLevel = close * (1 + takeProfitPercentage)
stopLossLevel = close * (1 - stopLossPercentage)

// Set Take Profit and Stop Loss levels for the long position
strategy.exit("Take Profit/Stop Loss", from_entry="Long", profit=takeProfitLevel, loss=stopLossLevel)


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