2 EMA/SMA + RSI Strategy [Alorse] combines three configurable moving averages with a short-period Relative Strength Index filter. It plots fast, slow, and trend moving averages on the price chart. Long entries trigger when the fast moving average is above the
Strategy · Pine Script v4 · On the chart
AlgoSight Strategy
This long-only momentum strategy combines the Relative Strength Index with the Moving Average Convergence Divergence indicator.
GitHub stars6on the repository
Pine versionv4older, still runs
Lines of code49
Settings10inputs
LicenceNone statedfile: MPL-2.0
Last update4 years ago19 Jan 2022
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
49 lines of Pine Script v4 from AlgoBot.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// @version=4
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © AlgoSoft
strategy("AlgoSight Strategy", shorttitle = "ASV1_Strat",overlay=true, margin_long=100, margin_short=100,default_qty_type=strategy.percent_of_equity, default_qty_value=100)
//Stoploss and Profits Inputs
stoploss_input=input(1.0,title="Stop Loss %", type=input.float, minval=1.0)/100
takeprofit_input=input(2.0,title="Take Profit %", type=input.float, minval=1.0)/100
enable=input(false,title="Enable Stoploss and Profit?")
stoploss_level = strategy.position_avg_price * (1 - stoploss_input)
takeprofit_level = strategy.position_avg_price * (1 + takeprofit_input)
plot(enable and stoploss_input and stoploss_level ? stoploss_level : na, color=color.red)
plot(enable and stoploss_input and takeprofit_level ? takeprofit_level : na, color=color.green)
//RSI Inputs
RSIOverSold = input(30, minval=1, title="RSI Over Sold Level")
RSIOverBought = input(70, minval=1, title="RSI Over Bought Level")
src = close
len = input(14, minval=1, title="RSI Line Length")
up = rma(max(change(src), 0), len)
down = rma(-min(change(src), 0), len)
rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - 100 / (1 + up / down)
wasOversold = rsi[0] <= RSIOverSold or rsi[1] <= RSIOverSold or rsi[2] <= RSIOverSold or rsi[3] <= RSIOverSold or rsi[4] <= RSIOverSold or rsi[5] <= RSIOverSold
wasOverbought = rsi[0] >= RSIOverBought or rsi[1] >= RSIOverBought or rsi[2] >= RSIOverBought or rsi[3] >= RSIOverBought or rsi[4] >= RSIOverBought or rsi[5] >= RSIOverBought
// MACD INPUTS
FastMA = input(title="MACD FastMA", type=input.integer, defval=12)
SlowMA = input(title="MACD SlowMA", type=input.integer, defval=26)
Signal = input(title="MACD Signal Line", type=input.integer, minval = 1, maxval = 50, defval = 9)
Source = input(title="Source", type=input.source, defval=close)
[currMacd, _, _] = macd(close[0], FastMA, SlowMA, Signal)
signal = ema(currMacd, 9)
avg_1 = avg(currMacd, signal)
crossoverBear = cross(currMacd, signal) and currMacd < signal ? avg_1 : na
avg_2 = avg(currMacd, signal)
crossoverBull = cross(currMacd, signal) and currMacd > signal ? avg_2 : na
// Strategy Long
strategy.risk.allow_entry_in(strategy.direction.long)
Long = wasOversold and crossoverBull
LongCondition1 = wasOverbought and crossoverBear
LongCondition2 = crossunder(FastMA, SlowMA) and avg_1 > .1
ExitLongCondition = wasOverbought and crossoverBear
strategy.entry("Long", strategy.long, when=Long)
strategy.close("Long", when=LongCondition1)
strategy.exit("Stop Loss/TP", "Long", when=enable, loss=stoploss_level, limit=takeprofit_level)
Overview
AlgoSight Strategy opens a long trade when the RSI has been in oversold territory within the last five bars and the MACD line crosses above its signal line. It closes open positions when the RSI was recently overbought alongside a bearish MACD cross. Optional percentage-based stop loss and take profit levels are plotted on the chart but remain disabled by default, meaning exits rely solely on technical signals.
- Combined RSI and MACD long entry rules
- Multi-bar lookback for oversold and overbought conditions
- Optional percentage-based stop loss and profit targets
- Visual overlay plots for target levels
Details
Published by
ashishanildhage on GitHub
Code credit
AlgoSoft, as written in the script's header
Type
Strategy, Pine Script v4
Draws
On the price chart
Category
Oscillators & momentum, Trend
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
File
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Stop Loss % | float | 1.0 | stoploss_input |
| Take Profit % | float | 2.0 | takeprofit_input |
| Enable Stoploss and Profit? | bool | false | enable |
| RSI Over Sold Level | int | 30 | RSIOverSold |
| RSI Over Bought Level | int | 70 | RSIOverBought |
| RSI Line Length | int | 14 | len |
| MACD FastMA | int | 12 | FastMA |
| MACD SlowMA | int | 26 | SlowMA |
| MACD Signal Line | int | 9 | Signal |
| Source | source | close | Source |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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