Bollinger Band with RSI: Free TradingView Strategy (Pine Script)

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

36 lines of Pine Script v4 from Bollinger Band with RSI.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.

Bollinger Band with RSI.pine

//@version=4
strategy(title="Bollinger Band with RSI", shorttitle="BB&RSI", format=format.price, precision=2, pyramiding=50, initial_capital=10000, calc_on_order_fills=false, calc_on_every_tick=true, default_qty_type=strategy.cash, default_qty_value=1000, currency="USD")
len = input(14, minval=1, title="Length")
src = input(close, "Source", type = input.source)
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))
plot(rsi, "RSI", color=#8E1599)
band1 = hline(70, "Upper Band", color=#C0C0C0)
band0 = hline(30, "Lower Band", color=#C0C0C0)
fill(band1, band0, color=#9915FF, transp=90, title="Background")
length_bb = input(20,title="BB Length", minval=1)
mult = input(2.0, minval=0.001, maxval=50, title="BB StdDev")
basis = sma(src, length_bb)
dev = mult * stdev(src, length_bb)
upper = basis + dev
lower = basis - dev
offset = input(0, "BB Offset", type = input.integer, minval = -500, maxval = 500)
Plot_PnL = input(title="Plot Cummulative PnL", type=input.bool, defval=false)
Plot_Pos = input(title="Plot Current Position Size", type=input.bool, defval=false)
long_tp_inp = input(10, title='Long Take Profit %', step=0.1)/100
long_sl_inp = input(25, title='Long Stop Loss %', step=0.1)/100
// Take profit/stop loss
long_take_level = strategy.position_avg_price * (1 + long_tp_inp)
long_stop_level = strategy.position_avg_price * (1 - long_sl_inp)
entry_long = rsi < 30 and src < lower
exit_long = rsi > 70
 
plotshape(entry_long, style=shape.labelup, color=color.green,  location=location.bottom, text="L", textcolor=color.white, title="LONG_ORDER")
plotshape(exit_long, style=shape.labeldown, color=color.red,  location=location.top, text="S", textcolor=color.white, title="SHORT_ORDER")
strategy.entry("Long",true,when=entry_long)    
strategy.exit("TP/SL","Long", limit=long_take_level, stop=long_stop_level)
strategy.close("Long", when=exit_long, comment="Exit")
plot(Plot_PnL ? strategy.equity-strategy.initial_capital : na, title="PnL", color=color.red)
plot(Plot_Pos ? strategy.position_size : na, title="open_position", color=color.fuchsia)
Expand (42 lines)

Overview

Bollinger Band with RSI opens a long when RSI is below 30 and price is below the lower band, then closes that long when RSI rises above 70. Percentage take-profit and stop-loss exits also close longs from the average entry price. Settings change RSI length, source, band length, deviation, offset, and both exit percentages. Optional plots show cumulative equity change and position size. It recalculates on every tick and allows many stacked longs.

RSI oversold long entry
Lower Bollinger Band filter
Percentage take profit and stop loss
Optional equity and position-size plots
Pyramiding up to 50 longs

Details

Published by

hasnocool on GitHub

Type

Strategy, Pine Script v4

Draws

Separate pane below the chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

Signals can change on the live bar or after it closes (repainting)
The strategy can add several entries in the same direction

File

Bollinger Band with RSI.pine

Repository

github.com/hasnocool/tradingview-pine-scripts. See its other scripts in the library

Topics

analysisbtcusdtcryptocurrencydatapandaspythonsimulationtradingtradingview

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
Length	`int`	`14`	`len`
Source	`source`	`close`	`src`
BB Length	`int`	`20`	`length_bb`
BB StdDev	`float`	`2.0`	`mult`
BB Offset	`int`	`0`	`offset`
Plot Cummulative PnL	`bool`	`false`	`Plot_PnL`
Plot Current Position Size	`bool`	`false`	`Plot_Pos`
Long Take Profit %	`int`	`10`	`long_tp_inp`
Long Stop Loss %	`int`	`25`	`long_sl_inp`

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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