This mean-reversion strategy combines multi-timeframe exponential moving averages, Bollinger Bands, and the Relative Strength Index. It generates long and optional short trade signals when price interacts with the Bollinger Bands alongside RSI threshold confir
Strategy · Pine Script v5 · On the chart
Bollinger Bands Strategy
This strategy plots a simple moving average basis and upper and lower Bollinger bands on the price chart, with a fill between the bands.
GitHub stars7on the repository
Pine versionv5runs as is
Lines of code37
Settings3inputs
LicenceGPL-3.0
Last update4 years ago8 Jun 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
37 lines of Pine Script v5 from 03_freqtrade/tradingview/naive_bb_pine_script.txt, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
//@version=5
strategy("Bollinger Bands Strategy", overlay=true)
length = input.int(20, 'Len SMA', minval=1)
rsiLength = input.int(14, 'Len RSI', minval=1)
mult = input.float(2.0, 'Mult', minval=0.001, maxval=50)
source = close
basis = ta.sma(source, length)
dev = mult * ta.stdev(source, length)
upper = basis + dev
lower = basis - dev
rsi = ta.rsi(source, rsiLength)
plot(basis, "Basis", color=#FF6D00)
p1 = plot(upper, "Upper", color=#2962FF)
p2 = plot(lower, "Lower", color=#2962FF)
fill(p1, p2, title = "Background", color=color.rgb(33, 150, 243, 95))
isLong = rsi > 25 and source <= lower and strategy.position_size == 0
isExit = rsi > 70 and source > basis and strategy.position_size != 0
strategy.entry("BBandLE", strategy.long, when=isLong, comment="BBandLE")
strategy.close(id="BBandLE", when=isExit, comment="BBandLE Exit")
// Another version
// if (ta.crossover(source, lower))
// strategy.entry("BBandLE", strategy.long, stop=lower, oca_name="BollingerBands", oca_type=strategy.oca.cancel, comment="BBandLE")
// else
// strategy.cancel(id="BBandLE")
// if (ta.crossunder(source, upper) && rsi > 70)
// strategy.entry("BBandSE", strategy.short, stop=upper, oca_name="BollingerBands", oca_type=strategy.oca.cancel, comment="BBandSE")
// else
// strategy.cancel(id="BBandSE")
//plot(strategy.equity, title="equity", color=color.red, linewidth=2, style=plot.style_areabr)
Overview
Bollinger Bands Strategy also calculates RSI. It opens one long trade when RSI is above 25, price is at or below the lower band, and no position is open. It closes that long when RSI is above 70 and price is above the basis. SMA length, RSI length, and band multiplier are adjustable. There is no stop loss and no short entry in the active rules.
- SMA basis with standard-deviation bands
- RSI filter on entries and exits
- Long-only entry when flat
- Close above the basis
- Adjustable length and band multiplier
Details
Published by
akumidv on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Volatility & bands, Oscillators & momentum, Mean reversion, Moving averages
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Len SMA | int | 20 | length |
| Len RSI | int | 14 | rsiLength |
| Mult | float | 2.0 | mult |
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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