ENVELOPE - RSI - Buy Sell Signals computes RSI with user-set length and source. Signals trigger on crossovers: buy when price crosses the lower envelope band while RSI falls below the oversold limit, sell when price crosses the upper envelope band while RSI exceeds the overbought limit. The script draws buy and sell labels on the price chart, plus TP and SL levels for each signal with color-coded fills. Main settings control envelope length, percent deviation, RSI length and levels, and TP and SL percentages. It draws everything directly on the price chart.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Envelope Length
int
8
len
Envelope Percent
float
0.22
percent
Envelope Source
source
hl2
src
exponential
bool
false
exponential
RSI Length
int
8
rsiLengthInput
RSI Source
source
hl2
rsiSourceInput
RSI OverBought Limit(Recommended: 70-85)
price
80
Overbought_RSI
RSI OverSold Limit(Recommended: 20-30)
price
25
Oversold_RSI
TP %
float
0.15
TP_Percent
SL %
float
0.15
SL_Percent
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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