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Strategy · Pine Script v4 · Own pane
Greeffer RSI Strategy
The Greeffer RSI Strategy is a basic momentum-based trading strategy that plots a 14-period Relative Strength Index (RSI) in a separate indicator pane.
GitHub stars18on the repository
Pine versionv4older, still runs
Lines of code23
Settings0inputs
LicenceNone statedfile: MPL-2.0
Last update6 years ago15 Oct 2020
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
23 lines of Pine Script v4 from greeffer-rsi.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © Greeffer
//@version=4
strategy(title="Greeffer RSI Strategy", shorttitle="GRsi", overlay=false)
// R S I
myRsi = rsi(close, 14)
plot(myRsi, title="myRsi", color=color.blue, linewidth=2, style=plot.style_line, transp=70)
hline(29, title='oversold', color=color.red, linestyle=hline.style_dotted, linewidth=1)
hline(70, title='overbought', color=color.red, linestyle=hline.style_dotted, linewidth=1)
// L o n g C o n d i t i o n
longCondition = myRsi <= 29
if (longCondition)
strategy.entry("RsiBuy", strategy.long)
alertcondition(longCondition, title='Buy Rsi', message='Rsi={{myRsi}}')
// S h o r t C o n d i t i o n
shortCondition = myRsi >= 70
if (shortCondition)
strategy.entry("RsiSell", strategy.short)
alertcondition(shortCondition, title='Sell Rsi', message='Rsi={{myRsi}}')
Overview
Greeffer RSI Strategy generates long entry signals when the RSI falls to or below an oversold threshold of 29, and short entry signals when the RSI reaches or exceeds an overbought threshold of 70. Reversal signals automatically flip existing positions. The strategy lacks customizable input parameters, profit targets, or stop-loss rules, relying entirely on opposing threshold breaches to exit trades.
- 14-period Relative Strength Index calculation
- Overbought and oversold threshold levels
- Automatic position reversal entries
- Built-in alerts for buy and sell signals
Details
Published by
SammyEnigma on GitHub
Code credit
Greeffer, as written in the script's header
Type
Strategy, Pine Script v4
Draws
Separate pane below the chart
Category
Oscillators & momentum
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
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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