Overbought

Add It to Your TradingView Chart

1. 1Copy the scriptPress Copy script above, or the copy button on the code below.
2. 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3. 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
4. 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 scripts/overbought.pine, published under MIT. 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/
// © kat3samsin

//@version=4
strategy("Overbought", overlay=false, process_orders_on_close=true)

//rsi
_rsi = rsi(close, 14)

//sma
_sma50 = sma(close, 50)
_sma200 = sma(close, 200)

//ALMA
windowsize = input(title="Window Size", type=input.integer, defval=15)
ALMAoffset = input(title="ALMAOffset", type=input.float, defval=0.85)
sigma = input(title="Sigma", type=input.float, defval=6)
ALMA15 = alma(close, windowsize, ALMAoffset, sigma)

//stochastics
periodK = input(14, title="Stoch K", minval=1)
periodD = input(3, title="Stoch D", minval=1)
smoothK = input(3, title="Stoch Smooth", minval=1)
k = sma(stoch(close, high, low, periodK), smoothK)
d = sma(k, periodD)

//only execute on uptrend
OBEntry = _rsi >= 70 and close > _sma50 and _sma50 > _sma200 and k > d
OBExit = crossunder(close, ALMA15)

strategy.entry(id="OB", long=true, qty=strategy.equity/close, when=OBEntry)
strategy.close(id="OB", when = OBExit)

plot(_rsi, color=color.green, linewidth=1)
plot(k, color=color.blue)
plot(d, color=color.orange)

Overview

Overbought calculates RSI with 14 periods, 50 and 200 period SMAs, ALMA smoothed close, and Stochastics with customizable K D and smooth periods. Entries occur when RSI exceeds 70 price exceeds SMA50 the 50 SMA exceeds the 200 SMA and Stochastics K exceeds D. Positions exit when close crosses under ALMA15. The strategy plots RSI in green Stoch K in blue and Stoch D in orange on a separate pane. Adjustable settings include ALMA window offset and sigma plus Stochastics periods. It sizes positions to equity with no stop loss.

• RSI Confirmation
• Stochastic Oscillator
• ALMA Smoothing
• Trend Filter
• Overbought Entry

Details

Settings

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

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