Oversold: 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

38 lines of Pine Script v4 from scripts/oversold.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.

oversold.pine

// 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("Oversold", overlay=false, process_orders_on_close=true)

//rsi
_rsi = rsi(close, 14)

//sma
_sma20 = sma(close, 20)
_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="K", minval=1)
periodD = input(3, title="D", minval=1)
smoothK = input(3, title="Smooth", minval=1)
k = sma(stoch(close, high, low, periodK), smoothK)
d = sma(k, periodD)

//only execute on downtrend
closeWithinFifteenPercentOfSMA20 = close >= (_sma20 * .85) and close < _sma20
OSEntry = _rsi <= 30 and closeWithinFifteenPercentOfSMA20 and k > d
OSExit = crossunder(k, d)

strategy.entry(id="OS", long=true, qty=strategy.equity/close, when=OSEntry)
strategy.close(id="OS", when = OSExit)

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

Overview

Oversold applies an arithmetic linear moving average with a 20 period for trend filtering and requires the price to stay within 15 percent of this average. Stochastic oscillator with periods 14 for K and 3 for D provides confirmation via the K line crossing above D to trigger long entries. Positions exit on the K line crossing below D. The strategy plots the RSI, K, and D in a separate pane. It has no stop loss by default and uses no pyramiding.

RSI oversold filter
ALMA trend check
Stochastics confirmation
SMA20 price filter
long entry exit

Details

Published by

kat3samsin on GitHub

Type

Strategy, Pine Script v4

Draws

Separate pane below the chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

The strategy enters trades without a stop loss

File

scripts/oversold.pine

Repository

github.com/kat3samsin/TradingStrategies. See its other scripts in the library

Settings

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

Setting	Type	Default	Variable
Window Size	`int`	`15`	`windowsize`
ALMAOffset	`float`	`0.85`	`ALMAoffset`
Sigma	`float`	`6`	`sigma`
K	`int`	`14`	`periodK`
D	`int`	`3`	`periodD`
Smooth	`int`	`3`	`smoothK`

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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