RSI mean reversion enters long when RSI crosses above the oversold level and enters short when RSI crosses below the overbought level. Opposite signals reverse the position. Size defaults to ten percent of equity. There is no stop loss or take profit. Inputs change RSI length, the two thresholds, asset class label, journal name, and a webhook secret used in JSON alert messages.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
RSI length
int
14
rsi_length
Oversold level
int
30
oversold_level
Overbought level
int
70
overbought_level
Asset class
string
stock
ASSET_CLASS
Strategy name (for journal)
string
rsi-mean-reversion-14
STRATEGY_NAME
Webhook shared secret
string
REPLACE_WITH_YOUR_TVBRIDGE_TV_WEBHOOK_SECRET
SECRET
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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