This strategy identifies Interactive Brokers opening range periods on the price chart and performs mean reversion trades around the midpoint or opposite side. It calculates the IB high, low, and range, then skips narrow or trend days using lookback averages. E
Strategy · Pine Script v4 · On the chart
RSI Overbought Oversold
This strategy plots RSI and Bollinger Bands on the price chart.
GitHub stars3on the repository
Pine versionv4older, still runs
Lines of code16
Settings0inputs
LicenceMIT
Last update1 year ago6 Jun 2025
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
16 lines of Pine Script v4 from PineWealth/Resources/PineScript.txt, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=4
strategy("RSI Overbought/Oversold", overlay=true)
x = 20
rsi = ta.rsi(close, 14)
diff = close - open
diffInd = ta.rsi(close, 14) - ta.rsi(close, 4)
[middle, upper, lower] = ta.bb(close, 20, 20)
if (rsi > 70)
strategy.entry("Short", strategy.short)
x++
if (rsi < 30)
strategy.entry("Long", strategy.long)
x--
Overview
RSI Overbought Oversold calculates the 14-period RSI and 4-period RSI to detect overbought and oversold conditions. The strategy enters short positions when the RSI crosses above 70 and long positions when it falls below 30. No stop loss or take profit is applied and there are no user inputs to adjust. The script draws signals directly on the price chart.
- RSI oscillator
- Bollinger Bands
- overbought signals
- oversold signals
- strategy entries
Details
Published by
LucidDion on GitHub
Type
Strategy, Pine Script v4
Draws
On the price chart
Category
Oscillators & momentum, Support & resistance, Mean reversion
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
Repository
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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