This strategy overlays the price chart and looks for VWAP pullbacks. It goes long when a short SMA crosses above VWAP after RSI has been oversold within ten bars, and short on the opposite cross after RSI has been overbought. Optional Minervini-style moving-av
Strategy · Pine Script v4 · Own pane
RSI powerzone
The RSI powerzone strategy plots the 4-period RSI in a separate pane along with horizontal levels at 30 and 55.
GitHub stars2on the repository
Pine versionv4older, still runs
Lines of code31
Settings3inputs
LicenceMIT
Last update5 years ago17 Mar 2021
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
31 lines of Pine Script v4 from scripts/rsipowerzone.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=4
//Author: https://github.com/kat3samsin
strategy("RSI powerzone", overlay=false, process_orders_on_close=true)
// Conditions:
// Uptrend: close > 50sma and 50sma > 100sma > 200sma
// Entry: RSI(4) <= 30
// Exit: RSI(4) >= 55
longSMA = sma(close, 200) // 200-day moving average
closeSMA = sma(close, 20)
// entry/exit
RSIEntry = input(30, "RSI Entry")
RSIExit = input(55, "RSI Exit")
RSILength = input(4, "RSI Length")
// testPeriod() =>
// time >= testPeriodStart and time <= testPeriodStop ? true : false
_rsi = rsi(close, RSILength) // relative strength indicator with custom length
uptrend = close > sma(close, 50) and sma(close, 50) > sma(close, 100) and sma(close, 100) > sma(close, 200)
strategy.entry("RSI", strategy.long, 100, when=uptrend and _rsi <= RSIEntry)
strategy.close("RSI", when=_rsi <= RSIExit)
plot(_rsi, color=color.red, linewidth=1)
plot(30, color=color.gray)
plot(55, color=color.gray)
Overview
RSI powerzone identifies an uptrend using a series of simple moving averages on the close price. The strategy enters long positions when the uptrend condition is met and the RSI is at or below the entry threshold of 30. Positions are closed when the RSI is at or below the exit threshold of 55. The main inputs allow adjustment of the RSI entry and exit values as well as the length of the RSI calculation. It draws in a separate pane and does not include a stop loss by default.
- RSI oscillator
- SMA trend filter
- long entry signals
- separate pane plot
- custom RSI levels
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
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| RSI Entry | int | 30 | RSIEntry |
| RSI Exit | int | 55 | RSIExit |
| RSI Length | int | 4 | RSILength |
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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