2 EMA/SMA + RSI Strategy [Alorse] combines three configurable moving averages with a short-period Relative Strength Index filter. It plots fast, slow, and trend moving averages on the price chart. Long entries trigger when the fast moving average is above the
Strategy · Pine Script v5 · On the chart
RSI + Trailing Stoploss
This strategy uses a 14-period RSI with fixed thresholds.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code63
Settings3inputs
LicenceNone statedfile: MPL-2.0
Last update2 years ago10 Dec 2023
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
63 lines of Pine Script v5 from RSI + TRAILING STOPLOSS PINESCRIPT..txt, published under MPL-2.0 (file header). 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/
// © Dynamictradingstrategies
//@version=5
strategy("RSI + TRAILING_STOPLOSS", overlay = true)
// INPUT CONTROLS
// input controls
RSI_L = input.int(title = "RSIL", defval = 14, minval = 1, maxval = 22, step = 1)
trailing_Stoploss_pb = input.float(title = "trailing_Stoploss_pb", defval = 0.02, minval = 0.01, maxval = 100.00, step = 0.01)
trailing_Stoploss_ps = input.float(title = "trailing_Stoploss_ps", defval = 0.02, minval = 0.01, maxval = 100.00, step = 0.01)
/// trading indicators
RSI = ta.rsi(close,RSI_L)
/// BUY AND SELL RULES
BUY = ta.crossover(RSI,60)
SELL = ta.crossunder(RSI,40)
/////////////////// TRAILING STOPLOSSS
LONGSTOPPRICE = 0.0
SHORTSTOPPRICE = 0.0
LONGSTOPPRICE := if (strategy.position_size > 0)
stopvalue = close * (1 - trailing_Stoploss_pb )
math.max(stopvalue, LONGSTOPPRICE[1])
else
0
SHORTSTOPPRICE := if (strategy.position_size < 0)
stopvalue = close * (1 + trailing_Stoploss_ps )
math.min(stopvalue, SHORTSTOPPRICE[1])
else
999999
strategy.entry("long", when = BUY, direction = strategy.long, comment = "B")
strategy.exit("long", from_entry = "long", stop = LONGSTOPPRICE, comment = "TRAILEXIT_B" )
strategy.entry("short", when = SELL, direction = strategy.short, comment = "S")
strategy.exit("short", from_entry = "short", stop = SHORTSTOPPRICE, comment = "TRAILEXIT_S" )
plot(strategy.position_size > 0 ? LONGSTOPPRICE : na, style = plot.style_circles, title = "TSLB", color = color.new(color.green,0))
plot(strategy.position_size < 0 ? SHORTSTOPPRICE : na, style = plot.style_circles, title = "TSLB", color = color.new(color.red,0))
Overview
RSI + Trailing Stoploss goes long when RSI crosses above 60 and short when it crosses below 40. Each side has a percentage trailing stop, two percent by default, that follows the close and only moves in the trade's favour; the stop is plotted as circles on the price chart. There is no profit target, and a trade reverses or exits only through the stop or an opposite entry signal.
- RSI cross of 60 and 40 entries
- Percentage trailing stop for long and short
- Trailing stop plotted on the chart
- Adjustable RSI length and stop percentages
Details
Published by
kritarth2121 on GitHub
Code credit
Dynamictradingstrategies, as written in the script's header
Type
Draws
On the price chart
Category
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| RSIL | int | 14 | RSI_L |
| trailing_Stoploss_pb | float | 0.02 | trailing_Stoploss_pb |
| trailing_Stoploss_ps | float | 0.02 | trailing_Stoploss_ps |
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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