Strategy - Reverse RSI: 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

251 lines of Pine Script v4 from Strategy - Reverse RSI.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.

Strategy - Reverse RSI.pine

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © handikogesang

//@version=4
strategy("Strategy - Reverse RSI", overlay=true, currency = currency.USD, pyramiding = 1, initial_capital = 50000)

//==============================================================================
//FOREX EXCHANGE - Currency Conversion
//==============================================================================
//Select quote currency
quoteCurrency = syminfo.currency //gets quote currency automatically by looking using syminfo function - thank you Rodenwild

//Get currency pair rate quoted against USD (base currency)
usdUSDrate = security("USDUSD", "D", close[1])
gbpUSDrate = security("GBPUSD", "D", close[1])
audUSDrate = security("AUDUSD", "D", close[1])
nzdUSDrate = security("NZDUSD", "D", close[1])
cadUSDrate = security("CADUSD", "D", close[1])
chfUSDrate = security("CHFUSD", "D", close[1])
eurUSDrate = security("EURUSD", "D", close[1])
jpyUSDrate = security("JPYUSD", "D", close[1])

//Fuction to get currency rate into variable 
cr_function(source) => 
    if quoteCurrency == "USD"
        1
    else
        if quoteCurrency == "GBP"
            gbpUSDrate 
        else
            if quoteCurrency == "AUD"
                audUSDrate
            else
                if quoteCurrency == "NZD"
                    nzdUSDrate
                else
                    if quoteCurrency == "CAD"
                        cadUSDrate
                    else
                        if quoteCurrency == "CHF"
                            chfUSDrate
                        else
                            if quoteCurrency == "EUR"
                                eurUSDrate
                            else
                                jpyUSDrate

//Put currency rate function into variable
cr_multi = cr_function(tr(true))
//==============================================================================

//==============================================================================
//BACKTEST DATE RANGE - Select Dates
//==============================================================================
//Input for date window
startDay   = 1 //input(defval = 1,    title = "Start Day",   type = input.integer, minval = 1, maxval = 31)
startMonth = 1 //input(defval = 1,    title = "Start Month", type = input.integer, minval = 1, maxval = 12)
startYear  = 1970 //input(defval = 1970, title = "Start Year",  type = input.integer, minval = 1970          )
endDay     = 31 //input(defval = 31,    title = "End Day",     type = input.integer, minval = 1, maxval = 31)
endMonth   = 12 //input(defval = 12,    title = "End Month",   type = input.integer, minval = 1, maxval = 12)
endYear    = 2222 //input(defval = 2222, title = "End Year",    type = input.integer, minval = 1970          )

//Submit date window
startDate   = timestamp(startYear, startMonth, startDay, 00, 00, 00)  // backtest start date
endDate     = timestamp(endYear,   endMonth,   endDay,   23, 59, 59)  // backtest end date
dateRange() => time >= startDate and time <= endDate ? true : false   // specify where date range is true

// Remove EurChf from testing
EURCHFCrashDate = syminfo.currency == "CHF" or syminfo.basecurrency == "CHF" ? time >= timestamp(2015,01,01) and time <= timestamp(2015,01,18) ? false : true : true
//==============================================================================

//==============================================================================
//INDICATOR 1 - Trigger
//==============================================================================
//Indicator RSI

// inputs
rsi_length = input(title="RSI Length", defval=20)
rsi_ma_length = input(title="RSI SMA Length", defval=5)
src = input(title="Source",defval=close)

upper_limit = input(title="Upper Limit", defval=55)
lower_limit = input(title="Lower Limit", defval=49)

// calculating
up = rma(max(change(src), 0), rsi_length)
down = rma(-min(change(src), 0), rsi_length)
rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down))
rsi_ma = sma(rsi, rsi_ma_length)

Ind_1_L = crossunder(rsi_ma, lower_limit)
Ind_1_S = crossover(rsi_ma, upper_limit)
//==============================================================================

//==============================================================================
//INDICATOR 2
//==============================================================================
//EMA Ribbon

emaLen1 = input(title="Ema 1 - Period", defval=4)
emaLen2 = input(title="Ema 2 - Period", defval=10)
emaLen3 = input(title="Ema 3 - Period", defval=15)
emaLen4 = input(title="Ema 4 - Period", defval=19)
emaLen5 = input(title="Ema 5 - Period", defval=25)

ema1 = ema(src, emaLen1)
ema2 = ema(src, emaLen2)
ema3 = ema(src, emaLen3)
ema4 = ema(src, emaLen4)
ema5 = ema(src, emaLen5)

//Long and Short Orders (Confirmation Conditions)
Ind_2_L = src < ema1 and ema1 < ema2 and ema2 < ema3 and ema3 < ema4 and ema4 < ema5
Ind_2_S = src > ema1 and ema1 > ema2 and ema2 > ema3 and ema3 > ema4 and ema4 > ema5
//==============================================================================

//==============================================================================
//INDICATOR 3
//==============================================================================
//Time Window

i_sess = input(title="Session",defval="1600-1900",type=input.session, options=["1300-1600","1400-1700","1500-1800","1600-1900", "1700-2000","1800-2100","1900-2200","2000-2300","0200-0500","0300-0600"])
t = time(timeframe.period, i_sess)
bgcolor(time == t ? color.green : na)

//Long and Short Orders (Confirmation Conditions)
Ind_3_L = time == t ? true : false
Ind_3_S = time == t ? true : false
//==============================================================================

//==============================================================================
//INDICATOR 4
//==============================================================================
//Indicator Name

//Long and Short Orders (Confirmation Conditions)
Ind_4_S = true
Ind_4_L = true
//==============================================================================

//==============================================================================
//INDICATOR 5
//==============================================================================
//Indicator Name

//Long and Short Orders (Confirmation Conditions)
Ind_5_L = true
Ind_5_S = true
//==============================================================================


//==============================================================================
//INDICATOR 6
//==============================================================================
//Indicator Name

//Long and Short Orders (Confirmation Conditions)
Ind_6_L = true
Ind_6_S = true
//==============================================================================



//==============================================================================
//MONEY MANAGEMENT - Pivot high low
//==============================================================================
//Entrer intial capital and percentage risk inputs
atr_length = input(title="ATR Length", defval=14)
atr_mult = input(title="ATR Multiple", defval = 2)

atrValue = atr(atr_length)

percentRisk    = input(title = "Risk Per Trade",   defval = 0.01, minval = 0.001, maxval =0.1)

//Enter inputs
Multi_Profit = input(title = "Profit Multiple", type=input.float, defval = 1.5)
Multi_SL     = input(title = "SL Distance Multiple", type=input.float, defval = 1.0)

RiskDollar = atrValue * atr_mult * Multi_SL

//Get position size
posSize = round(((strategy.initial_capital * percentRisk) / (RiskDollar))/cr_multi)
//==============================================================================




//==============================================================================
//ENTRY CONDITIONS - Submit Orders
//==============================================================================
//Long and short strategy conditions
//entry_long  = strategy.position_size<=0 and dateRange() and EURCHFCrashDate and Ind_1_L and Ind_2_L and Ind_3_L and Ind_4_L and Ind_5_L and Ind_6_L
//entry_short = strategy.position_size>=0 and dateRange() and EURCHFCrashDate and Ind_1_S and Ind_2_S and Ind_3_S and Ind_4_S and Ind_5_S and Ind_6_S

entry_long  = strategy.position_size==0 and dateRange() and EURCHFCrashDate and Ind_1_L and Ind_2_L and Ind_3_L and Ind_4_L and Ind_5_L and Ind_6_L
entry_short = strategy.position_size==0 and dateRange() and EURCHFCrashDate and Ind_1_S and Ind_2_S and Ind_3_S and Ind_4_S and Ind_5_S and Ind_6_S

plotshape(entry_long, color=color.lime, style=shape.arrowup,   location = location.belowbar, text="Buy")
plotshape(entry_short, color=color.red, style=shape.arrowdown, location = location.abovebar, text="Sell")

//Store ATR and Price upon entry of trade.
entry_RiskDollar    = float(0.0) //set float
entry_price         = float(0.0) //set float
entry_RiskDollar   := strategy.position_size == 0 or entry_long or entry_short ? RiskDollar   : entry_RiskDollar[1]
entry_price        := strategy.position_size == 0 or entry_long or entry_short ? close : entry_price[1]

//Submit long and short orders based on entry conditions
if(entry_long)
    strategy.entry(id="Long Entry 1", long=true,  qty=posSize)

if(entry_short)
    strategy.entry(id="Short Entry 1", long=false, qty=posSize)
//==============================================================================

//==============================================================================
//TAKE PROFIT & STOP LOSS VALUES
//==============================================================================
//Calculate stop loss and take profit distance (in price)
nLoss   = entry_RiskDollar
nProfit = entry_RiskDollar * Multi_Profit

//Find long take profit and stop loss levels
long_profit_level   = float(0.0) //set float
long_stop_level     = float(0.0) //set float
long_profit_level  := entry_price + nProfit
long_stop_level    := entry_price - nLoss

//Find short take profit and stop loss levels
short_profit_level  = float(0.0) //set float
short_stop_level    = float(0.0) //set float
short_profit_level := entry_price - nProfit
short_stop_level   := entry_price + nLoss

//Plot stop loss and profit level on graph; hide levels when no trade
plot(strategy.position_size <= 0 or entry_long or entry_short ? na : long_stop_level,    color = color.red,   style = plot.style_linebr, linewidth = 2)
plot(strategy.position_size <= 0 or entry_long or entry_short ? na : long_profit_level,  color = color.green, style = plot.style_linebr, linewidth = 2)
plot(strategy.position_size >= 0 or entry_long or entry_short ? na : short_stop_level,   color = color.red,   style = plot.style_linebr, linewidth = 2)
plot(strategy.position_size >= 0 or entry_long or entry_short ? na : short_profit_level, color = color.green, style = plot.style_linebr, linewidth = 2)
//==============================================================================

//==============================================================================
//EXIT CONDITIONS - Submit Orders
//==============================================================================
//Submit exit orders on static profit and loss
strategy.exit("TP/SL 1", "Long Entry 1",  stop = long_stop_level,  limit = long_profit_level)
strategy.exit("TP/SL 1", "Short Entry 1", stop = short_stop_level, limit = short_profit_level)

//Submit exit orders on exit indicator - Exit 1
//strategy.close(id="Long Entry 1",  comment = "Exit 1 L1", when = Ind_1_S)
//strategy.close(id="Short Entry 1", comment = "Exit 1 S1", when = Ind_1_L)
//==============================================================================

Overview

Strategy - Reverse RSI combines a smoothed RSI indicator with five Exponential Moving Averages to identify mean-reversion trade opportunities. Position sizing dynamically adjusts based on account equity, currency conversion rates, and Average True Range volatility. The strategy plots trade signals directly on the price chart and manages risk using predefined ATR-based stop loss and take profit targets. Key parameters include RSI thresholds, EMA periods, trading session hours, and risk multiples.

Session-filtered entry conditions
Dynamic ATR risk-based position sizing
Multi-EMA ribbon trend filtering
Automatic currency rate conversion

Details

Published by

handiko on GitHub

Type

Strategy, Pine Script v4

Draws

On the price chart

Markets

Forex

Timeframes

M1-M5

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.

File

Strategy - Reverse RSI.pine

Repository

github.com/handiko/Reverse-RSI-Forex-Strategy

Settings

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

Setting	Type	Default	Variable
RSI Length	`int`	`20`	`rsi_length`
RSI SMA Length	`int`	`5`	`rsi_ma_length`
Source	`source`	`close`	`src`
Upper Limit	`int`	`55`	`upper_limit`
Lower Limit	`int`	`49`	`lower_limit`
Ema 1 - Period	`int`	`4`	`emaLen1`
Ema 2 - Period	`int`	`10`	`emaLen2`
Ema 3 - Period	`int`	`15`	`emaLen3`
Ema 4 - Period	`int`	`19`	`emaLen4`
Ema 5 - Period	`int`	`25`	`emaLen5`
Session	`session`	`1600-1900`	`i_sess`
ATR Length	`int`	`14`	`atr_length`

Show all 16 settings

Setting	Type	Default	Variable
ATR Multiple	`int`	`2`	`atr_mult`
Risk Per Trade	`float`	`0.01`	`percentRisk`
Profit Multiple	`float`	`1.5`	`Multi_Profit`
SL Distance Multiple	`float`	`1.0`	`Multi_SL`

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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