This strategy is based on Bollinger Bands and RSI and try to determine overbought or oversold zones where you can trade. Both indicators are combined to provide a stronger signal.
By default, it is considered an overbought zone when price is over BB upper and RSI above 80. That would be a short signal. Price below BB lower and RSI below 20 means an oversold zone and therefore a long signal.
EMA 13 (by default) is included as a guide for exiting the operation.
Alarms for signals in any direction can be used.
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Two features added: 1) Added the possibility of plotting the middle band of the bollinger bands 2) Added two extra timefrimes to the RSI table. Since this script is mainly use in 5m, it's handy to have also a view of RSI on higher timeframes. By default you will be able to see RSI values of 1h and 4h but it's customizable
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Added possibility to plot OI (Open Interest) infomation per candle, which may help as another confirmation to know where the price can go.
As always, everything is configurable and code is available. Happy profits!
@yangjinlong566, In my opinion it works quite well for timeframes 5m and higher.
theinfamouspaul
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About OI indicator, as you can imagine, green means more OI and red less OI.
ThousandWishes
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TQ. It's a great effort. However I would suggest instead of EMA13 could you please consider to replace it with HMA9. Once again thank you.
theinfamouspaul
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@ThousandWishes, hey, thanks for commenting and the suggestion. I'll take a look and may consider including it in the future.
ThousandWishes
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@theinfamouspaul, Thank you. I'm changing EMA13 to EMA9 which is used by Larry Williams as a guide to buy/sell decision. Also the crossover of EMA9/SMA20. Thank you again.