Simple strategy that buy and sell when RSI is under/above a given thresholds. Take profit is set to $3. Beware this strategy doesn't work with other assets.
//@version=2 strategy("Strategy RSI | Fadior", shorttitle="Strategy RSI", pyramiding=10, calc_on_order_fills=false, initial_capital=10000, default_qty_type=strategy.percent_of_equity, currency="USD", default_qty_value=100, overlay=false) len = input(3, minval=1, title="RSI Length") threshLow = input(title="Treshold Low", type= integer,defval=35) threshHigh = input(title="Treshold High", type= integer,defval=80) rsiLength1 = input(title="RSI Smoothing 1", type= integer,defval=3) rsiLength2 = input(title="RSI Smoothing 2", type= integer,defval=5) SL = input(title="Stop loss %", type=float, defval=.026, step=.001) TP = input(type=integer, defval=300) // 3 40 70 2 // 14 40 70 2 16 0.05 50 src = close up = rma(max(change(src), 0), len) down = rma(-min(change(src), 0), len) rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down)) plot(sma(rsi,rsiLength2), color=orange) plot(sma(rsi,rsiLength1), color=green) band1 = hline(threshHigh) band0 = hline(threshLow) fill(band1, band0, color=purple, transp=90) strategy = input(type=bool, title="Long only ?", defval=true) strategy.risk.allow_entry_in(strategy ? strategy.direction.long : strategy.direction.all) longCondition = sma(rsi,rsiLength1) < threshLow and sma(rsi,rsiLength2) > sma(rsi,rsiLength2)[1] if (longCondition) strategy.entry("Long", strategy.long) //, qty=10) strategy.exit("Close Long", "Long", stop=src-close*SL, profit=TP) shortCondition = sma(rsi,rsiLength1) > threshHigh and sma(rsi,rsiLength2) < sma(rsi,rsiLength2)[1] if (shortCondition) strategy.entry("Short", strategy.short) //, qty=10) strategy.exit("Close Short", "Short") //, stop=src-close*SL, profit=TP)