OPEN-SOURCE SCRIPT
Simple RSI Strategy
Simple RSI Strategy for Educational Purposes
This Pine Script, built with TradingView's latest version (v6), implements a Simple RSI Strategy designed to highlight overbought and oversold conditions in the market. It leverages the Relative Strength Index (RSI) as a tool to trigger long entries and exits based on user-defined thresholds.
Key Features:
Customizable RSI Parameters: Adjust the RSI length, overbought, and oversold levels to fit different trading scenarios.
Risk Management Parameters: Includes configurable initial capital, position sizing as a percentage of equity, slippage, and commission for realistic backtesting.
Visual Enhancements: Overbought and oversold zones are clearly plotted with gradient fills and color-coded signals for better interpretability.
Signal Triggers: Long entries are initiated when the RSI crosses above the oversold level, and positions are closed when the RSI crosses below the overbought level.
Important Note:
This script is intended solely for educational purposes. While it provides insights into basic RSI-based strategies, it does not account for advanced risk management, market conditions, or position hedging. Users should exercise additional caution and implement comprehensive risk management techniques, such as stop losses and portfolio diversification, when applying similar strategies in live trading.
Backtest results and performance metrics derived from this script may not accurately reflect real-world outcomes due to limitations such as slippage, order execution timing, and market volatility.
Disclaimer: Trading involves significant financial risk. This script is not investment advice. Users should consult with a financial advisor and perform thorough testing before deploying any trading strategy.
This description emphasizes the educational aspect of the script while encouraging traders to incorporate robust risk management practices.
This Pine Script, built with TradingView's latest version (v6), implements a Simple RSI Strategy designed to highlight overbought and oversold conditions in the market. It leverages the Relative Strength Index (RSI) as a tool to trigger long entries and exits based on user-defined thresholds.
Key Features:
Customizable RSI Parameters: Adjust the RSI length, overbought, and oversold levels to fit different trading scenarios.
Risk Management Parameters: Includes configurable initial capital, position sizing as a percentage of equity, slippage, and commission for realistic backtesting.
Visual Enhancements: Overbought and oversold zones are clearly plotted with gradient fills and color-coded signals for better interpretability.
Signal Triggers: Long entries are initiated when the RSI crosses above the oversold level, and positions are closed when the RSI crosses below the overbought level.
Important Note:
This script is intended solely for educational purposes. While it provides insights into basic RSI-based strategies, it does not account for advanced risk management, market conditions, or position hedging. Users should exercise additional caution and implement comprehensive risk management techniques, such as stop losses and portfolio diversification, when applying similar strategies in live trading.
Backtest results and performance metrics derived from this script may not accurately reflect real-world outcomes due to limitations such as slippage, order execution timing, and market volatility.
Disclaimer: Trading involves significant financial risk. This script is not investment advice. Users should consult with a financial advisor and perform thorough testing before deploying any trading strategy.
This description emphasizes the educational aspect of the script while encouraging traders to incorporate robust risk management practices.
Skrypt open-source
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