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My Indicator

The document describes a trading strategy that uses RSI divergence indicators to generate buy and sell signals. It takes inputs for RSI period, source, lookback windows, profit levels, and plot settings. It then calculates RSI values, identifies pivot highs and lows, and plots regular and hidden bullish/bearish signals. Entries are triggered on bullish signals and exits on bearish signals or the RSI crossing above a take profit level. A trailing stop loss is also defined to close positions.

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vamsi kumar
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523 views4 pages

My Indicator

The document describes a trading strategy that uses RSI divergence indicators to generate buy and sell signals. It takes inputs for RSI period, source, lookback windows, profit levels, and plot settings. It then calculates RSI values, identifies pivot highs and lows, and plots regular and hidden bullish/bearish signals. Entries are triggered on bullish signals and exits on bearish signals or the RSI crossing above a take profit level. A trailing stop loss is also defined to close positions.

Uploaded by

vamsi kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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//@version=4

//study(title="Divergence Indicator", format=format.price)


//GOOGL setting 5 , close, 3 , 1 profitLevel at 75 shows win rate 87.21 %
profit factor 7.059
//GOOGL setting 8 , close, 3 , 1 profitLevel at 80 shows win rate 86.57 %
profit factor 18.96
//SPY setting 5, close , 3, 3 profitLevel at 70 , shows win rate 80.34%
profit factor 2.348
strategy(title="RSI Divergence Indicator", overlay=false,pyramiding=2,
default_qty_value=2, default_qty_type=strategy.fixed, initial_capital=10000,
currency=currency.USD)

len = input(title="RSI Period", minval=1, defval=9)


src = input(title="RSI Source", defval=close)
lbR = input(title="Pivot Lookback Right", defval=3)
lbL = input(title="Pivot Lookback Left", defval=1)
takeProfitRSILevel = input(title="Take Profit at RSI Level", minval=70, defval=80)

rangeUpper = input(title="Max of Lookback Range", defval=60)


rangeLower = input(title="Min of Lookback Range", defval=5)
plotBull = input(title="Plot Bullish", defval=true)
plotHiddenBull = input(title="Plot Hidden Bullish", defval=true)
plotBear = input(title="Plot Bearish", defval=true)
plotHiddenBear = input(title="Plot Hidden Bearish", defval=false)

//useTrailStopLoss = input(false, title="Use Trailing Stop Loss")

sl_type = input("NONE", title="Trailing StopLoss Type", options=['ATR','PERC',


'NONE'])

stopLoss = input(title="Stop Loss%", defval=5, minval=1)

atrLength=input(14, title="ATR Length (for Trailing stop loss)")


atrMultiplier=input(3.5, title="ATR Multiplier (for Trailing stop loss)")

bearColor = color.purple
bullColor = color.green
hiddenBullColor = color.new(color.green, 80)
hiddenBearColor = color.new(color.red, 80)
textColor = color.white
noneColor = color.new(color.white, 100)

osc = rsi(src, len)

plot(osc, title="RSI", linewidth=2, color=#8D1699)


hline(50, title="Middle Line", linestyle=hline.style_dotted)
obLevel = hline(70, title="Overbought", linestyle=hline.style_dotted)
osLevel = hline(30, title="Oversold", linestyle=hline.style_dotted)
fill(obLevel, osLevel, title="Background", color=#9915FF, transp=90)

plFound = na(pivotlow(osc, lbL, lbR)) ? false : true


phFound = na(pivothigh(osc, lbL, lbR)) ? false : true

_inRange(cond) =>
bars = barssince(cond == true)
rangeLower <= bars and bars <= rangeUpper

//------------------------------------------------------------------------------
// Regular Bullish

// Osc: Higher Low


oscHL = osc[lbR] > valuewhen(plFound, osc[lbR], 1) and _inRange(plFound[1])

// Price: Lower Low


priceLL = low[lbR] < valuewhen(plFound, low[lbR], 1)

bullCond = plotBull and priceLL and oscHL and plFound

plot(
plFound ? osc[lbR] : na,
offset=-lbR,
title="Regular Bullish",
linewidth=2,
color=(bullCond ? bullColor : noneColor),
transp=0
)

plotshape(
bullCond ? osc[lbR] : na,
offset=-lbR,
title="Regular Bullish Label",
text=" Bull ",
style=shape.labelup,
location=location.absolute,
color=bullColor,
textcolor=textColor,
transp=0
)

//------------------------------------------------------------------------------
// Hidden Bullish

// Osc: Lower Low


oscLL = osc[lbR] < valuewhen(plFound, osc[lbR], 1) and _inRange(plFound[1])

// Price: Higher Low


priceHL = low[lbR] > valuewhen(plFound, low[lbR], 1)

hiddenBullCond = plotHiddenBull and priceHL and oscLL and plFound

plot(
plFound ? osc[lbR] : na,
offset=-lbR,
title="Hidden Bullish",
linewidth=2,
color=(hiddenBullCond ? hiddenBullColor : noneColor),
transp=0
)

plotshape(
hiddenBullCond ? osc[lbR] : na,
offset=-lbR,
title="Hidden Bullish Label",
text=" H Bull ",
style=shape.labelup,
location=location.absolute,
color=bullColor,
textcolor=textColor,
transp=0
)

longCondition=bullCond or hiddenBullCond
//? osc[lbR] : na
//hiddenBullCond
strategy.entry(id="RSIDivLE", long=true, when=longCondition)

//Trailing StopLoss
////// Calculate trailing SL
/////////////////////////////////////////////////////
sl_val = sl_type == "ATR" ? stopLoss * atr(atrLength) :
sl_type == "PERC" ? close * stopLoss / 100 : 0.00

trailing_sl = 0.0
trailing_sl := strategy.position_size>=1 ? max(low - sl_val,
nz(trailing_sl[1])) : na

//draw initil stop loss


//plot(strategy.position_size>=1 ? trailing_sl : na, color = color.blue ,
style=plot.style_linebr, linewidth = 2, title = "stop loss")
//plot(trailing_sl, title="ATR Trailing Stop Loss", style=plot.style_linebr,
linewidth=1, color=color.purple, transp=30)
//Trailing StopLoss
////// Calculate trailing SL
/////////////////////////////////////////////////////

//------------------------------------------------------------------------------
// Regular Bearish

// Osc: Lower High


oscLH = osc[lbR] < valuewhen(phFound, osc[lbR], 1) and _inRange(phFound[1])

// Price: Higher High


priceHH = high[lbR] > valuewhen(phFound, high[lbR], 1)

bearCond = plotBear and priceHH and oscLH and phFound

plot(
phFound ? osc[lbR] : na,
offset=-lbR,
title="Regular Bearish",
linewidth=2,
color=(bearCond ? bearColor : noneColor),
transp=0
)

plotshape(
bearCond ? osc[lbR] : na,
offset=-lbR,
title="Regular Bearish Label",
text=" Bear ",
style=shape.labeldown,
location=location.absolute,
color=bearColor,
textcolor=textColor,
transp=0
)

//------------------------------------------------------------------------------
// Hidden Bearish

// Osc: Higher High


oscHH = osc[lbR] > valuewhen(phFound, osc[lbR], 1) and _inRange(phFound[1])

// Price: Lower High


priceLH = high[lbR] < valuewhen(phFound, high[lbR], 1)

hiddenBearCond = plotHiddenBear and priceLH and oscHH and phFound

plot(
phFound ? osc[lbR] : na,
offset=-lbR,
title="Hidden Bearish",
linewidth=2,
color=(hiddenBearCond ? hiddenBearColor : noneColor),
transp=0
)

plotshape(
hiddenBearCond ? osc[lbR] : na,
offset=-lbR,
title="Hidden Bearish Label",
text=" H Bear ",
style=shape.labeldown,
location=location.absolute,
color=bearColor,
textcolor=textColor,
transp=0
)
longCloseCondition=crossover(osc,takeProfitRSILevel) or bearCond
strategy.close(id="RSIDivLE", comment="Close All="+tostring(close -
strategy.position_avg_price, "####.##"), when= abs(strategy.position_size)>=1 and
sl_type == "NONE" and longCloseCondition)

//close all on stop loss


strategy.close(id="RSIDivLE", comment="TSL="+tostring(close -
strategy.position_avg_price, "####.##"), when=abs(strategy.position_size)>=1 and
(sl_type == "PERC" or sl_type == "ATR" ) and crossunder(close,
trailing_sl) ) //close<ema55 and rsi5Val<20 //ema34<ema55 //close<ema89

// my RSI moving averages


//osc = rsi(src, len)
plot(sma(rsi(src, len),9))
plot(wma(rsi(src, len),45))

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