Bollinger Bands & RSI Chart Setup For ThinkOrSwim

[Jank]

Heck yeah! I tweaked it a little bit more but it looks pretty good I think! Thank you so much!

# Bollinger Bands and RSI Strategy with Visual Signals

#declare lower;

input bbLength = 30;
input numDevDn = -2.0;
input numDevUp = 2.0;
input rsiLength = 13;
input oversoldThreshold = 30;
input overboughtThreshold = 80;

def price = close;
#def bb = BollingerBands(price, length = bbLength, numDevDn = numDevDn, numDevUp = numDevUp);
#def lowerBand = bb.lowerBand;
#def upperBand = bb.upperBand;

def bb_lower = BollingerBands(price, length = bbLength, numDevDn = numDevDn, numDevUp = numDevUp).lowerBand;
def bb_upper = BollingerBands(price, length = bbLength, numDevDn = numDevDn, numDevUp = numDevUp).upperBand;


#def rsiValue = RSI(close, rsiLength);
def rsiValue = RSI(length = rsiLength, price = close);


def buyCondition = close < bb_lower and rsiValue <= oversoldThreshold;
def sellCondition = close > bb_upper and rsiValue >= overboughtThreshold;

# Buy Signal
plot BuySignal = buyCondition;
BuySignal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
BuySignal.SetDefaultColor(Color.GREEN);

# Sell Signal
plot SellSignal = sellCondition;
SellSignal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
SellSignal.SetDefaultColor(Color.RED);

 

[Saki1]

This strategy only focusses on buys. Can it also initiate sell orders? What would that look like? Thanks

 

[useThinkScript]

This strategy only focusses on buys. Can it also initiate sell orders? What would that look like? Thanks

Good news, this setup has both buy and sell arrows.

To see the buys and sells, copy and paste the above script​

how to copy & paste: https://usethinkscript.com/threads/how-to-import-existing-thinkscript-code-on-thinkorswim.10/​

Bad news, no scripts on the forum actually "initiates" buy or sell order.

Backtesting is only for showing you what the indicator "might" have indicated.​

It does not provide any "real" orders.​

read more: https://usethinkscript.com/threads/...rders-in-thinkorswim.15540/page-3#post-126271​