Author Message:
Developed this TP/SL and eventually made it into a full fledge strategy and found it did well enough to publish. This strategy can be used as a standalone or tacked onto another strategy as a TP/SL. It does function as both with a single line. This strategy has been tested with TSLA , AAPL, NVDA, on the 15 minutes timeframe.
STRATEGY:
Using the source , when it crosses up or down relative to the selected band, we enter a long or short respectively.
This may not be the most superb independent strategy, but it can be very useful as a TP/SL for your chosen entry conditions, especially in volatile markets or tickers.
More Details: https://www.tradingview.com/v/hZLgJ29l/
CODE:
CSS:
#https://www.tradingview.com/v/hZLgJ29l/
#//@joseph_lemery
#strategy("RSI Trend Reversal", "RSI and ATR Trend Reversal SL/TP")
# Converted by Sam4Cok@Samer800 - 04/2024
#//INPUTS
input showSignals = yes;
input showCloud = yes;
input timeframe = {default "Chart", "Manual"};
input manualTimeframe = AggregationPeriod.FIFTEEN_MIN;
input source = {default "Close", "HL2", "HLC3", "OHLC4", "HLCC4"}; # "Source Input"
input trendLenght = 8; # "Lenght"
input Multiplier = 1.50; # "Multiplier"
input DelayToPreventIdealization = 1; # "Delay to prevent idealization"
input MinimumDifference = 10; # "Minimum Difference"
def na = Double.NaN;
def last = IsNaN(close);
def src;
def hi;
def cl;
def lo;
def op;# = close(Period = tf); #(open + high + low + close) / 4;
switch (timeframe) {
case "Manual" :
src = ohlc4(Period = manualTimeframe); #Fundamental(FundamentalType = FundamentalType.OHLC4, Period = manualTimeframe);
op = open(Period = manualTimeframe);
hi = high(Period = manualTimeframe);
cl = close(Period = manualTimeframe);
lo = low(Period = manualTimeframe);
default :
src = ohlc4; #Fundamental(FundamentalType = source);
op = open;
hi = high;
cl = close;
lo = low;
}
def haClose = src;
def haOpen = CompoundValue(1, (haOpen[1] + haClose[1]) / 2, (op + cl) / 2);
def haHigh = Max(Max(hi, haOpen), haClose);
def haLow = Min(Min(lo, haOpen), haClose);
#"Close", "HL2", "HLC3", "OHLC4", "HLCC4"
def hclose;
switch (source) {
case "HL2":
hclose = (haHigh + haLow) / 2;
case "HLC3" :
hclose = (haHigh + haLow + haClose) / 3;
case "OHLC4" :
hclose = (haOpen + haHigh + haLow + haClose) / 4;
case "HLCC4" :
hclose = (haHigh + haLow + haClose + haClose) / 4;
default :
hclose = haClose;
}
#/FUNCTION INITILIZATION
script highest_custom {
input src = close;
input len = 8;
# def src = if !isNaN(source) then source else src[1];
def length = if IsNaN(len) then 0 else len;
def x = fold i = 0 to length with p = src do
if GetValue(src, i) > p then GetValue(src, i) else p;
plot out = x;
}
script lowest_custom {
input src = close;
input len = 8;
# def src = if !isNaN(source) then source else src[1];
def length = if IsNaN(len) then 0 else len;
def x = fold i = 0 to length with p = src do
if GetValue(src, i) < p then GetValue(src, i) else p;
plot out = x;
}
script rsilev {
input src = close;
input length = 8;
input mult = 1.5;
input sltp = 10;
input natr = 1;
def na = Double.NaN;
def bar = BarNumber();
def sl = (100 - sltp) / 100;
def tp = (100 + sltp) / 100;
def crossup; # = na
def crossdn; # = na
def crossup1 = if IsNaN(crossup[1]) then 0 else crossup[1];
def crossdn1 = if IsNaN(crossdn[1]) then 0 else crossdn[1];
def BullGuy = if (crossup[1] or crossdn[1]) then 0 else BullGuy[1] + 1;
def BearGuy = if IsNaN(BullGuy) then BearGuy[1] + 1 else BullGuy;
def rsilower = RSI(Price = src, Length = length);
def rsiupper = AbsValue(100 - rsilower);
def atr = natr / src;
def hi = highest_custom(src, BearGuy);
def lo = lowest_custom(src, BearGuy);
def hiBear = hi * (1 - (atr + (1 / rsilower * mult)));
def loBear = lo * (1 + (atr + (1 / rsiupper * mult)));
def hhiBear = highest_custom(hiBear, BearGuy);
def lloBear = lowest_custom(loBear, BearGuy);
def maxHi = Max(hhiBear, src * sl);
def minLo = Min(lloBear, src * tp);
def lower = highest_custom(maxHi, BearGuy);
def upper = lowest_custom(minLo, BearGuy);
def direction = if isNaN(direction[1]) then 1 else
if (crossdn1) then -1 else
if (crossup1) then 1 else direction[1];
def thresh = if bar < 1 then lower else
if direction == 1 then lower else
if direction == -1 then upper else thresh[1];
crossup = (src crosses above thresh);
crossdn = (src crosses below thresh);
plot trend = if IsNaN(thresh) then lower else thresh;
plot dir = if !direction then if(src>trend,1, -1) else direction;
}
def tick = tickSize();
def trRaw = TrueRange(hi, cl, lo);
def tr = if IsNaN(trRaw) then (hi - lo) else if trRaw <=0 then tick else trRaw;
def atr = WildersAverage(tr, trendLenght);
def rsiclose = rsilev(hclose, trendLenght, Multiplier, MinimumDifference, atr).trend;
def dir = rsilev(hclose, trendLenght, Multiplier, MinimumDifference, atr).dir;
#//PLOTTING
plot rsiTrendUp = if !last and dir>0 and rsiclose then rsiclose else na;
plot rsiTrendDn = if !last and dir<0 and rsiclose then rsiclose else na;
rsiTrendUp.SetDefaultColor(Color.GREEN);
rsiTrendDn.SetDefaultColor(Color.RED);
#-- Cloud
AddCloud(if showCloud then ohlc4 else na, rsiclose, Color.DARK_GREEN, Color.DARK_RED);
#/STRATEGY
def buy = (src crosses above rsiclose);
def sell = (src crosses below rsiclose);
def cntUp = if buy then 0 else cntUp[1] + 1;
def cntDn = if sell then 0 else cntDn[1] + 1;
def sigUp = cntUp == DelayToPreventIdealization;
def sigDn = cntDn == DelayToPreventIdealization;
AddChartBubble(showSignals and sigUp and !sigUp[1], low, "Buy", Color.GREEN, no);
AddChartBubble(showSignals and sigDn and !sigDn[1], high, "Sell", Color.RED);
#-- END of CODE
