ADX + RSI Strat — Strategy by tweakerID

Relative Strength Index (RSI) Average Directional Index (ADX)

relativestrengthindex averagedirectionalindex

// This is a strategy that uses the 7 Period RSI to buy when the indicator is shown as oversold (OS) and sells when
// the index marks overbought (OB). It also uses the ADX to determine whether the trend is ranging or trending
// and filters out the trending trades. Seems to work better for automated trading when the logic is inversed (buying OB
// and selling the OS) wihout stop loss.

Release Notes:

Added an input to close the trades when the ADX is above certain level

Release Notes:

Fixed minor details

Release Notes:

Added RSI to the chart

Release Notes:

Changed Initial Capital amount and some levels

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?