OPEN-SOURCE SCRIPT
Updated RSI-VWAP
Backtest script based on the previous RSI-VWAP indicator:
It's the popular RSI indicator with VWAP as a source instead of close:
- RSI_VWAP = rsi(vwap(close), RSI_VWAP_length)
What is the Volume Weighted Average Price ( VWAP )?
VWAP is calculated by adding up the dollars traded for every transaction (price multiplied by the number of shares traded) and then dividing by the total shares traded.
Trades are laddered to improve the average entry price and each entry is increased, improving the entry but increasing the risk of being liquidated.
It can be easily converted to study (alerts)
Settings for
BTCUSDT at 30m
It's the popular RSI indicator with VWAP as a source instead of close:
- RSI_VWAP = rsi(vwap(close), RSI_VWAP_length)
What is the Volume Weighted Average Price ( VWAP )?
VWAP is calculated by adding up the dollars traded for every transaction (price multiplied by the number of shares traded) and then dividing by the total shares traded.
Trades are laddered to improve the average entry price and each entry is increased, improving the entry but increasing the risk of being liquidated.
It can be easily converted to study (alerts)
Settings for
BTCUSDT at 30mRelease Notes
Another sub-level of overbought and oversold has been added for more possible entries.A condition has been added so that each entry is better than the previous one according with the average price of the position.
The closing percentage for the Take Profit has been added.
Bulls and bears can be activated independently or all at once.
Happy Trading...
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.