This strategy is based on Bollinger Bands and RSI and try to determine overbought or oversold zones where you can trade. Both indicators are combined to provide a stronger signal.
By default, it is considered an overbought zone when price is over BB upper and RSI above 80. That would be a short signal. Price below BB lower and RSI below 20 means an oversold zone and therefore a long signal.
EMA 13 (by default) is included as a guide for exiting the operation.
Alarms for signals in any direction can be used.
1) Added the possibility of plotting the middle band of the bollinger bands
2) Added two extra timefrimes to the RSI table. Since this script is mainly use in 5m, it's handy to have also a view of RSI on higher timeframes. By default you will be able to see RSI values of 1h and 4h but it's customizable
As always, everything is configurable and code is available. Happy profits!
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.