mohanee

RSI of VWAP

This strategy inputs the vwap as source to RSI indicator.

ENTRY
When RSIofVwap crossover 70 and price is above ema200

partial exits
when RSIofVwap reaches 90 level take a portion of profit

Exit
When RSIofVwap crossdown 30

stoploss
defaulated to 5%

Risk Level
Defaulted to 10%. Based on this startegy calcuclates hiw many units can be purchased adhering to stoploss value


Note: code doesnt draw the RSI ( vwap ) indicator to the chart. if you want to see how these signals are generated , you can select RSI and VWAP of 14 period length.

warning
For educational purposes only

Release Notes: 1. I have noticed selling on RSiofVWAP 90 level reading produces more winning trades. Earlier version had sell level 30 , that has been changed / defaulted to 90

2. Take Partial profits parameter added

3. Profit / Loss points added in comments section

Note : RSI 14 (source vwap) is not added / drawn to the chart. If you want to see how the signals are generated add vwap and RSI 14, then change the RSI source to vwap.
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.

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Comments

Hi, thank you very much for your post!
I am new in coding and trading, i really found your script is easy to understand but powerful.
Would it be possible to start the starting date as you wish instead of always from the start of the history?
Reply
Hi guys

Just noticed that RSI buy line setting 80 or 85 are producing better results than 70.

Net profit is high and number of bars are less. Check it out with 80 or 85 and provide your comments / feedback.

Please note don't go beyond 85 , as exit line is at 90.
Reply
thank you for script, i run this script on Tradingview but does not trade automatically on real time .. how can i automate my trades ?!
Reply
mohanee pedramna2001
@pedramna2001,

I never tried auto trading.
Reply
@mohanee, thank you for respond Mohanee, generally do you know how can i do that with script ?
Reply
mohanee pedramna2001
@pedramna2001,

On Tradingview I see there is trading panel tab. Check if they have any auto trading videos ...

Good luck
Reply
@mohanee, already i did, does not work while connected to paper trade or broker panel ...
Reply
This is a very good program but can you also insert the possibility to short???
Reply
mohanee teuteux13
@teuteux13,

Yes I am working on strategy for shorting. I have to find good winning rate with nice profit factor. Then I will publish that ...
Reply
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