mohanee

RSI of MACD Strategy [Long only]

This strategy uses the RSI on MACD indicator.

BUY
====
When RSI indicator crossing over 30 or 35 line and price above slow ema

Note: when the position already taken, you may reenter on the purple candle


Partial Exit
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Partial profit taking option is available in settings. If this is selected , 1/3 position exited when RSI indicator crossing down 80 line


Close
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When RSI indicator crossing below 15


Stop Loss
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I havent used hard stop loss in this strategy. Reason is , when price going down , indicator may go up ... so just wanted to ride along with indicator ...

Stop loss mentioned in the settings is used in calculation of how many units can be be purchased based on risk level


Tested with SPY and QQQ ETFs on hourly chart


Warning
=========
For the eductional purposes only ...

This is not a financial advise. please do your own research before taking any trading decission
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

Please note , MACD settings I have used are 12, 21, 9. I find these are working best for SPY and QQQ ...

if you want to change it to standard settings 12, 26, 9 ... check the performance results and tweak it accordingly
+4 Reply
Any reason these don't back test with crypto?
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Awesome , but I am going mad to convert it to an Alert script, please could you create an alert script too ?
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Is there a trading script with alerts for this? It looks interesting.
Thanks
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mohanee paranormalrob
@paranormalrob,

On TV , strategy bottom of the screen click on clock icon
Reply
for better exit need rsi_vwap. enter rsi_macd and exit rsi_vwap :)
Reply
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