RSI W Pattern strategy by mohanee

trendanalysis movingaverage relativestrengthindex rsi_w_pattern pattern strategy rsi_w_pattern_strategy mohanee

This strategy is similar to RSI V pattern strategy, but it looks for W pattern in RSI chart.

RULES
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BUY
1. ema20 is above ema50
2. RSI5 crossing up 30 from oversold area
3. and RSI5 must be below overbought area (default value set to 65)

Add to existing Position
1. You can add on the next W pattern OR
2. if RSI5 is crossing up from below 20

Exit
1. when RSI5 reaches 75

Note: This is for short term/swing trading . which gets on when price dip in trending and quickly gets you out on RSI overbought area

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

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