MrTuanDoan

RSI2 with alerts by Mr.TuanDoan for Binary Option

Idea was developed from Larry Connors RSI2.
The 2-period RSI strategy is a fairly simple mean-reversion trading strategy designed to buy or sell securities after a corrective period.

You should look for buying opportunities when 2-period RSI moves below Lower Band (5), which is considered deeply oversold. Conversely, you can look for short-selling opportunities when 2-period RSI moves above Upper Band (95).

This is a rather aggressive short-term strategy for Binary Option.

Best use with Stoch RSI x 2.
The settings for Stoch RSI are
- Slow: 3 3 14 14
- Fast: 3 3 5 5

Only consider a PUT/CALL when both Stoch RSI are in the same state (overbought/oversold).

When arrow appears on the candle, it likely reverse the current trend.

Note
  • This is not a holy-grail.
  • Please follow your risk management
  • Confirmations must be met before entering a trade
  • It's for Binary Option
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.

Want to use this script on a chart?
I'm happy to help you improve your trading.
Telegram: @MrTuanDoan