today a new Scalper Tool, which works great on 3 minutes and 5 minutes timeframes!
I called it "Super RSI", as it is based on StochRSI and inherits some basic functionality from it.
If you check its settings, you will see that you can have 3 different buy-sell sources (first two are active by default):
- STRONG BUY/SELL: buy when green area deeply falls into oversold zone and sell when red area gets into overbought zone (you can set and edit at which level oversold and overbought zones start);
- K/D CROSSES: buy when k-line cross above d-line and sell viceversa (you can set and edit specific cross ranges for both buy and sell);
- WEAK BUY/SELL: buy when green area at least go below 50 level and sell when red area at least goes above 50 level (you can edit both levels); these conditions are highlighted as background color and are very useful for taking (at least partial) profits in trades.
By default the script will be placed as oscillator on a specific pane below the chart, but
> you can disable the oscillator plot by enabling the "hide all plot" option
> and place it as overlay on chart by clicking on the black arrow at then end on the indicator name in chart and selecting "move to -> existing pane above"
This strategy can trigger till 10 buy or 10 sell signals in a row before reverting, so use a proper money management.
Strategy results are calculated on 20 trading days using 1000$ as initial capital and working at 10x leverage.
The user who wants to use this strategy, especially via an automated bot, must always set a stoploss at 3-5% from entry point or use a proper risk management strategy.
This is not the "Holy Grail", so use it with caution.
This script will let you backtest the strategy and find best settings for your preferred market.
The alarms script version of this indicator, which will let you set all notifications you may need in order to be alerted on each triggered signals, can be found here below:
This is a premium indicator, so send me a private message in order to get access to this script.
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