JayRogers

RSI versus SMA (no repaint)

*** USE AT YOUR OWN RISK ***
  • Nothing is perfect, and all decisions by you are on your own head. And stuff.

Description:
  • It's RSI versus a Simple Moving Average .. Not sure it really needs much more description.
  • Should not repaint - Automatically offsets by 1 bar if anything other than "open" selected as RSI source.

...sometimes smashing things together just happens to work...
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//@version=2

strategy(title = "RSI versus SMA", shorttitle = "RSI vs SMA", overlay = false, pyramiding = 0, default_qty_type = strategy.percent_of_equity, default_qty_value = 10, currency = currency.GBP)

// Revision:        1
// Author:          @JayRogers
//
// *** USE AT YOUR OWN RISK ***
// - Nothing is perfect, and all decisions by you are on your own head. And stuff.
//
// Description:
//  - It's RSI versus a Simple Moving Average.. Not sure it really needs much more description.
//  - Should not repaint - Automatically offsets by 1 bar if anything other than "open" selected as RSI source.

// === INPUTS ===
// rsi
rsiSource   = input(defval = open, title = "RSI Source")
rsiLength   = input(defval = 8, title = "RSI Length", minval = 1)
// sma
maLength    = input(defval = 34, title = "MA Period", minval = 1)
// invert trade direction
tradeInvert = input(defval = false, title = "Invert Trade Direction?")
// risk management
useStop     = input(defval = false, title = "Use Initial Stop Loss?")
slPoints    = input(defval = 25, title = "Initial Stop Loss Points", minval = 1)
useTS       = input(defval = true, title = "Use Trailing Stop?")
tslPoints   = input(defval = 120, title = "Trail Points", minval = 1)
useTSO      = input(defval = false, title = "Use Offset For Trailing Stop?")
tslOffset   = input(defval = 20, title = "Trail Offset Points", minval = 1)
// === /INPUTS ===

// === BASE FUNCTIONS ===
// delay for direction change actions
switchDelay(exp, len) =>
    average = len >= 2 ? sum(exp, len) / len : exp[1]
    up      = exp > average
    down    = exp < average
    state   = up ? true : down ? false : up[1]
// === /BASE FUNCTIONS ===

// === SERIES and VAR ===
// rsi
shunt = rsiSource == open ? 0 : 1
rsiUp = rma(max(change(rsiSource[shunt]), 0), rsiLength)
rsiDown = rma(-min(change(rsiSource[shunt]), 0), rsiLength)
rsi = (rsiDown == 0 ? 100 : rsiUp == 0 ? 0 : 100 - (100 / (1 + rsiUp / rsiDown))) - 50 // shifted 50 points to make 0 median
// sma of rsi
rsiMa   = sma(rsi, maLength)
// self explanatory..
tradeDirection = tradeInvert ? 0 <= rsiMa ? true : false : 0 >= rsiMa ? true : false
// === /SERIES ===

// === PLOTTING ===
barcolor(color = tradeDirection ? green : red, title = "Bar Colours")
// hlines
medianLine  = hline(0, title = 'Median', color = #996600, linestyle = dotted, linewidth = 1)
limitUp     = hline(25, title = 'Limit Up', color = silver, linestyle = dotted, linewidth = 1)
limitDown   = hline(-25, title = 'Limit Down', color = silver, linestyle = dotted, linewidth = 1)
// rsi and ma
rsiLine     = plot(rsi, title = 'RSI', color = purple, linewidth = 2, style = line, transp = 50)
areaLine    = plot(rsiMa, title = 'Area MA', color = silver, linewidth = 1, style = area, transp = 70)
// === /PLOTTING ===

goLong() => not tradeDirection[1] and tradeDirection
killLong() => tradeDirection[1] and not tradeDirection
strategy.entry(id = "Buy", long = true, when = goLong())
strategy.close(id = "Buy", when = killLong())

goShort() => tradeDirection[1] and not tradeDirection
killShort() => not tradeDirection[1] and tradeDirection
strategy.entry(id = "Sell", long = false, when = goShort())
strategy.close(id = "Sell", when = killShort())

if (useStop)
    strategy.exit("XSL", from_entry = "Buy", loss = slPoints)
    strategy.exit("XSS", from_entry = "Sell", loss = slPoints)
// if we're using the trailing stop
if (useTS and useTSO) // with offset
    strategy.exit("XSL", from_entry = "Buy", trail_points = tslPoints, trail_offset = tslOffset)
    strategy.exit("XSS", from_entry = "Sell", trail_points = tslPoints, trail_offset = tslOffset)
if (useTS and not useTSO) // without offset
    strategy.exit("XSL", from_entry = "Buy", trail_points = tslPoints)
    strategy.exit("XSS", from_entry = "Sell", trail_points = tslPoints)
My apologies. This is due to the trailing stop feature.
Reply
Here is an example of entries and exits closing on the same candle:

https://s1.postimg.org/2185b9xsnz/Capture.png
+1 Reply
Hi JayRodgers,

You have a very nice script. I noticed that the long entry/long close and short entry/short close often occur on one candle. However, using the EURUSD currency pair, I noticed that trades do not close on the same candle nearly as much as BTCUSD. Is there a way to set the period for trades based upon the underlying RSI-SMA strategy?
Reply
Hi JayRogers,
Can you share template & indicators. Because I don't know how to use scripts.
Thank you
Aja.
Reply
Hi, JayRogers
I need to know how to use it in mt4
I don't know about script but i need your system for setup in mt4, can you help me?
Thank you in advance
Reply
this script works excellent with 5 min chart scripts as well, gives avg 75% success, really appreciate if someone provide includes alerting mechanism as well, I am new bee for pine editor and also to trading
Reply
This looks very impressive and so far I cannot pick up any repainting. This is a simple yet very effective strategy, well done mate! It is a bit crazy to manual trade on a 5m time frame however it seems to be working well on a 4hr and daily time frame across multiple pairs.

Why do most of the exits seem to occur at the exact high/low of the candles? This doesn't seem right? Where can I adjust it so that it closes the trade at the close of the "exit" candle?
+1 Reply
I just recently wrote up a risk management example script which contains much better strategy.exit() execution code and properly sets up the inputs. If you swap out the strategy.exit blocks (everything below and including if(useStop) ) for the two in the example and also the relevant inputs you will be able to get much finer control over the way the risk management is - or is not - handled.
+1 Reply
JayRogers JayRogers
Reply
Entity PRO JayRogers
Thank you! I shall take a look at it. Thanks for your continued work and input
Reply
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