Well, it's just a small public announcement. I went to this for a long time and now it has become possible. Profitable RSI now handles 3 parameters of the standard RSI indicator to find the best tuple of settings. So, additionally to period setting, the optimizer takes under consideration different Overbought (from 60 to 70) and Oversold levels (from 30 to 40) for each RSI period.
Four main conclusions from my research (if you gonna trade with RSI):
The OB/OS levels are not necessary to be the standard 70/30 ones. With all my respect to J. Welles Wilder, but those bounds cannot be considered optimal.
The OB/OS levels can be asymmetric. So OB can be 65 while OS is 39. Not 70/30, not 60/40 and not 75/25. Asymmetric ones.
There is no efficient trading with period setting higher than 50.
We can make a feast even from the old indicator
And the last thing I wanted to add - let's not live in the old paradigms. The world is changing, trading is changing and we must change too. Don't be afraid to experiment with something new for you.
I knew your work because of the PSAR script that you posted (I find it the simplest and elegant to understand) and that I'm currently trying to tweak it for some Alert setup that I'm working on, so thanks. But this one is something else. I'm actually new to trading and learning a lot, so thanks. Even not understanding this completely, it is inspiring.
Thank you for doing this study and developing the script.
Your expertise and enthusiasm are much appreciated.
Any chance I can get access to the script?
everget
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@vkosta, Hi, sure, just shoot me a private message about this
OrionAlgo
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Hey Everget! This looks super interesting. I'm wanting to do a similar thing with my own script but running into an issue. I am trying to cycle through 4 float variable combinations to find the best profit but cant seem to get it to loop back through history to get profits for each setting. Currently I am just backtesting with a googlesheet on the side to get the best results by modifying two variables by hand... I definitely dont want to think about 4 lol. Is there any insight you have on the way I am trying to do things? Is it the complete wrong way / not even possible in pinescript?