OPEN-SOURCE SCRIPT
RSI edgin
this strategy is on the 5 min timeframe
step 1 - Find the candle where the rsi just crossed below 20 and mark it as candle 1
step 2 - mark the high of candle 1 and wait for a candle to break the high and close above it. Once the candle closes above the candle 1 high, we will mark it as candle 2.
step 3 - when the candle 2 comes, there are 2 ways
a. If candle 2 is formed and rsi hasnt crossed above 50 we will wait for rsi to cross above 50
b. if candle 2 is formed and rsi has already crossed above 50 move to step 4
step 4 - once rsi is above 50 mark the low between candle 1 and candle 2 and when a candle breaks and closes below the low, we will mark it as candle 3.
step 5- Mark the high between candle 1 and candle 3, once a candle crosses above the high and closes above the high, we will take our entry
Stop loss - at the low between candle 1 and candle 3.
step 1 - Find the candle where the rsi just crossed below 20 and mark it as candle 1
step 2 - mark the high of candle 1 and wait for a candle to break the high and close above it. Once the candle closes above the candle 1 high, we will mark it as candle 2.
step 3 - when the candle 2 comes, there are 2 ways
a. If candle 2 is formed and rsi hasnt crossed above 50 we will wait for rsi to cross above 50
b. if candle 2 is formed and rsi has already crossed above 50 move to step 4
step 4 - once rsi is above 50 mark the low between candle 1 and candle 2 and when a candle breaks and closes below the low, we will mark it as candle 3.
step 5- Mark the high between candle 1 and candle 3, once a candle crosses above the high and closes above the high, we will take our entry
Stop loss - at the low between candle 1 and candle 3.
Script open-source
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