OPEN-SOURCE SCRIPT
14/28 Day SMA Divergence and RSI - No Repaint
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No crossovers were used in this script, and this is likely the reason for the no repaint(Correct me if wrong).
This strategy script uses a 14-day SMA signal line, a 28-day SMA and RSI. The strategy works by determining whether the (14-day SMA is above the 28-day SMA and the RSI levels are overbought(below 30)) or RSI is very overbought(below 13 or so). Once either of these conditions have been met, a long position is opened.
The initial long position must be partially closed by the take profit first and then the final close is executed if the 14-day signal SMA is below the 28-day SMA; you may also exclusively use take profit to close positions.
The green plotted spikes are the initial long position conditions. The orange plotted spikes are take profit signals once a long position is opened. The red plotted spikes are plotted when the SMA 14-day is below the 28-day SMA.
Please do leave constructive criticism or comments below because it helps me better create scripts!
No crossovers were used in this script, and this is likely the reason for the no repaint(Correct me if wrong).
This strategy script uses a 14-day SMA signal line, a 28-day SMA and RSI. The strategy works by determining whether the (14-day SMA is above the 28-day SMA and the RSI levels are overbought(below 30)) or RSI is very overbought(below 13 or so). Once either of these conditions have been met, a long position is opened.
The initial long position must be partially closed by the take profit first and then the final close is executed if the 14-day signal SMA is below the 28-day SMA; you may also exclusively use take profit to close positions.
The green plotted spikes are the initial long position conditions. The orange plotted spikes are take profit signals once a long position is opened. The red plotted spikes are plotted when the SMA 14-day is below the 28-day SMA.
Please do leave constructive criticism or comments below because it helps me better create scripts!
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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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