INVITE-ONLY SCRIPT
Premium MTF Layered RSI - Bitcoin Bot [wbburgin]
This the premium version of my MTF Layered RSI strategy, which improves significantly on the original strategy (publicly available on my profile). Improvements are below. This strategy will also appear as an overlay on your chart. It is completely non-repainting.
The MTF Layered RSI strategy uses the current timeframe and two configurable higher timeframes to enter a long position when Bitcoin is oversold on all three timeframes, and exit the long position when Bitcoin is overbought on the current timeframe. This hedges against situations where the RSI on higher timeframes never reaches the overbought level and we are left "holding the bag" so to speak with the classic "enter long at oversold and enter short at overbought" strategy.
IMPORTANT: This strategy does not work on ranges. It will work on all timeframes and assets, but does not work on ranges (Renko blocks and some other advanced types of charts).
********** My Background
I am an investor, trader, and entrepreneur with 10 years of cryptocurrency and equity trading experience and founder of two fintech startups. I am a graduate of a prestigious university in the United States and carry broad and inclusive interests in mathematical finance, computer science, machine learning / artificial intelligence, as well as other fields.
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Improvements over the original MTF RSI strategy include:
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Display
Configuring Stop Loss or Take Profit will make their corresponding displays appear.
Separately from the trading boxes, background colors (green, red) signify extended uptrends and downtrends, respectively.
Configuring Alerts
In TradingView desktop, go to the ‘Alerts’ tab on the right panel. Click the “+” button to create a new alert. Select this strategy for the condition and one of the two options that includes alert() function calls. Name the alert what you wish and clear the default message, because your text in the settings will replace this message.
Now that the alert is configured, you can go to the settings of the strategy and fill in your chosen text for the specific alert condition. You will need to check “Long and Short” in the “Trade Direction” setting in order for any Short Alerts to become active. Similarly, you will need to check “Enable Stop Loss” for stop loss alerts to become active and “Enable Take Profit” for take profit alerts to become active.
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Disclaimer
Copyright by wbburgin.
The information contained in my Scripts/Indicators/Algorithms does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
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Notes on the Strategy Performance below: This is 3% of equity per trade, with a pyramiding number of 3. I did not include fees because Binance US on Bitcoin/USD does not charge fees on the instrument; however, I heavily encourage you to include fees in your backtesting if you use a different brokerage. To mitigate fees, this strategy is designed with a high average %/trade. If your current fees are greater than the strategy's average %/trade, I encourage you to choose a higher RSI period, such as 14 or 28, which will result in less trades but potentially a higher %/trade.
The MTF Layered RSI strategy uses the current timeframe and two configurable higher timeframes to enter a long position when Bitcoin is oversold on all three timeframes, and exit the long position when Bitcoin is overbought on the current timeframe. This hedges against situations where the RSI on higher timeframes never reaches the overbought level and we are left "holding the bag" so to speak with the classic "enter long at oversold and enter short at overbought" strategy.
IMPORTANT: This strategy does not work on ranges. It will work on all timeframes and assets, but does not work on ranges (Renko blocks and some other advanced types of charts).
********** My Background
I am an investor, trader, and entrepreneur with 10 years of cryptocurrency and equity trading experience and founder of two fintech startups. I am a graduate of a prestigious university in the United States and carry broad and inclusive interests in mathematical finance, computer science, machine learning / artificial intelligence, as well as other fields.
**********
Improvements over the original MTF RSI strategy include:
- Filters for Uptrends and Downtrends → The Premium RSI strategy will adjust its buy and sell thresholds depending on whether the instrument is trending. This means that, in uptrends, the Premium strategy will buy more frequently, bringing in potentially greater profit, and in downtrends, the strategy will stop buying altogether. These filters and dynamic buy/sell thresholds have made this strategy more profitable in my backtesting across random timeframes, but I cannot guarantee that the strategy will be profitable for you on the default settings. To that end, I have enabled a number of different configurations that you can change in the settings of the strategy.
- Stop Loss / Take Profit Calculation Per Tick → Stop loss and take profit are now both enabled in the script and each has their own alerts. You can specify what type of stop loss or take profit you want: percentage or ATR. If you have alerts configured, you will be alerted mid-bar, instead of at close. This helps prevent loss from abrupt falls in price between closing price and next bar open.
- Customizable Alert Messages In-Strategy → In the settings, there will be text boxes where you can create your own alerts. All you will need to do is create an alert in the alert panel on Tradingview and leave the message box blank - if you fill out the alert boxes in the settings, these will automatically populate into your alerts. There are in total eight different customizable alerts messages: Entry, Exit, Stop loss, and Take profit alerts for both Long and Short sides. If you disable stop loss and/or take profit, these alerts will also be disabled. Similarly, if you disable shorts, all short alerts will be disabled.
**********
Display
Configuring Stop Loss or Take Profit will make their corresponding displays appear.
Separately from the trading boxes, background colors (green, red) signify extended uptrends and downtrends, respectively.
Configuring Alerts
In TradingView desktop, go to the ‘Alerts’ tab on the right panel. Click the “+” button to create a new alert. Select this strategy for the condition and one of the two options that includes alert() function calls. Name the alert what you wish and clear the default message, because your text in the settings will replace this message.
Now that the alert is configured, you can go to the settings of the strategy and fill in your chosen text for the specific alert condition. You will need to check “Long and Short” in the “Trade Direction” setting in order for any Short Alerts to become active. Similarly, you will need to check “Enable Stop Loss” for stop loss alerts to become active and “Enable Take Profit” for take profit alerts to become active.
**********
Disclaimer
Copyright by wbburgin.
The information contained in my Scripts/Indicators/Algorithms does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
**********
Notes on the Strategy Performance below: This is 3% of equity per trade, with a pyramiding number of 3. I did not include fees because Binance US on Bitcoin/USD does not charge fees on the instrument; however, I heavily encourage you to include fees in your backtesting if you use a different brokerage. To mitigate fees, this strategy is designed with a high average %/trade. If your current fees are greater than the strategy's average %/trade, I encourage you to choose a higher RSI period, such as 14 or 28, which will result in less trades but potentially a higher %/trade.
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact wbburgin for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Author's instructions
″Please visit the following link or the link in my profile to access this script: https://www.patreon.com/wbburgin/membership
Want to use this script on a chart?
Warning: please read before requesting access.
FAQ: I am gradually phasing out my Patreon because of the time it takes to maintain.
BTC: 35PdMMMXFCvPjXKwn8wsRFNwMEPgStaKUJ
Test my strategies on CryptoRobotics: cryptorobotics.co/?trade=f23b09
BTC: 35PdMMMXFCvPjXKwn8wsRFNwMEPgStaKUJ
Test my strategies on CryptoRobotics: cryptorobotics.co/?trade=f23b09
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.