OPEN-SOURCE SCRIPT
UT Bot Stochastic RSI
Updated
UT Bot Stochastic RSI is a powerful trading tool designed to help traders identify potential buy and sell signals in the market. This indicator combines the Stochastic and RSI (Relative Strength Index) oscillators, two of the most popular and effective technical analysis tools, to provide a comprehensive view of market conditions.
The Stochastic oscillator is a momentum indicator that compares a security's closing price to its price range over a given time period. The RSI, on the other hand, is a momentum oscillator that measures the speed and change of price movements. By combining these two indicators, the UT Bot Stochastic RSI can help traders identify overbought and oversold conditions, as well as potential trend reversals.
The UT Bot Stochastic RSI also includes an ATR (Average True Range) trailing stop, which can be used to set stop-loss levels and manage risk. This feature is particularly useful in volatile markets, where price movements can be large and unpredictable.
In addition to its powerful technical analysis tools, the UT Bot Stochastic RSI also includes a backtesting feature, allowing traders to test their strategies on historical data. This can help traders identify the most effective settings for the indicator and improve their trading performance.
Overall, the UT Bot Stochastic RSI is a versatile and effective tool for traders of all levels, providing valuable insights into market conditions and helping to improve trading decisions
The Stochastic oscillator is a momentum indicator that compares a security's closing price to its price range over a given time period. The RSI, on the other hand, is a momentum oscillator that measures the speed and change of price movements. By combining these two indicators, the UT Bot Stochastic RSI can help traders identify overbought and oversold conditions, as well as potential trend reversals.
The UT Bot Stochastic RSI also includes an ATR (Average True Range) trailing stop, which can be used to set stop-loss levels and manage risk. This feature is particularly useful in volatile markets, where price movements can be large and unpredictable.
In addition to its powerful technical analysis tools, the UT Bot Stochastic RSI also includes a backtesting feature, allowing traders to test their strategies on historical data. This can help traders identify the most effective settings for the indicator and improve their trading performance.
Overall, the UT Bot Stochastic RSI is a versatile and effective tool for traders of all levels, providing valuable insights into market conditions and helping to improve trading decisions
Release Notes
This advanced indicator streamlines your technical analysis and generates trade signals with greater efficiency. Here's what sets it apart:1. Automated Strategy Selection:
Ditch the manual configuration! This indicator intelligently adapts to the security you're analyzing.
It dynamically chooses the optimal combination from ATR, RSI, and Stochastic oscillators, eliminating the need for human evaluation.
2. Enhanced with Alerts:
Never miss a trading opportunity again. Receive timely alerts directly on your TradingView chart whenever a buy or sell signal is generated.
This allows for a more proactive trading approach.
3. Effortless Signal Generation:
Focus on making informed decisions, not tedious calculations.
This indicator automates the entire technical analysis process, saving you valuable time and effort.
In summary, this indicator empowers you with:
Intelligent Strategy Selection: Enjoy data-driven decisions, tailored to each security.
Automated Alerts: React swiftly to market movements with timely notifications.
Effortless Signal Generation: Trade with confidence based on automated technical analysis.
Take your trading to the next level. Get this indicator today for free!
Release Notes
Commenting out debug logs for performance optimisation.Release Notes
This update introduces a valuable new feature designed to provide deeper insights into your indicator's performance:Stock Growth Percentage Integration: We've incorporated the calculation of a stock's growth percentage in the profit table. This metric will serve as a benchmark to evaluate the indicator's profit generation capabilities.
By comparing the indicator's profit percentage with the stock's overall growth, you gain a clearer understanding of:
Indicator Effectiveness: Identify how effectively the indicator generates profitable trades relative to the stock's natural market movement.
Outperformance Potential: Assess the indicator's ability to surpass the baseline growth of the stock, highlighting its potential for generating excess return.
This enhancement empowers you to make more informed decisions about your trading strategy. Utilize the stock growth percentage to refine your indicator and optimize its performance for your specific trading goals.
Release Notes
We're thrilled to announce the addition of a new feature designed to empower your trading journey: Low-Risk Entry. This option caters to traders who prioritize safety and a less aggressive approach.Low-Risk Entry leverages the well-respected EMA 50/200 crossover strategy, providing valuable insights for identifying potentially lower-risk entry points.
Here's how Low-Risk Entry empowers you:
Enhanced Risk Management: By focusing on the confirmation of a long-term trend, this option helps you avoid impulsive entries during short-term fluctuations.
Improved Entry Timing: The EMA 50/200 crossover provides a strong signal for potential trend continuation, allowing for more strategic entry placements.
Increased Confidence: This feature emphasizes confirmation, adding another layer of validation to your entry decisions.
Low-Risk Entry is ideal for traders seeking:
Long-Term Trend Alignments: Focus on capitalizing on established trends with the potential for reduced risk.
Reduced Market Noise: Filter out short-term volatility and focus on confirmed signals.
Greater Peace of Mind: Gain confidence by incorporating a confirmation element into your entry strategy.
We encourage you to explore Low-Risk Entry and experience the benefits of a more conservative and strategic approach to trading.
Release Notes
Order Impact on Overall Percent FixedPreviously, the order of buy and sell transactions impacted the overall percentage calculations.
Investment per Trade Row
The calculation now uses a fixed investment per trade row instead of the open balance.
Fixed Transaction Amount
Every trade transaction is now calculated using a fixed investment amount of $1000
Release Notes
- Added two intermediate checkpoints date between the back test start and end date.
- It can be used to calculate the intermediate profit percentage for a given back test date range.
- It can also be used to see the intermediate profit percentage trend.
Release Notes
- Added Checkpoints Table
- It now shows Wins/Losses, Stock Growth % along with indicator's Profit % for the checkpoint dates
- A new checkbox is added in the settings just like Show Backtest. It's name is Show Checkpoints.
- By default, Show Checkpoints is set to true.
- Please set it to false to hide the newly added checkpoints table.
Release Notes
- Setting Show Checkpoints to false by default
- It is done to prevent overlapping of backtest and checkpoints table on small devices
- On small devices please use landscape mode to view both the backtest and checkpoints table.
- In the settings please set 'Show Checkpoints' to true to view the checkpoints table
Release Notes
- Fix checkpoints stock growth %
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
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.