OPEN-SOURCE SCRIPT
Supertrend + RSI Strategy [Alose]
This strategy combines the best of both indicators (Supertrend & RSI).
As we know, Supertrend is excellent at finding changes in the market trend and thus finding the best entries, however in my opinion it has a great weakness and it is that it does not know how to find the best exit point.
For this reason I decided to combine it with the RSI that we know usually knows the highest and lowest rebound points of the price, thus managing to find the best exit point for the strategy.
The best thing about combining these 2 indicators is that our trades will obtain better profits in less time.
LONG ENTRY
LONG EXIT
There are two ways to close the trade:
SHORT ENTRY (You can enable short entries in strategy settings)
LONG EXIT
There are two ways to close the trade:
As we know, Supertrend is excellent at finding changes in the market trend and thus finding the best entries, however in my opinion it has a great weakness and it is that it does not know how to find the best exit point.
For this reason I decided to combine it with the RSI that we know usually knows the highest and lowest rebound points of the price, thus managing to find the best exit point for the strategy.
The best thing about combining these 2 indicators is that our trades will obtain better profits in less time.
LONG ENTRY
- When SuperTrend changes its direction and it is less than 0.
LONG EXIT
There are two ways to close the trade:
- When RSI is overbought, you can choose the "Overbought Level " inside the strategy settings (Default: 72).
- When SuperTrend changes its direction and it is grater than 0.
SHORT ENTRY (You can enable short entries in strategy settings)
- When SuperTrend changes its direction and it is grater than 0.
LONG EXIT
There are two ways to close the trade:
- When RSI is oversold, you can choose the "Oversold Level " inside the strategy settings (Default: 28).
- When SuperTrend changes its direction and it is less than 0.
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.
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