Double RSI PineScript

gistfile1.txt

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © sudoaza

//@version=4
strategy("Double RSI")

// Fix the backtest graph
order_size = round(1 / close[1])

// Define RSI functions
_fast_rsi = rsi(close, 7)
_slow_rsi = rsi(close, 7)

// Calculate RSI series
fast_rsi = security(syminfo.tickerid, '3', _fast_rsi)
slow_rsi = security(syminfo.tickerid, '60', _slow_rsi)

// RSI Conditions
// Fast (short period) RSI is BUY
fast_ok = fast_rsi < 50 
// Slow (long period) RSI is RANGING
slow_ok = (slow_rsi < 70) and (slow_rsi > 20)

plot(slow_rsi, "Slow RSI", slow_ok ? color.blue : color.purple)
plot(fast_rsi, "Fast RSI", fast_ok ? color.yellow : color.orange)

// Price is going up
fast_close = security(syminfo.tickerid, '3', close)
rising = rising(fast_close, 2)

// All conditions met
buy = slow_ok and fast_ok and rising

plot(buy ? 100 : 0, "Buy", color=buy ? color.green : color.red)

// Prices vary this much
atr = atr(14)
atr_1hour = security(syminfo.tickerid, '3', atr)

if (buy)
    take_profit = high + atr
    stop_loss = max(low - atr * 2, low * 0.98)
    // TODO there is an issue here, when the exit is not met for the previous buy
    // it changes the exit to the new one. Maybe set a flag on entry/exit

    strategy.entry("long", strategy.long, order_size)
    strategy.exit("exit", "long", stop=stop_loss, limit=take_profit)