Envy's Bollinger Band RSI Strategy - My First Script
This is an indicator that prints buy and sell signals based off the conditions that are met and this strategy itself can be really good when used correctly and do not use this when you are looking at news pair or any pairs of high volatility and this can be done through looking at the market research on the forex.com website.
This strategy uses the bollinger bands paired with RSI to determine the possible entries and when these two conditions are met, one final condition will have to be met, which is the overstretched candle, and if these are all met then the entry is valid.
Now before placing an entry if you do decide to use this strategy please follow the steps below:
Recommended Time frame: 5 Minutes
If RSI is higher or equal to 75 -> Look for sells or enter a small position to test the burst of the candle
RSI > 75 and Overstretched -> Placing sells and if the candle builds up then you can have another position that can be greater than the previous if you want to take that risk (No more than 2 or 3)
Take Profit: 5-10 pips downwards
Stop Loss: 10 pips or higher
If RSI is lower or equal to 25 -> Look for buys or enter a small position to test the burst of the candle
RSI < 25 and Overstretched -> Placing buys and if the candle falls down then you can have another position that can be greater than the previous if you want to take that risk (No more than 2 or 3)
Take Profit: 5-10 pips upwards
Stop Loss: 10 pips or higher
Tip: For extra confirmation use the one minute time frame to your leverage, if both the 1 minute and the 5 minute has their RSI to the key levels then it will be a high probability trade!
Note: Do not trade high volatility news events
The time zone to trade in: London Open - New York Closing
The script also provides you with multiple interchangeable settings that can provide you a better picture of trades and reduce noise, however this is my first script so there will be errors that will be listed below!
The dashboard will show you current RSI value, current pair, current timezone, overall trend with the 100MA and the strategy trend with the bollinger band.
Known Bugs:
-Sometimes the signals won't print depending on the bollinger band upper or lower ring and this can be fixed by lowering RSI, changing RSI source output, changing the bollinger band settings etc.
-The print text is constantly recreated after every candle that meets the conditions (mostly appears on news event pairs) and this can be annoying to see and has a lot of noise - noise can be reduced through increasing RSI Source
-The timezone on the dashboard is constantly set to New York for some odd reason
This strategy uses the bollinger bands paired with RSI to determine the possible entries and when these two conditions are met, one final condition will have to be met, which is the overstretched candle, and if these are all met then the entry is valid.
Now before placing an entry if you do decide to use this strategy please follow the steps below:
Recommended Time frame: 5 Minutes
If RSI is higher or equal to 75 -> Look for sells or enter a small position to test the burst of the candle
RSI > 75 and Overstretched -> Placing sells and if the candle builds up then you can have another position that can be greater than the previous if you want to take that risk (No more than 2 or 3)
Take Profit: 5-10 pips downwards
Stop Loss: 10 pips or higher
If RSI is lower or equal to 25 -> Look for buys or enter a small position to test the burst of the candle
RSI < 25 and Overstretched -> Placing buys and if the candle falls down then you can have another position that can be greater than the previous if you want to take that risk (No more than 2 or 3)
Take Profit: 5-10 pips upwards
Stop Loss: 10 pips or higher
Tip: For extra confirmation use the one minute time frame to your leverage, if both the 1 minute and the 5 minute has their RSI to the key levels then it will be a high probability trade!
Note: Do not trade high volatility news events
The time zone to trade in: London Open - New York Closing
The script also provides you with multiple interchangeable settings that can provide you a better picture of trades and reduce noise, however this is my first script so there will be errors that will be listed below!
The dashboard will show you current RSI value, current pair, current timezone, overall trend with the 100MA and the strategy trend with the bollinger band.
Known Bugs:
-Sometimes the signals won't print depending on the bollinger band upper or lower ring and this can be fixed by lowering RSI, changing RSI source output, changing the bollinger band settings etc.
-The print text is constantly recreated after every candle that meets the conditions (mostly appears on news event pairs) and this can be annoying to see and has a lot of noise - noise can be reduced through increasing RSI Source
-The timezone on the dashboard is constantly set to New York for some odd reason