Presenting the Pineconnector RSI Strategy, a robust approach tailored for identifying favorable entry and exit points in uptrending assets across various markets such as cryptocurrencies, stocks, and gold. This strategy amalgamates Heikin Ashi candlestick patterns and the Relative Strength Index (RSI) to navigate potential price fluctuations effectively.
Core Functionality:
Buy Signal: The strategy triggers a buy signal when a bullish (green) Heikin Ashi candle follows a bearish (red) one, indicating a possible reversal from a downtrend. Furthermore, the RSI must be below a user-defined threshold (default: 35) to avoid purchasing overbought assets. Sell Signal: Exiting the trade occurs when the RSI surpasses the user-defined exit level (default: 65), indicating a potential overbought scenario. Take profit: The take profit is based on support and resistance. Dollar cost average: The strategy uses dollar cost average to enter trades in case the trade goes in the opposite direction. Backtesting Flexibility: Users have the flexibility to customize the backtesting period according to their preferences by specifying the start and end years. Integration with Metatrader, Pepperstone, and Pineconnector: The strategy is ready to be integrated with Pineconnector and Pepperstone. However, it can be adapted for any broker.
Key Advantages:
Trend-Following: Specifically crafted for assets exhibiting upward trends, aiming to capture profitable price movements. Dynamic RSI Integration: The inclusion of the RSI indicator refines entry signals by steering clear of overbought situations. Dynamic take profit: The take profit is calculated dynamically based on support and resistance. User-Defined Parameters: Enables customization of exit thresholds and backtesting periods, empowering traders to align the strategy with their unique trading styles. Commission and Slippage Consideration: The script incorporates realistic commission fees (0.01%) and slippage (2%) for a more precise backtesting experience. Outperforms Buy-and-Hold: Backtesting results suggest that this strategy surpasses a simple buy-and-hold approach in uptrending markets. Overall, the Pineconnector RSI Strategy offers traders a valuable tool to capitalize on long opportunities in trending markets, leveraging Heikin Ashi candles and RSI confirmation to make informed trading decisions.
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Added backtesting setting for different pairs
Updated lookback bars from 100 to 200
Updated entries and profits
Added time filter
Added support and resistance drawings on chart
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Fixed "Chart did not generate any trades" issue
Added additional entry signal
Updated backtesting parameters since 2021
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Adjusted the entries and exit points for better performance
Updated parameter for diferent pairs
Added price conversion for USDCAD
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Removed exit on 1% profit
Added averaging of previous swing levels as exit and entry points
Well done for your script ! It is very promising indeed. Nevertheless, I tried it on the 1h EUR/USD and I have the error message "This strategy did not generate any orders" but it works on the 15min ;)
lifestylemaniacsrt
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@Flyingmouch, Thank you! Try to change the start year. It happens to me too when I add a start year lower than 2022. Look at the list of trades. If it is only one, then the issue is the start date.