This script was created as an experiment using ChatGPT. I actually woudn't recommend using the ai program to help you with your Pinescripts, as it makes a fair amount of mistakes. It was a fun experiment however.
The script is a simple buy and hold tool. Here's what it does:
- Everytime the rsi enters below the set treshold, a counter increases. - The second increase of the counter happens when the price goes above the treshold, and then dips below the treshold again. - The program would fire off a buy signal when the counter hits the number 3. - After the buy. the counter will reset.
Lets take a look at the following example where the rsi treshold is 30: - So the rsi dips below 30 and the initial counter is set from 0 to 1. - The price rises which brings the rsi back to 40. - Then another dip happens and the rsi is now 25, increasing the counter from 1 two. - Rsi now dips to 23 and nothing happens. - Rsi goes back up to 31, and dips back to 28 which puts the counter at 3. A buy singal is now fired and the counter is set to 0.