This script is a combination of the RSI Divergence Strategy combined with Ichimoku Cloud and 200 EMA .
A long position is entered only when the RSI identifies a bullish divergence (either regular or hidden), and that the Ichimoku Cloud is above the 200 EMA . This is to ensure that there is a confirmation of a bullish trend before an entry.
Similarly, a short position is entered only when the RSI identified a bearish divergence (either regular or hidden), and that the Ichimoku Cloud is below the 200 EMA . This is to ensure that there is a confirmation of a bearish trend before an entry.
I find that this script works best on Intraday charts.
This is just a simple script I built on my third attempt of backtesting strategies on TradingView. Do give it a go and let me know if you guys have any feedback or comments about it. Happy trading!
This is exactly the script I was going to write.....you've saved me some time!
I use this manually on 10 min and 1 hour charts for stocks. You've mentioned intraday as well, can you please advise what time frame have you tested this on? Also do you only use it for currency?
tradethrills
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@gary_trades, Hi sorry for the late reply! I've only tested this script on Intraday charts and only on currencies since that is what I trade. Do let me know if you find success in trying this out on other asset classes/timeframes!
vdelarosa2
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any way you can make it so it only trades 1 contract instead of 1,000 contracts ? its kinda annoying to have to do the math
thanks
VictorVCZ
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Hello! thanks for that job. How could i know the TP and SL parapeters? are they changing while i change the parameters of the strategy, but i would like to know the conditions to close an open position. thanks again
Ethicaltrader
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is it repaints? if no im ready to test this in my real account.
tradethrills
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@Ethicaltrader, the indicators follow the price movement as price changes. please do your due diligence before using it in your real account. happy trading!
I use this manually on 10 min and 1 hour charts for stocks. You've mentioned intraday as well, can you please advise what time frame have you tested this on? Also do you only use it for currency?