Fibonacci + RSI - Strategy

Strategy: Fibonacci + RSI:

- Intraday trading strategy (Scalping).

Time Frames Tested with best Results:
  • 30 Minutes.
  • 5 Minutes.
  • 15 Minutes.
  • 1 Minute

Indicators Used:

  • RSI (30 / 70)
  • Fibonacci (1 - 0.784)

How it Works:
Once the Price Hits the 1 or -1 Fibonacci Level and bounces a little bit, It checks the RSI if Over Bought or Over Sold According to 30 - 70.
If both conditions are satisfied, it triggers a Long or Short Positions.

Further Notes:
- I have put a Stop-loss with a 2% just for further upgrades.
- Not advised to use in High Volatility Markets.
- No Repaint was observed during a 2-Weeks Tests.

If you have any suggestions or modifications please contact to add.
If you have observed any bad behavior please contact to fix.

Trade wisely.
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Bình luận

@MohamedYAbelaziz, I get an error message "The script must have one study() or strategy() function call"
Please advise.
Phản hồi
MohamedYAbdelaziz bharatshetty30
@bharatshetty30, I think you have made a copy of the script and tried to edit some of it, try working on a fresh copy instead.. I believe its working fine.. if you can send me a private message with the problem in your edited script i would be happy to help..
Phản hồi
Today, I added in the Banknifty (India) but nothing is showing. Can you please help for me it is really appreciable.
Phản hồi
MohamedYAbdelaziz deveshverma0493
@deveshverma0493, Hey, I haven't tested this on the stock market to be frank, since i rarely do trade on that. but it seems to be working fine in popular stocks like apple and microsoft n so on..
probably its a little bit strict in the rules that this particular stock has not met for the past few months.. but i will take a look on that.
Phản hồi
The winning rate of this test is great, but it's a little bit about the frequency of short-term trading. I don't know if there is any setting
Phản hồi
MohamedYAbdelaziz chainiao1234
@chainiao1234, I am working on a better version of the script to work on most of the time frames instead the short TF, and probably will be posted as an indicator with Alerts. but this might take a while.
Phản hồi
Hey ! this is great - I noticed the stop loss isnt working ? When I check trades, the drawdown goes over the stop loss criteria and does not count it as a loss.
Phản hồi
@JayRav, Yea.. I have observed that as well n tried to solve this minor issue but was unfortunate with that.. If you can suggest any solution please share it.. Thanks
Phản hồi
JayRav MohamedYAbdelaziz
@MohamedYAbdelaziz, Im still new to pinescript coding but Ill give it a shot and let you know if I come up with anything that works :)
+1 Phản hồi
Did you plan to do a study version for alert?
Phản hồi
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