To implement the RSI2 strategy
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//@version=5 strategy("RSI2 Strategy", overlay=true) // Input parameters sma200_length = input.int(200, title="SMA 200 Length") sma5_length = input.int(5, title="SMA 5 Length") rsi_length = input.int(2, title="RSI Length") rsi_buy_threshold = input.float(5, title="RSI Buy Threshold", minval=0, maxval=100) rsi_sell_threshold = input.float(95, title="RSI Sell Threshold", minval=0, maxval=100) // Calculating indicators sma200 = ta.sma(close, sma200_length) sma5 = ta.sma(close, sma5_length) rsi2 = ta.rsi(close, rsi_length) // Plotting moving averages plot(sma200, color=color.red, title="SMA 200") plot(sma5, color=color.fuchsia, title="SMA 5") // Use `color.fuchsia` instead of `color.pink` // Generating signals buy_signal = rsi2 < rsi_buy_threshold and close > sma200 sell_signal = rsi2 > rsi_sell_threshold and close < sma200 // Plotting signals on the chart plotshape(series=buy_signal, location=location.belowbar, color=color.green, style=shape.labelup, text="Buy", title="Buy Signal") plotshape(series=sell_signal, location=location.abovebar, color=color.red, style=shape.labeldown, text="Sell", title="Sell Signal") // Strategy execution if (buy_signal) strategy.entry("Buy", strategy.long) if (sell_signal) strategy.entry("Sell", strategy.short) // Optional: Stop-loss mechanism based on SMA5 use_stop_loss = input.bool(true, title="Use Stop Loss?") if (use_stop_loss) long_stop = close < sma5 short_stop = close > sma5 if (long_stop) strategy.close("Buy") if (short_stop) strategy.close("Sell")
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