OPEN-SOURCE SCRIPT
RSI2 with alerts by Mr.TuanDoan for Binary Option
Idea was developed from Larry Connors RSI2.
The 2-period RSI strategy is a fairly simple mean-reversion trading strategy designed to buy or sell securities after a corrective period.
You should look for buying opportunities when 2-period RSI moves below Lower Band (5), which is considered deeply oversold. Conversely, you can look for short-selling opportunities when 2-period RSI moves above Upper Band (95).
This is a rather aggressive short-term strategy for Binary Option.
Best use with Stoch RSI x 2.
The settings for Stoch RSI are
- Slow: 3 3 14 14
- Fast: 3 3 5 5
Only consider a PUT/CALL when both Stoch RSI are in the same state (overbought/oversold).
When arrow appears on the candle, it likely reverse the current trend.
Note
The 2-period RSI strategy is a fairly simple mean-reversion trading strategy designed to buy or sell securities after a corrective period.
You should look for buying opportunities when 2-period RSI moves below Lower Band (5), which is considered deeply oversold. Conversely, you can look for short-selling opportunities when 2-period RSI moves above Upper Band (95).
This is a rather aggressive short-term strategy for Binary Option.
Best use with Stoch RSI x 2.
The settings for Stoch RSI are
- Slow: 3 3 14 14
- Fast: 3 3 5 5
Only consider a PUT/CALL when both Stoch RSI are in the same state (overbought/oversold).
When arrow appears on the candle, it likely reverse the current trend.
Note
- This is not a holy-grail.
- Please follow your risk management
- Confirmations must be met before entering a trade
- It's for Binary Option
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.