RSI Indicator Pinescript
These strategies are for demonstration purposes only and are not intended for actual trading. Saanmi Capital is not responsible for any profit or loss arising from the use of these sample strategies.
//@version=5
strategy(“RSI Strategy”, overlay=true)
// Input parameters
rsi_length = input.int(14, title=”RSI Length”)
overbought_level = input.int(70, title=”Overbought Level”)
oversold_level = input.int(30, title=”Oversold Level”)
target_points = input.int(100, title=”Target Points”)
stop_loss_points = input.int(50, title=”Stop Loss Points”)
// Calculate RSI
rsi = ta.rsi(close, rsi_length)
// Strategy logic
long_condition = ta.crossover(rsi, oversold_level)
short_condition = ta.crossunder(rsi, overbought_level)
// Plot RSI
plot(rsi, color=color.blue, title=”RSI”)
// Strategy entry
if long_condition
strategy.entry(“Long”, strategy.long)
if short_condition
strategy.entry(“Short”, strategy.short)
// Calculate target and stop loss levels
long_target = strategy.position_avg_price + target_points
long_stop_loss = strategy.position_avg_price – stop_loss_points
short_target = strategy.position_avg_price – target_points
short_stop_loss = strategy.position_avg_price + stop_loss_points
// Strategy exit
strategy.exit(“Long Exit”, “Long”, limit=long_target, stop=long_stop_loss)
strategy.exit(“Short Exit”, “Short”, limit=short_target, stop=short_stop_loss)