OPEN-SOURCE SCRIPT
TonyM RSI
Summary:
The strategy identifies trade entries based on RSI, opens initial positions, and scales into trades if the market moves against them. Profits are taken based on an average entry price with a defined target. It operates only during a specific trading time window, combining RSI signals with a scaling mechanism to potentially improve profitability.
The strategy identifies trade entries based on RSI, opens initial positions, and scales into trades if the market moves against them. Profits are taken based on an average entry price with a defined target. It operates only during a specific trading time window, combining RSI signals with a scaling mechanism to potentially improve profitability.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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