This simple strategy only triggers when both the and the are together in a overbought or oversold condition. The one hour chart of the S&P 500 worked quite well recently with this double strategy.
By the way this strategy should not be confused with the 'Stochastic RSI', which measures the only.
All trading involves high risk; past performance is not necessarily indicative of future results.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.
//@version=2 strategy("Stochastic + RSI, Double Strategy (by ChartArt)", shorttitle="CA_-_RSI_Stoch_Strat", overlay=true) // ChartArt's Stochastic Slow + Relative Strength Index, Double Strategy // // Version 1.0 // Idea by ChartArt on October 23, 2015. // // This strategy combines the classic RSI // strategy to sell when the RSI increases // over 70 (or to buy when it falls below 30), // with the classic Stochastic Slow strategy // to sell when the Stochastic oscillator // exceeds the value of 80 (and to buy when // this value is below 20). // // This simple strategy only triggers when // both the RSI and the Stochastic are together // in overbought or oversold conditions. // // List of my work: // https://www.tradingview.com/u/ChartArt/ ///////////// Stochastic Slow Stochlength = input(14, minval=1, title="lookback length of Stochastic") StochOverBought = input(80, title="Stochastic overbought condition") StochOverSold = input(20, title="Stochastic oversold condition") smoothK = input(3, title="smoothing of Stochastic %K ") smoothD = input(3, title="moving average of Stochastic %K") k = sma(stoch(close, high, low, Stochlength), smoothK) d = sma(k, smoothD) ///////////// RSI RSIlength = input( 14, minval=1 , title="lookback length of RSI") RSIOverBought = input( 70 , title="RSI overbought condition") RSIOverSold = input( 30 , title="RSI oversold condition") RSIprice = close vrsi = rsi(RSIprice, RSIlength) ///////////// Double strategy: RSI strategy + Stochastic strategy if (not na(k) and not na(d)) if (crossover(k,d) and k < StochOverSold) if (not na(vrsi)) and (crossover(vrsi, RSIOverSold)) strategy.entry("LONG", strategy.long, comment="StochLE + RsiLE") if (crossunder(k,d) and k > StochOverBought) if (crossunder(vrsi, RSIOverBought)) strategy.entry("SHORT", strategy.short, comment="StochSE + RsiSE") //plot(strategy.equity, title="equity", color=red, linewidth=2, style=areabr)
I assume what you mean is that it "repaints" after a candle has closed. Because signals are shown as soon a new candle is printed and if the new candle closes much higher or lower than it opened then it "repaints". But that is an issue which EVERY indicator on Tradingview has.
Strategies which actually repaint, because they use future information not available at the time of trading only in hindsight (because they use close prices of higher-time frames) are especially these two strategies:
And this strategy also repaints, but not as badly as the previous two: