Implementation of strategy - Supertrend + RSI. Buy when price is above Supertrend and RSI is below 30 (oversold). Sell when price is below Supertrend and RSI is above 70 (overbought).
The Supertrend indicator shows the current trend, and RSI spots when price is stretched. Orders follow the Supertrend direction once RSI reaches an extreme.
A good choice for traders relying on trailing stops. The built-in stop from Supertrend works with the ATR setting to cap losses.
Entry Criteria:
Long: Close > Supertrend && RSI < RsiOversold
Short: Close < Supertrend && RSI > RsiOverbought
[]Long/Short: Both
[]Exit Criteria:
Supertrend flip in opposite direction
[]Stops: Uses Supertrend as trailing stop
[]Default Values:
SupertrendPeriod = 10
SupertrendMultiplier = 3.0m
RsiPeriod = 14
RsiOversold = 30m
RsiOverbought = 70m
CandleType = TimeSpan.FromMinutes(5).TimeFrame()
[*]Filters:
Category: Mean reversion
Direction: Both
Indicators: Supertrend, RSI
Stops: Yes
Complexity: Intermediate
Timeframe: Mid-term
Seasonality: No
Neural Networks: No
Divergence: No
Risk Level: Medium