Implementation of strategy - RSI + Williams %R. Buy when RSI is below 30 and Williams %R is below -80 (double oversold condition). Sell when RSI is above 70 and Williams %R is above -20 (double overbought condition).
RSI outlines the overall momentum, while Williams %R gives a quicker signal of reversal. Trades act on agreement between the two oscillators.
Good for active traders chasing short swings. ATR-based stops are employed.
Entry Criteria:
Long: RSI < RsiOversold && WilliamsR < WilliamsROversold
Short: RSI > RsiOverbought && WilliamsR > WilliamsROverbought
[]Long/Short: Both
[]Exit Criteria:
RSI returns to neutral zone
[]Stops: Percent-based using StopLoss
[]Default Values:
RsiPeriod = 14
RsiOversold = 30m
RsiOverbought = 70m
WilliamsRPeriod = 14
WilliamsROversold = -80m
WilliamsROverbought = -20m
StopLoss = new Unit(2, UnitTypes.Percent)
CandleType = TimeSpan.FromMinutes(5).TimeFrame()
[*]Filters:
Category: Mean reversion
Direction: Both
Indicators: RSI, Williams %R, R
Stops: Yes
Complexity: Intermediate
Timeframe: Mid-term
Seasonality: No
Neural Networks: No
Divergence: No
Risk Level: Medium