RSI W Pattern strategy by eemani123
By eemani123
Performance Metrics
- Author: eemani123
- Symbol: AMEX:SPY
- Timeframe: 1 day
- Net P&L: +271.73 USD (+0.27%)
- Win Rate: 90.8%
- Profit Factor: 3.452
- Max Drawdown: 34.19 USD (0.03%)
- Total Trades: 153
- Sharpe Ratio: −43.573
Description
This strategy is similar to RSI V pattern strategy, but it looks for W pattern in RSI chart.RULES======BUY1. ema20 is above ema502. RSI5 crossing up 30 from oversold area3. and RSI5 must be below overbought area (default value set to 65)Add to existing Position1. You can add on the next W pattern OR2. if RSI5 is crossing up from below 20Exit1. when RSI5 reaches 75Note: This is for short term/swing trading . which gets on when price dip in trending and quickly gets you out on RSI overbought area