MTF Diagonally Layered RSI - 1 minute Bitcoin Bot [wbburgin] — Strategy by wbburgin
By wbburgin
Performance Metrics
- Author: wbburgin
- Symbol: BINANCEUS:BTCUSD
- Timeframe: 1 minute
- Net P&L: +206.39 USD (+6.93%)
- Win Rate: 96.5%
- Profit Factor: 265.571
- Max Drawdown: 7.64 USD (0.25%)
- Total Trades: 29
- Sharpe Ratio: 0.758
Description
Mar 30, 2023This is a NON-REPAINTING multi-timeframe RSI strategy (long-only) that enters a trade only when two higher timeframes are oversold. I wrote it on BTC/USD for 1min, but the logic should work on other assets as well. It is diagonally layered to be profitable for when the asset is in a downtrend.Diagonal layering refers to entry and exit conditions spread across different timeframes. Normally, indicators can become unprofitable because in downtrends, the overbought zones of the current timeframe are not reached. Rather, the overbought zones of the faster timeframes are reached first, and then a selloff occurs. Diagonally-layered strategies mitigate this by selling diagonally, that is, selling once the faster timeframe reaches overbought and buying once the slower timeframe reaches oversold.Thus this strategy is diagonally layered down. I may create a separate script that alternates between diagonal-up and diagonal-down based off of overall trend, as in extended trend periods up this indicator may not flash as frequently. This can be visualized in a time series x timeframe chart as an "X" shape. Something to consider...Let me know if you like this strategy. Feel free to alter the pyramiding entries, initial capital, and entry size, as well as commission regime. My strategies are designed to maximize average profit instead of flashing super frequently, as the fees will eat you up. Additionally, at the time of publication, all of my strategy scripts are intended to have profitable Sharpe and Sortino ratios.Timeframes, RSI period, and oversold/overbought bounds are configurable.Mar 30, 2023Release NotesAltered to align with Tradingview's method of non-repainting, see the link inside the script.Apr 26, 2023Release NotesAdded another way to prevent repaint. The "Manual Calculation" will use the multiple between your current timeframe and your higher timeframes to calculate the RSI. Compare it with tradingview's default RSI - it is practically the same!I set this new RSI setting as default. It should not repaint at ALL now because all higher TF RSI's are being calculated from the group up using timeframe multiples.Apr 26, 2023Release NotesAdded short capabilities.Apr 27, 2023Release NotesAdded timeframes above 4 hours to the manual calculation method.Apr 27, 2023Release NotesChanged tooltip message.Apr 27, 2023Release NotesUpdated strat settings.Apr 27, 2023Release NotesI didn't have the input for the ema actually link to the ema calculation. Now it does.May 8, 2023Release NotesOption to go both long and short vs. just long is now in settings (for those in the comments wondering about changing the code).May 8, 2023Release NotesAdded title to short trades.