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  • Directional and Breakout Strategy

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    mandar.bahadarpurkar
    4 views1 page
    This strategy uses directional lines and RSI signals to identify trading opportunities. It calculates an exponential moving average (EMA) to determine the upper and lower directional lines. Breakouts above the resistance line or below the support line trigger signals. The RSI is also used to generate buy signals when below 30 and sell signals when above 70. Plotshapes are displayed for the directional line breakouts and RSI signals.

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    Trading, strategy, intraday, swing trading

    Original Title

    Directional and breakout strategy

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    This strategy uses directional lines and RSI signals to identify trading opportunities. It calculates an exponential moving average (EMA) to determine the upper and lower directional lines. Breakouts above the resistance line or below the support line trigger signals. The RSI is also used to generate buy signals when below 30 and sell signals when above 70. Plotshapes are displayed for the directional line breakouts and RSI signals.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    4 views1 page

    Directional and Breakout Strategy

    Uploaded by

    mandar.bahadarpurkar
    This strategy uses directional lines and RSI signals to identify trading opportunities. It calculates an exponential moving average (EMA) to determine the upper and lower directional lines. Breakouts above the resistance line or below the support line trigger signals. The RSI is also used to generate buy signals when below 30 and sell signals when above 70. Plotshapes are displayed for the directional line breakouts and RSI signals.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    //@version=5

    strategy("Direction Lines with Signals", overlay=true)

    // Inputs
    length = input(14, title="Period")
    rsiLength = input(14, title="RSI Length")
    rsiOversold = input(70, title="RSI Oversold")
    rsiOverbought = input(30, title="RSI Overbought")

    // Calculations
    price = close
    emaUp = ta.ema(price, length)
    emaDown = ta.ema(price, length * 2)
    rsi = ta.rsi(close, rsiLength)

    // Resistance and support levels


    resistance = ta.max(price, length * 2)
    support = ta.min(price, length * 2)

    // Breakout conditions
    isUpBreakout = price > resistance and price[1] <= resistance
    isDownBreakout = price < support and price[1] >= support

    // Plot lines
    plot(emaUp, color=color.blue, linewidth=2, title="Upper Line")
    plot(emaDown, color=color.red, linewidth=2, title="Lower Line")

    // Plot labels
    plotshape(isUpBreakout ? bar_index : na, style=shape.triangleup, color=color.green,
    text="B", size=size.small)
    plotshape(isDownBreakout ? bar_index : na, style=shape.triangledown,
    color=color.red, text="B", size=size.small)
    plotshape(price >= resistance ? bar_index : na, style=shape.labelup,
    color=color.gray, text="R", size=size.small)
    plotshape(price <= support ? bar_index : na, style=shape.labeldown,
    color=color.gray, text="S", size=size.small)

    // RSI buy/sell signals


    isBuy = rsi < rsiOversold
    isSell = rsi > rsiOverbought

    plotshape(isBuy ? bar_index : na, style=shape.triangleup, color=color.green,


    text="Buy", size=size.small)
    plotshape(isSell ? bar_index : na, style=shape.triangledown, color=color.red,
    text="Sell", size=size.small)

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