I backtested this strategy 100 trades.
1. On Buy signal, you go short
2. On Sell signal, you go long
3. Place stop loss halfway between the end of the closed candle and the stop loss line from the 2nd indicator (eyeball it). It should be right in the middle of the two. If the candle penetrates above or below the stoploss indicator, then put the stop loss a few pips behind the end of the candlestick.
4. Use 1:2 RR
5. Enter right at the close of the candle
Note: I only backtested this on the 1 hour time frame. it may work better or worse on others.
Could you explain the following script for a little bit
longband := RSIndex > longband and RSIndex > longband ? max(longband, newlongband) : newlongband
shortband := RSIndex < shortband and RSIndex < shortband ? min(shortband, newshortband) : newshortband
if ((RSIndex > longband) and (RSIndex > longband ))
longband = max(longband, newlongband)
longband = newlongband
Hope it helps