OPEN-SOURCE SCRIPT
Wolfpack Elite - Liquidation Sniper - by 9123416916
### Strategy: **Wolfpack Elite - Liquidation Sniper by Md Arif**
**Overview:**
This is a technical analysis strategy designed for trading, which combines two popular technical indicators: **Relative Strength Index (RSI)** and **Moving Averages (MA)**. It identifies potential buy (long) and sell (short) signals based on oversold and overbought conditions in the market, along with crossovers between two moving averages. The strategy also incorporates a risk management system by setting **take profit** and **stop loss** levels to protect against large losses and lock in gains.
---
**Key Components:**
1. **Indicators Used:**
- **RSI (Relative Strength Index):**
- Measures the speed and change of price movements.
- Used to identify **overbought** (above 70) and **oversold** (below 30) conditions.
- **Short and Long Moving Averages:**
- The strategy uses two simple moving averages (SMA) to detect trends and potential entry points.
- Short MA (9-period) and Long MA (21-period) are used for crossovers.
2. **Entry Signals:**
- **Bullish Entry (Long Position):**
- Triggered when the RSI falls below the oversold level (30) and the **short MA** crosses above the **long MA** (bullish crossover).
- This suggests that the market might be oversold and ready to rebound.
- **Bearish Entry (Short Position):**
- Triggered when the RSI rises above the overbought level (70) and the **short MA** crosses below the **long MA** (bearish crossover).
- This suggests that the market might be overbought and due for a correction.
3. **Risk Management:**
- **Take Profit and Stop Loss:**
- The strategy calculates the take profit and stop loss levels as percentages of the entry price.
- **Take Profit:** Set at 5% above the entry price for long positions and 5% below the entry price for short positions.
- **Stop Loss:** Set at 3% below the entry price for long positions and 3% above the entry price for short positions.
4. **Position Sizing:**
- The position size is calculated as a percentage of the trader's total equity (default set to 100% of equity).
5. **Exit Conditions:**
- **For Long Positions:**
- Exit the trade if the price hits the take profit level (5% above entry) or the stop loss level (3% below entry).
- **For Short Positions:**
- Exit the trade if the price hits the take profit level (5% below entry) or the stop loss level (3% above entry).
6. **Visualization:**
- The strategy visually plots the short and long moving averages on the chart.
- It also marks **bullish crossovers** with green upward triangles and **bearish crossovers** with red downward triangles, making it easier to spot potential entry points.
---
**How the Strategy Works:**
- The strategy starts by calculating the **RSI** and **moving averages**.
- It waits for specific conditions to trigger buy or sell signals. If the RSI indicates that the market is oversold and a bullish crossover occurs, it initiates a **long trade**. Similarly, if the RSI shows an overbought condition and a bearish crossover occurs, it opens a **short trade**.
- Once a trade is open, the strategy monitors the price and automatically exits the trade if the price reaches the set take profit or stop loss level.
---
This strategy is designed for active traders who seek to capitalize on short-term price movements and want clear entry/exit points with built-in risk management.
**Overview:**
This is a technical analysis strategy designed for trading, which combines two popular technical indicators: **Relative Strength Index (RSI)** and **Moving Averages (MA)**. It identifies potential buy (long) and sell (short) signals based on oversold and overbought conditions in the market, along with crossovers between two moving averages. The strategy also incorporates a risk management system by setting **take profit** and **stop loss** levels to protect against large losses and lock in gains.
---
**Key Components:**
1. **Indicators Used:**
- **RSI (Relative Strength Index):**
- Measures the speed and change of price movements.
- Used to identify **overbought** (above 70) and **oversold** (below 30) conditions.
- **Short and Long Moving Averages:**
- The strategy uses two simple moving averages (SMA) to detect trends and potential entry points.
- Short MA (9-period) and Long MA (21-period) are used for crossovers.
2. **Entry Signals:**
- **Bullish Entry (Long Position):**
- Triggered when the RSI falls below the oversold level (30) and the **short MA** crosses above the **long MA** (bullish crossover).
- This suggests that the market might be oversold and ready to rebound.
- **Bearish Entry (Short Position):**
- Triggered when the RSI rises above the overbought level (70) and the **short MA** crosses below the **long MA** (bearish crossover).
- This suggests that the market might be overbought and due for a correction.
3. **Risk Management:**
- **Take Profit and Stop Loss:**
- The strategy calculates the take profit and stop loss levels as percentages of the entry price.
- **Take Profit:** Set at 5% above the entry price for long positions and 5% below the entry price for short positions.
- **Stop Loss:** Set at 3% below the entry price for long positions and 3% above the entry price for short positions.
4. **Position Sizing:**
- The position size is calculated as a percentage of the trader's total equity (default set to 100% of equity).
5. **Exit Conditions:**
- **For Long Positions:**
- Exit the trade if the price hits the take profit level (5% above entry) or the stop loss level (3% below entry).
- **For Short Positions:**
- Exit the trade if the price hits the take profit level (5% below entry) or the stop loss level (3% above entry).
6. **Visualization:**
- The strategy visually plots the short and long moving averages on the chart.
- It also marks **bullish crossovers** with green upward triangles and **bearish crossovers** with red downward triangles, making it easier to spot potential entry points.
---
**How the Strategy Works:**
- The strategy starts by calculating the **RSI** and **moving averages**.
- It waits for specific conditions to trigger buy or sell signals. If the RSI indicates that the market is oversold and a bullish crossover occurs, it initiates a **long trade**. Similarly, if the RSI shows an overbought condition and a bearish crossover occurs, it opens a **short trade**.
- Once a trade is open, the strategy monitors the price and automatically exits the trade if the price reaches the set take profit or stop loss level.
---
This strategy is designed for active traders who seek to capitalize on short-term price movements and want clear entry/exit points with built-in risk management.
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