Intraday RSI Reversal Signals with Two-Bar Fibonacci Levels

Summary

This long-only intraday strategy combines RSI threshold reversals with Fibonacci-style levels calculated from the highest high and lowest low of the latest two bars. A buy signal occurs when RSI crosses back above the oversold threshold, price is above the deeper retracement level, and the current bar falls within either configured trading session. A sell signal closes all open positions when RSI crosses below the overbought threshold and price is below the shallower level during a session.

The script exposes RSI thresholds, retracement fractions, session windows, and position sizing, and includes chart colors, labels, and alert conditions. It gives no performance results or validation. The levels use a very short rolling range, and the listed sell rule closes positions rather than opening shorts. Pyramiding is enabled, so repeated qualifying buy signals may add exposure; no explicit stop loss or profit target is defined.

Key ideas

• The strategy buys when RSI crosses upward through its oversold threshold while price is above the deeper two-bar retracement level.
• Sell signals require RSI to cross downward through its overbought threshold and price to fall below the shallower level.
• Signals are restricted to two configurable intraday sessions.
• The script can add to long exposure and does not define an explicit stop loss or profit target.
• The document provides no reported backtest evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.