Intraday RSI Reversals Filtered by Short-Range Fibonacci Levels

Summary

This intraday strategy combines RSI threshold reversals with Fibonacci levels calculated from the highest high and lowest low of the preceding two bars. A long condition occurs when RSI crosses upward out of its oversold region while price is above the 0.618 retracement level. A sell condition requires RSI to cross downward from its overbought region while price is below the 0.382 level. Both conditions are restricted to two configurable trading sessions. The script opens long positions and closes all positions on a sell condition; it does not define a corresponding short entry.

The display includes the retracement levels, session shading, colored bars, signal labels, alerts, and a status table. The accompanying description names index and leveraged ETF examples and short-dated options use, but provides no backtest results, market-specific evidence, or risk-adjusted performance. The retracement range is very short because it uses only two bars, and the source includes no explicit stop-loss or profit-target rules. Session definitions, chart timeframe, execution assumptions, and position sizing therefore matter when evaluating the approach.

Key ideas

• The strategy calculates retracement levels from the recent two-bar high-low range.
• A long entry requires RSI to cross above its oversold threshold, price above the 0.618 level, and an active session.
• A sell condition requires RSI to cross below its overbought threshold, price below the 0.382 level, and an active session.
• The sell rule closes positions rather than opening a short trade.
• The document gives no performance results, and the code does not specify explicit stop-loss or profit-target exits.

Tags

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