EMA Crossover with RSI

1 Jun

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Certainly! Here's a TradingView Pine Script that combines EMA crossover with RSI to generate buy and sell signals. The script will give a buy signal when the 20 EMA crosses above the 50 EMA and the RSI is below a certain threshold (indicating it's not overbought). Similarly, it will give a sell signal when the 20 EMA crosses below the 50 EMA and the RSI is above a certain threshold (indicating it's not oversold).

pinescript
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//version=5
indicator("EMA Crossover with RSI", overlay=true)

// Input for EMAs
ema20_length = input.int(20, title="20 EMA Length")
ema50_length = input.int(50, title="50 EMA Length")

// Input for RSI
rsi_length = input.int(14, title="RSI Length")
rsi_overbought = input.int(70, title="RSI Overbought Level")
rsi_oversold = input.int(30, title="RSI Oversold Level")

// Calculating EMAs
ema20 = ta.ema(close, ema20_length)
ema50 = ta.ema(close, ema50_length)

// Calculating RSI
rsi = ta.rsi(close, rsi_length)

// Plotting EMAs
plot(ema20, title="20 EMA", color=color.blue, linewidth=2)
plot(ema50, title="50 EMA", color=color.red, linewidth=2)

// Conditions for buy and sell signals
buy_condition = ta.crossover(ema20, ema50) and rsi < rsi_overbought
sell_condition = ta.crossunder(ema20, ema50) and rsi > rsi_oversold

// Plotting buy and sell signals on the chart
plotshape(series=buy_condition, title="Buy Signal", location=location.belowbar, color=color.green, style=shape.labelup, text="BUY")
plotshape(series=sell_condition, title="Sell Signal", location=location.abovebar, color=color.red, style=shape.labeldown, text="SELL")

// Adding background color to highlight buy and sell zones
bgcolor(buy_condition ? color.new(color.green, 90) : na, title="Buy Background Highlight")
bgcolor(sell_condition ? color.new(color.red, 90) : na, title="Sell Background Highlight")
Explanation:
Input Parameters:

ema20_length and ema50_length to set the lengths for the EMAs.
rsi_length for the length of the RSI calculation.
rsi_overbought and rsi_oversold to set the levels for overbought and oversold conditions respectively.
Calculations:

ema20 and ema50 are calculated using ta.ema.
rsi is calculated using ta.rsi.
Conditions:

buy_condition checks for the crossover of ema20 above ema50 and that the RSI is below the overbought threshold.
sell_condition checks for the crossover of ema20 below ema50 and that the RSI is above the oversold threshold.
Plotting:

The EMAs are plotted on the chart.
Buy and sell signals are plotted using plotshape.
Background colors are added to highlight the buy and sell zones for better visual interpretation.