How does Slingshot work?

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Accepted Answer

Slingshot watches RSI on the 30-minute chart. When a stock is oversold (at its own RSI level) and a candle closes above the previous candle's high, it fires: that close is the entry, with the script's target and stop. Oversold: RSI at or under the stock's own level. Each stock keeps the settings it has on TradingView: RSI 36 and a level of 35–45 for the 21 names the script was tuned on, RSI 14 and 45 for the rest. The fire: a 30-minute candle closes above the previous candle's high. The trade: a fixed target (+3% for most stocks; AMD and SLV aim for +6%) and a wider stop (−10% for most). One trade per chart at a time (the exits). Calm charts only: a 30-minute ATR at most 0.7% of the price. On the chart, yellow candles are the warm-up (oversold) and the blue candle is the one that fired, the same colours as on TradingView.