Free TradingView strategy
How to Automate a Free Bollinger RSI Strategy with MatchTrader
We begin with a public TradingView strategy that costs nothing, learn what its two indicators are trying to say, tune it on a five-minute SP500 chart and carry its orders into MatchTrader through an AlgoWay webhook.
A strategy can look intimidating when it arrives wrapped in formulas, colored bands and a report full of percentages. Underneath all of that, this one asks a simple question: has price stretched too far, and is the pressure beginning to turn?
The script is called Bollinger + RSI, Double Strategy by ChartArt v1.1 . It is a free, open-source TradingView strategy. Its author made the logic visible, so a trader can inspect what the script does instead of trusting a locked black box.
We are not copying or republishing its Pine Script code. We are using the original public strategy as a starting point and documenting our own chart selection, settings, backtest and MatchTrader connection.
What the Bollinger RSI strategy is watching
Imagine a garden hose lying on the ground. When the water pressure is low, the hose stays narrow and calm. Turn the tap hard and the hose stiffens, jumps and pushes outward.
Bollinger Bands behave like an elastic hose around price. A moving average runs through the middle. An upper and lower band expand when price becomes more violent and contract when the market becomes quiet.
Price reaching an outer band tells us that the move has stretched away from its recent center. It does not tell us that the move must end. A train reaching the edge of a town may stop at the station, or it may continue toward the next city.
RSI supplies the second opinion. Think of RSI as a pressure gauge attached to the train engine. It does not care where the train is on the map. It tries to describe how strongly recent movement has favored one direction.
The strategy waits until the Bollinger Bands and RSI tell a compatible story. Price must be stretched near an outer band, while RSI must also indicate that the movement has reached an extreme condition. One instrument describes location. The other describes pressure.
A Bollinger Band touch without RSI confirmation can be ordinary momentum. An extreme RSI reading while price remains near the center of its range can also be meaningless. The trade appears only when both pieces agree.
Version 1.1 uses a long 200-period average as the foundation of the Bollinger Bands. That makes the corridor slow and stable. The setting we changed was the RSI period, which controls how quickly the pressure gauge reacts.
Finding the free strategy in TradingView
Open TradingView and load a normal candlestick chart. In the symbol search, enter SP500. For this test we selected S&P Index Cash CFD (USD) supplied by Vantage, then changed the chart timeframe to 5 minutes.
Open Indicators, Metrics & Strategies and search for the full name:
Add the strategy to the chart. A genuine TradingView strategy does more than draw lines. It creates historical orders and activates the Strategy Tester panel. If there is no strategy report, verify that you did not select an indicator with a similar name.
The script may color candles or the chart background. Those colors are visual hints only. Disabling them can make the chart cleaner, but it does not change the entry logic or the backtest.
Why the Vantage price feed matters
SP500 is a market name, not a single universal set of candles. TradingView can display SP500 prices from several brokers and data providers. Their charts can disagree by a few points even when the symbol name and timeframe look familiar.
One feed may print a tall wick where another shows a short one. One broker may widen its spread for a moment. The high, low or closing price can differ slightly. Those small differences matter when a strategy is waiting for price to touch or leave a Bollinger Band.
A single altered candle can move an RSI value, create an entry one bar earlier or prevent it entirely. This is why we name the exact chart used in the test: Vantage SP500 CFD on the five-minute timeframe.
Entering the same settings on another provider is a fresh experiment. It is not reasonable to demand the same number of trades or the same win rate from candles that were built from a different price stream.
Starting with the original settings
Before tuning anything, open the strategy settings and look at the original inputs. The default RSI period is 6. The Bollinger period is 200.
The first run is a measuring stick. Without it, tuning becomes random. A trader changes three values, receives a better report and has no idea which change helped.
We kept the Bollinger period at 200. It remained the heavy frame around the experiment. Only the RSI period was changed.
Open the strategy Properties and use the same testing conditions when comparing the two RSI values:
| Property | Value used | Meaning |
|---|---|---|
| Initial capital | $100,000 USD | The fixed starting balance for the simulation. |
| Default order size | 10% of equity | The position size calculated by the TradingView strategy. |
| Pyramiding | 1 | The strategy does not repeatedly stack entries in one direction. |
| Bar detailization | Default, 4 ticks per bar | The intrabar detail used by the saved report. |
| Script execution | On bar close | The decision is made after the five-minute candle is complete. |
| Commission | 0% | No broker commission was deducted from this report. |
| Slippage | 0 ticks | No execution difference was added to the simulation. |
| Order execution delay | None | No artificial delay was placed between signal and fill. |
The visible test window ran from June 1, 2026 through July 25, 2026. During comparison, the provider, symbol, timeframe, dates and Properties must remain unchanged. Otherwise the experiment has moved while we were trying to measure it.
Why changing RSI from 6 to 2 made a difference
RSI period length controls memory. With a period of 6, the indicator considers a wider group of recent candles. One sudden candle is diluted by the five that came before it.
A period of 2 has almost no patience. It reacts sharply to the most recent change. Imagine two shopkeepers watching the street. The first waits for six customers before deciding that business is improving. The second changes his opinion after only two.
On this five-minute SP500 chart, the faster RSI recognized short changes in pressure while price was interacting with the Bollinger Bands. The strategy responded sooner and produced the report shown below.
This does not make RSI 2 a universal best setting. A faster gauge also reacts to meaningless noise. On another timeframe, another market or another provider, that sensitivity may create too many weak trades.
Do not rotate every dial until the report becomes green. A backtest is useful only when you can explain which change produced the difference.
Reading the result without worshipping the win rate
The strategy completed 31 simulated trades. Twenty-two were profitable and nine were not. That produced a win rate of 70.97%.
Win rate alone can deceive. A system may win nine small trades and lose everything on the tenth. Profit factor helps describe the relationship between total profit and total loss. A value of 2.406 means the simulated gross profit was about $2.41 for every $1 of simulated gross loss during this period.
Maximum drawdown was $254.72, or 0.25% of the starting capital. Net simulated profit finished at $744.37.
The report used zero commission and zero slippage. MatchTrader execution will include the destination broker's spread, contract rules and market conditions. Thirty-one trades are also a small sample. The result is good enough to continue testing, not strong enough to promise what the next month will do.
Why this strategy needs Opposite/Flip mode
Before connecting TradingView to MatchTrader, we must understand what a new signal means.
This Bollinger RSI strategy is not designed to build an independent long book and an independent short book. Its state moves from one direction to the other. When the strategy becomes short after being long, the broker account must stop being long and become short as well.
Hedge/Dual Side
Long and short exposure can live as separate sides. A sell instruction does not necessarily remove an existing buy position. That is useful for systems that intentionally manage both directions, but it can leave this strategy long and short at the same time while TradingView believes it is only short.
Reverse/One-Way
The account keeps one net exposure. An opposite order works against the current position. Depending on the sizes involved, it may reduce, close or reverse that exposure. This mode is useful for one-way order flows, but the result can depend on the relationship between the old and new quantities.
Opposite/Flip
A new opposite signal is treated as a change of direction. AlgoWay closes the existing side and opens the side requested by the new strategy state. MatchTrader therefore follows the same directional story shown by the TradingView strategy.
Suppose MatchTrader currently holds a long SP500 position. The next completed candle turns the TradingView strategy short. In Hedge mode, a short could be added beside the long. The chart would say “short,” while the broker account contained both directions.
With Opposite/Flip mode, the long side is removed and the short side becomes the active position. That is why Flip is selected for this particular strategy.
Creating the MatchTrader webhook in AlgoWay
Sign in to AlgoWay and open Dashboard >> Trade Webhooks. Click Create Webhook and choose either a trial webhook or a main webhook.
- Choose TradingView as the source. The source tells AlgoWay what kind of message will arrive. In this case, TradingView will send the strategy order through an alert.
- Choose MatchTrader as the destination. This loads the connection fields required for a MatchTrader account rather than fields intended for MT5, TradeLocker or an exchange.
- Select Absolute for Quantity Multiplier and enter 1. A multiplier of 1 passes the calculated strategy quantity without enlarging or shrinking it. Later, the multiplier can deliberately scale the incoming quantity, but the first configuration should not secretly alter the strategy.
- Select Opposite/Flip mode. The reason is not cosmetic. The strategy changes its directional state, so MatchTrader must replace the previous side when the next opposite signal arrives.
- Enter the MatchTrader URL supplied by the broker or prop firm. MatchTrader accounts do not all live under one universal login address. Use the exact environment where the account can be opened.
- Enter the MatchTrader email and password. These credentials identify the destination account. They are not TradingView credentials and they are not the AlgoWay login.
- Enter Account ID when it is known. When the field is optional and the broker exposes only one matching account, it may be left empty. When several accounts exist under the same login, the correct Account ID prevents the route from selecting the wrong one.
- Use Auto detect for Broker ID. Broker ID identifies the MatchTrader environment behind the branded broker address. Auto detection removes the need to guess this value.
- Save the webhook only after the detected values are visible. The saved route becomes the bridge between the TradingView strategy alert and MatchTrader.
Checking whether SP500 has the same name in MatchTrader
The TradingView chart sends its own ticker through the dynamic
{{ticker}} placeholder. On our chart, that
ticker is SP500.
The destination broker may call the instrument US500, SPX500 or use a suffix. AlgoWay cannot invent the broker's symbol. Open MatchTrader and inspect the exact name listed for the index.
When TradingView uses SP500 and MatchTrader uses US500, enter the following Symbol Mapping in the webhook:
SP500:US500The name before the colon is received from TradingView. The name after the colon is sent to MatchTrader. Leave Symbol Mapping empty when both systems already use the same ticker.
Testing MatchTrader before involving the strategy
The first test should answer one narrow question: can AlgoWay reach this MatchTrader account and place the smallest valid order?
Open Dashboard >> Webhook Logs and click Test Webhook. Select the newly created MatchTrader route. Enter the instrument and use a small manual quantity, such as 0.01, only when that size is accepted by the broker.
This manual quantity belongs to the connection test. It does not belong in the final TradingView strategy alert.
Send a Buy test, inspect the new AlgoWay log and verify the resulting position directly inside MatchTrader. Then close the test position before continuing.
It does not yet prove that the TradingView strategy will send the correct ticker, direction and calculated quantity. That is tested in the next stage.
Using the strategy's calculated order size
TradingView Strategy Properties were set to use 10% of equity. The strategy calculates an order quantity from that configuration whenever its broker emulator executes an order.
Hardcoding 0.01 inside the final alert would discard that calculation. Every strategy signal would arrive with the same manually typed size, regardless of what the Strategy Tester calculated.
For a strategy alert, AlgoWay should receive
{{strategy.order.contracts}}. TradingView
replaces this placeholder with the contract quantity of the executed strategy
order.
This does not remove the need to check MatchTrader contract rules. A quantity calculated for a TradingView CFD can still require scaling or mapping before it matches the lot model used by a particular broker. That adjustment belongs in the AlgoWay Quantity Multiplier, not in a randomly fixed alert value.
Creating the TradingView strategy alert
Return to the Vantage SP500 five-minute chart. Confirm that the strategy still shows RSI period 2 and Bollinger period 200.
Open Create Alert and select the Bollinger RSI strategy as the condition. Choose strategy order fills so the alert is produced when the TradingView broker emulator executes a strategy order.
Paste the following message into the alert Message field:
{"platform_name":"matchtrader","ticker":"{{ticker}}","order_contracts":"{{strategy.order.contracts}}","order_action":"{{strategy.market_position}}","price":{{close}}}Each dynamic part has a separate job:
{{ticker}}
Inserts the ticker of the chart on which this alert was created. Symbol Mapping can translate it when MatchTrader uses another name.
{{strategy.order.contracts}}
Inserts the number of contracts in the strategy order that has just been executed by the TradingView broker emulator.
{{strategy.market_position}}
Inserts the strategy's current state as long, short or flat. AlgoWay uses that state together with Opposite/Flip mode to keep MatchTrader aligned.
{{close}}
Inserts the closing price of the candle that triggered the alert. It provides useful context in the webhook log.
Open the alert Notifications section, enable Webhook URL and paste the unique URL copied from the AlgoWay MatchTrader webhook.
Create the alert only after checking the message and URL. Do not publish the webhook URL in screenshots or public text.
Why changing the chart does not update an existing alert
When a strategy alert is created, TradingView places a copy of that strategy on its own servers. The server copy continues running independently from the chart open in your browser.
Changing RSI from 2 back to 6 on the chart does not silently update the existing server alert. Changing the timeframe, symbol or other strategy settings also does not rebuild it.
When the strategy configuration changes, delete the old alert and create a new one from the corrected chart. Otherwise the visible chart and the active alert can be running different versions of the experiment.
Following the first real strategy signal
After a completed five-minute candle produces a strategy order, TradingView replaces the placeholders and sends the finished JSON message to AlgoWay.
AlgoWay validates the message, applies Symbol Mapping when configured, processes the calculated order quantity and sends the requested direction to MatchTrader.
Open Dashboard >> Webhook Logs. Read the ticker, action, quantity, platform status and returned order information. Then open MatchTrader and verify the actual position.
The two systems must tell the same story. When TradingView is long, MatchTrader should be long. When TradingView flips short, the old long position should be gone and the short side should remain.
If MatchTrader rejects the order, do not guess. The log may show an invalid symbol, an unsupported volume, incorrect credentials or another broker response. Correct the specific cause before allowing the next signal.
What this experiment proves and what it does not
We found a free Bollinger RSI TradingView strategy, understood the relationship between its indicators and tested it on the Vantage SP500 five-minute chart.
Keeping the Bollinger period at 200 and changing RSI from 6 to 2 produced 22 profitable trades out of 31, a 70.97% win rate, a profit factor of 2.406 and a maximum drawdown of 0.25% in the selected simulation.
We then created a MatchTrader webhook in AlgoWay, selected Opposite/Flip mode because the strategy replaces one direction with the other, tested the broker route manually and built a strategy alert that preserves the ticker and calculated order quantity.
This proves that the complete path can be assembled and tested. It does not prove that the next market period will reproduce the historical result.
The next honest test is the same configuration on untouched dates, followed by realistic commission, slippage and the exact MatchTrader broker instrument.
Original free strategy: Bollinger + RSI, Double Strategy by ChartArt v1.1 . Platform setup reference: MatchTrader webhook setup in AlgoWay .
Direct answers
Direct answers about this Bollinger RSI MatchTrader setup
Can a free Bollinger RSI strategy be automated with MatchTrader?
Yes. A free Bollinger RSI TradingView strategy can send its executed strategy orders to MatchTrader through an AlgoWay webhook. TradingView creates the order-fill alert, AlgoWay validates and translates the instruction, and MatchTrader receives the final broker-side order.
Which AlgoWay trade mode should a Bollinger RSI strategy use with MatchTrader?
This Bollinger RSI strategy should use Opposite/Flip mode with MatchTrader because the strategy changes from one market direction to the other instead of maintaining separate long and short positions.
Why does the Bollinger RSI strategy require Opposite/Flip mode?
Opposite/Flip mode is required because an opposite TradingView signal replaces the previous strategy direction. AlgoWay closes the existing MatchTrader position and opens the new direction, keeping the broker account aligned with the TradingView strategy state.
What order-size placeholder should a TradingView strategy send to MatchTrader?
A TradingView strategy should send {{strategy.order.contracts}} as order_contracts. TradingView replaces this placeholder with the quantity calculated for the executed strategy order.
Should a TradingView strategy alert use a fixed quantity such as 0.01?
A fixed quantity such as 0.01 should be used only for a manual connection test. The final strategy alert should use {{strategy.order.contracts}} so the order quantity comes from the TradingView strategy rather than from a manually typed value.
How is the TradingView ticker sent to MatchTrader?
The alert sends {{ticker}}, which TradingView replaces with the ticker of the chart where the strategy alert was created. AlgoWay then sends that ticker to MatchTrader or translates it through Symbol Mapping.
When is Symbol Mapping required for a MatchTrader webhook?
Symbol Mapping is required when TradingView and the MatchTrader broker use different names for the same market. For example, a TradingView ticker named SP500 can be mapped to a MatchTrader symbol named US500.
Why can the same Bollinger RSI strategy produce different SP500 backtest results?
The same Bollinger RSI settings can produce different results because SP500 price feeds from different brokers can have different candle closes, wick heights, spreads and quote sequences. Those differences can change Bollinger Band crossings, RSI values and strategy orders.
Does changing TradingView strategy settings update an existing strategy alert?
No. TradingView runs a server-side copy of the strategy configuration that existed when the alert was created. After changing the symbol, timeframe or strategy inputs, the old alert must be removed and a new strategy alert must be created.
How should the MatchTrader connection be tested before normal strategy execution?
First send the smallest valid manual order through the AlgoWay Test Webhook function and confirm it in both Webhook Logs and the MatchTrader account. After the route works, create the TradingView strategy alert with dynamic ticker, direction and order-size placeholders.