USEFUL INDICATORS #1
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Here, I am starting a new series where I'll be sharing useful scripts available on Tradingview.
Some people do not know that apart from the usual indicators, there are 100s of custom indicators/scripts on Tradingview.
I'll be sharing a few good ones time to time which will help you in trading decisions.
So, starting with the first one,
this is Sentimental RSI by Rajandran Sir. ( link in the end )
The whole description of how it works and details are in the link.
Now, my personal observations on this :
1 . Indicators like this work best in the daily timeframe or above. Don't use them for timeframes like 1 hour or 15 minutes.
2. Use them in addition to your trading strategy. If both of them give the same signal ,you have additional confirmation.
3. In this indicator, basically,
a. Long when it turns green.
b. Book partial profits when it turns blue.
c. Exit when it turns red.
and then ;
a. Short when it turns red
b. Book partial profits when it turns yellow.
c. Exit when it turns green.
The cycle goes on.
( now go to the chart and see if it works :p ) . also try with different stocks.
Apply other extra filters according to your trading strategy.
So, currently, you can see it's showing all green in Nifty indicating very good strength, so don't even think of shorting :p
Here's the link of the indicator :
Add it to your fav scripts and then add easily every time through the indicators section.
I'd love to hear your feedback on this ,
if there any view or doubts, please comment.
And please like Sir's script if you found it useful.
And hit the 'thumbs up' button if you found this of any value.
Some people do not know that apart from the usual indicators, there are 100s of custom indicators/scripts on Tradingview.
I'll be sharing a few good ones time to time which will help you in trading decisions.
So, starting with the first one,
this is Sentimental RSI by Rajandran Sir. ( link in the end )
The whole description of how it works and details are in the link.
Now, my personal observations on this :
1 . Indicators like this work best in the daily timeframe or above. Don't use them for timeframes like 1 hour or 15 minutes.
2. Use them in addition to your trading strategy. If both of them give the same signal ,you have additional confirmation.
3. In this indicator, basically,
a. Long when it turns green.
b. Book partial profits when it turns blue.
c. Exit when it turns red.
and then ;
a. Short when it turns red
b. Book partial profits when it turns yellow.
c. Exit when it turns green.
The cycle goes on.
( now go to the chart and see if it works :p ) . also try with different stocks.
Apply other extra filters according to your trading strategy.
So, currently, you can see it's showing all green in Nifty indicating very good strength, so don't even think of shorting :p
Here's the link of the indicator :
Add it to your fav scripts and then add easily every time through the indicators section.
I'd love to hear your feedback on this ,
if there any view or doubts, please comment.
And please like Sir's script if you found it useful.
And hit the 'thumbs up' button if you found this of any value.
Nota
How it worked on PNB : Nota
How it worked on Infosys ; has given a short signal as of now :: Nota
And lastly, ITC and the indicator : 
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