This indicator combines the and the classic we all know and love to create a more effective indication of seller/buyer dominance, and in turn, trend. I have named it the "Stochastic Weighted RSI". The script also includes a standard , so you can use both at the same time!
Loads of customisation, pretty much every input can be changed to fit your preferences, however, the default settings are what I would personally recommend for the best results. Either way, feel free to change them!
By looking at the indicator, you can also establish the trend that may follow in the candles to come.
Typically, an indicator reading of over 70 is considered overbought, and an indicator reading of under 30 is considered oversold.
The calculations for the SWRSI and its signals take into account a multitude of exponential moving averages, a and a classic , among other things.
There are 2 types of signals provided by the indicator, being strong and weak. You do not have to follow these, and they aren't always accurate (it's impossible to be accurate 100% of the time), however, they can give a good idea of the trend that will ensue.
Strong buy signals are created when:
- SWRSI is under 30
- SWRSI is over the (default 2) of the SWRSI
- Short (default 20) is under the long (default 50)
Strong sell signals are created when:
- SWRSI is over 70
- SWRSI is under the (default 2) of the SWRSI
- Short (default 20) is over the long (default 50)
Weak buy and sell signals are printed as green and red background highlights, and operate the same as the strong buy and sells, without the short/long criterion. Both of these signal types can be toggled off using the settings if you do not want to see them.
- Added Standalone RSI, can be turned on and off
- Changed colours
- Cleaned up signal algorithm
- Changed Name
- Added Standalone Stoch RSI
- Clean Configs
Nello spirito di condivisione promosso da TradingView, l'autore (al quale vanno i nostri ringraziamenti) ha deciso di pubblicare questo script in modalità open-source, così che chiunque possa comprenderlo e testarlo. Puoi utilizzarlo gratuitamente, ma il riutilizzo del codice è subordinato al rispetto del Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.