Trend Friendly RSI Unlike the standard RSI, "Trend Friendly RSI" adapts to the trend. RSI and other momentum-based oscillators cannot give a buy signal in uptrends and a sell signal in downtrends because they do not take into account the momentum of the trend and behave as if the price is in a constant sideways trend. "Trend Friendly RSI", on the other hand, takes into account the momentum of the trend of your chosen length and subtracts it from the current momentum, thus giving more realistic buy and sell signals.
use it to identify your long-term investments and trading entry points for hodl. It would be wise to use this indicator for assets that you have done fundamental analysis and are sure of the trend direction. it doesn't know what the price will do, it just shows the points that are suitable for you.
remember this indicator will fail in horizontal trends.
Note di rilascio
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Unlike the standard momentum, "Trend Friendly Momentum" adapts to the trend. Momentum and other momentum-based oscillators cannot give a buy signal in uptrends and a sell signal in downtrends because they do not take into account the momentum of the trend and behave as if the price is in a constant sideways trend. "Trend Friendly RSI", on the other hand, takes into account the momentum of the trend of your chosen length and subtracts it from the current momentum, thus giving more realistic buy and sell signals. "tfm" not only adapts to the trend, but when the trend gets too long, it accepts it as a sign of reversal and starts to reduce the trend direction signals. The line turns green in an uptrend and red in a downtrend.
When using this indicator, first trade with half of the balance, and each time add half of the remaining money to your position. so you're costing from the top. use it to identify your long-term investments and trading entry points for hodl. It would be wise to use this indicator for assets that you have done fundamental analysis and are sure of the trend direction. it doesn't know what the price will do, it just shows the points that are suitable for you.
remember this indicator will fail in horizontal trends.
Note di rilascio
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-added timeframe. -added buy and sell line. -added alert. -improved and simplified - new results:
Finally someone came up with what i wanted for a long time. Hats off my friend!
faytterro
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@mikemiller2021, Thanks for your valuable comment. I am glad you like it. If you have another indicator idea you need, you can inspire me by sharing it with me. This my e-mail address: faytterro.com
juledg
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Hi. Thanks so much for this.
Is it possible to make a copy of this that shows two different timeframe rsi's? I like using this and ensuring everything is in the same direction.
faytterro
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@juledg, You can add the indicator twice and choose different time periods for both and use it in the same pane. Two different timeframes for a single indicator are not possible as far as I know, but two different lengths are possible. example:
Agree with mikemiller2021. Any chance you could add an option to chance timeframe seperatly for RSI and Trend? e.g. RSI 15min... Trend 4hr?... RSI Options for Above or below value... and a signal to identity if in an upward or downward trend?.. the idea would be to then use in a 3commas trading bot. thanks
faytterro
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@Benjaminiannotta, Thanks for your valuable comment. I will add the options but I'm a little busy these days. I will also make a few more changes to reduce false signals. actually, this was a work that I used to do in a hurry, and it got more attention than I expected. I will develop this much more soon.
Benjaminiannotta
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@faytterro, looks awesome. I’ll provide feedback tomorrow !