DoubleRSI fast/slow signal buy/sell with alert Relative StrengthA combination of two Relative strength index. One fast and one slow line. In a system, this indicator can serve as an additional confirmation.
For example, for a long entry:
slow RSI cross above 50 level and fast RSI cross above 70 level. then check volume and use another indicator such as a MACD for extra confirmation
For example, for a short entry:
slow RSI cross below 50 and fast RSI cross below 30 level. then check volume and use another indicator such as a MACD for confirmation
An alarm function has also been added.
the following settings are possible:
- Source
- Length
- Color
I do not recommend to use this indicator alone.
have fun using this simple and helpful tool.
Index
MFI + Realtime DivergencesMoney Flow Index (MFI) + Realtime Divergences + Alerts
This version of the MFI indicator adds the following 5 additional features to the stock MFI:
- Optional divergence lines drawn directly onto the oscillator in realtime.
- Configurable alerts to notify you when divergences occur.
- Configurable lookback periods to fine tune the divergences drawn in order to suit different trading styles and timeframes, including the ability to enable automatic adjustment of pivot period per chart timeframe.
- Background colouring option to indicate when the MFI oscillator has crossed above or below its centerline, or optionally when both the MFI has crossed its centerline and an external oscillator, which can be linked via the settings, has also crossed its centerline.
- Alternate timeframe feature allows you to configure the oscillator to use data from a different timeframe than the chart it is loaded on.
This indicator adds additional features onto the standard MFI , whose core calculations remain unchanged. Namely the configurable option to automatically, quickly and clearly draw divergence lines onto the oscillator for you as they occur in realtime. It also has the addition of unique alerts, so you can be notified when divergences occur without spending all day watching the charts. Furthermore, this version of the TSI comes with configurable lookback periods, which can be configured in order to adjust the sensitivity of the divergences, in order to suit shorter or higher timeframe trading approaches.
What is the Money Flow Index ( MFI )?
Investopedia describes the True Strength Indicator as follows:
“The Money Flow Index ( MFI ) is a technical oscillator that uses price and volume data for identifying overbought or oversold signals in an asset. It can also be used to spot divergences which warn of a trend change in price. The oscillator moves between 0 and 100.
Unlike conventional oscillators such as the Relative Strength Index ( RSI ), the Money Flow Index incorporates both price and volume data, as opposed to just price. For this reason, some analysts call MFI the volume-weighted RSI .”
What are divergences?
Divergence is when the price of an asset is moving in the opposite direction of a technical indicator, such as an oscillator, or is moving contrary to other data. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.
There are 4 main types of divergence, which are split into 2 categories;
regular divergences and hidden divergences. Regular divergences indicate possible trend reversals, and hidden divergences indicate possible trend continuation.
Regular bullish divergence: An indication of a potential trend reversal, from the current downtrend, to an uptrend.
Regular bearish divergence: An indication of a potential trend reversal, from the current uptrend, to a downtrend.
Hidden bullish divergence: An indication of a potential uptrend continuation.
Hidden bearish divergence: An indication of a potential downtrend continuation.
Setting alerts.
With this indicator you can set alerts to notify you when any/all of the above types of divergences occur, on any chart timeframe you choose.
Configurable pivot periods.
You can adjust the default pivot periods to suit your prefered trading style and timeframe. If you like to trade a shorter time frame, lowering the default lookback values will make the divergences drawn more sensitive to short term price action.
How do traders use divergences in their trading?
A divergence is considered a leading indicator in technical analysis , meaning it has the ability to indicate a potential price move in the short term future.
Hidden bullish and hidden bearish divergences, which indicate a potential continuation of the current trend are sometimes considered a good place for traders to begin, since trend continuation occurs more frequently than reversals, or trend changes.
When trading regular bullish divergences and regular bearish divergences, which are indications of a trend reversal, the probability of it doing so may increase when these occur at a strong support or resistance level . A common mistake new traders make is to get into a regular divergence trade too early, assuming it will immediately reverse, but these can continue to form for some time before the trend eventually changes, by using forms of support or resistance as an added confluence, such as when price reaches a moving average, the success rate when trading these patterns may increase.
Typically, traders will manually draw lines across the swing highs and swing lows of both the price chart and the oscillator to see whether they appear to present a divergence, this indicator will draw them for you, quickly and clearly, and can notify you when they occur.
Disclaimer: This script includes code from the stock MFI by Tradingview as well as the Divergence for Many Indicators v4 by LonesomeTheBlue.
Strength of Divergence Across Multiple IndicatorsOverview:
One-stop shop for all your divergence needs, including:
(1) A single metric for divergence strength across multiple indicators.
(2) Labels that make it easy to spot where the truly strong divergence is by showing the overall divergence strength value along with the number of divergent indicators. Hovering over the label shows a breakdown of each divergent indicator and its individual divergence strength value.
(3) Fully customizable, including inputs for pivot lengths, divergence types, and weights for every component of the divergence strength calculation. This allows you to quickly and easily optimize the output for any chart. Don't worry, the default settings will have you covered if you're not interested in what's going on under the hood.
The Divergence Strength Calculation:
The total divergence strength value is the sum of the divergence strengths of all indicators for which divergence was detected at a given bar. Each indicator's individual divergence strength is comprised of two basic components: (1) |ΔPrice| - the magnitude of the change in price over the divergence period (pivot-to-pivot), and (2) |ΔIndicator| - the magnitude of the change in indicator value over the divergence period.
Because different indicators' scales and volatility can vary greatly, the Δ values are expressed in terms of standard deviation to ensure that the values are meaningful and equitable across all indicators and assets/instruments/currency pairs, etc:
|ΔIndicator| = |indicator_value_1 - indicator_value_2| / 2 * StDev(indicator_series,100)
Calculation Weights:
All components of the calculation are weighted and can be modified on the Inputs page in settings (weights are simply multipliers). For example, if you think hidden divergence should carry less weight than regular divergence, you can assign it a lesser weight. Or if you think RSI divergence is worth more than OBV divergence, you can adjust their weights accordingly. List of weights:
Regular divergence weight - default = 1
Hidden divergence weight - default = 1
ΔPrice weight - default = 0.5 (multiplied by the ΔPrice component)
ΔIndicator weight - default = 1.5 (multiplied by the ΔIndicator component)
RSI weight - default = 1.1
OBV weight - default = 0.8
MACD weight - default = 0.9
STOCH weight - default = 0.9
Development for additional indicators is ongoing, as is research into the optimal weight configuration(s).
Other Inputs:
Pivot lengths - specify the number of bars before and after each pivot high/low to consider it a valid candidate for divergence.
Lookback bars and Lookback pivots - specify the number of bars or the number of pivots to look back across.
Price sources - specify separate price sources for bullish and bearish divergence
Display settings - specify how lines and labels should display, including which divergence strength values should show the largest labels. Include/exclude specific divergence types and indicators.
Please report any bugs, or let me know if you have any enhancement suggestions or requests for additional indicators.
@reees
Chop and explode (ps5)Description : This is a renovated version of my previous mod that was based on the original script from fhenry0331.
Added are:
a data cleaning function
a seasonal random index function
an updated scaler and
a signalling procedure.
-
The following description is moved here from the old script.
The purpose of this script is to decipher chop zones from runs/movement/explosion spans. The chop is RSI movement between 40 and 60. Tight chop is RSI movement between 45 and 55. There should be an explosion after RSI breaks through 60 (long) or 40 (short). Tight chop bars are colored gray, a series of gray bars indicates a tight consolidation and should explode imminently. The longer the chop the longer the explosion will go for. The tighter the better. Loose chop (jig saw/gray bars on the silver background) will range between 40 and 60. The move begins with green and red bars.
Couple it with your trading system to help stay out of chop and enter when there is a movement.
Money Supply Index (MSI) by zdmreThe primary objective of the states monetary policy is to maintain price stability with sustainable maximum economic growth. In anticipation of higher inflation , the Central Banks raise short-term interest rate thereby to reduce money supply. Conversely, the Central Banks reduce short-term interest rate to inject additional money into the economy in apprehension of unleashing recessionary forces. The stock markets usually respond negatively to interest rate increases and positively to interest rate decreases. The linkages between money market and stock market a wealth effect due to a change in money supply disturbs the equilibrium in the portfolio of investors.
This index indicates the long-run and short-run dynamic effects of broad money supply (M2) on U.S. stock market (this symbol is optional (Bitcoin, Gold or Oil or other markets etc.)).
#DYOR
LUNC Spot IndexIndex of several (eventually all) luna classic spot markets with some bonus features!
HPI for crypto [ptt]The Herrick Payoff Index is designed to show the amount of money flowing into or out of a futures contract.
This indicator uses open interest (from Binance PERP like this BTCUSDTPERP_OI) from during its calculations, therefore, the pairs being analyzed must contain open interest data on Binance.
The indicator only works with USDT pairs! Like RVNUSDT, BTCUSDT... does not work with USD pairs!
The indicator works in two mode.
Index mode - when the values moving 0-100
In this case, if the value below 10, it shows the money is flowing out of the futures contract and near the local bottom. If the value above 90, it shows the money is flowing into the futures contract and near the local top.
(The two trigger can be modified, the default is low:10 and high:90)
Oscillator mode - when the values moving around the origo (0)
In this case, if the value above 0 (green), it shows the money is flowing into the futures contract, this is bullish
If the value below 0 (red), it shows the money is flowing out of the futures contract, this is bearish
BETABETA (β) value is a risk index, which is used to measure the price fluctuations of individual stocks or mutual funds relative to the entire stock market.
The higher the β value, the greater the volatility of the stock phase on the performance evaluation benchmark, and vice versa.
When β = 1, it means that the income and risks of the stock are consistent with the income and risks of the broader market; when β> 1, it means that the stock income and risk are greater than the income and risk of the broader market index.
Our Beta calculation method is the same as finance.yahoo.com, markets.ft.com, zacks.com and cnbc.com .
Default Beta setting is data over a 5 Years (Monthly) period and base value of 1.0 is S&P 500 Index.
VIX - SKEW DivergenceThe CBOE VIX is a well-known index representing market expectations for volatility over the next 30 days.
The CBOE SKEW is an index reflecting the perceived tail risk over the next 30 days.
When the SKEW rises over a certain level (~140/150), that means investors are hedging their exposure with options, because they are worried about an incoming market crash or a "black swan". If that happens when the VIX is very low and apparently there is no uncertainty, this can warn of a sudden change in direction of the market. You will see for yourself that an increasing divergence often anticipates a sharp fall of leading stock indexes, usually within two to four months.
This is probably not very relevant for the short-term trader but mid/long-term traders and market analysts may find it useful to clearly visualize the extent of the distance between the VIX and the SKEW. For that reason, I wrote this highly customizable script with which you can plot the two indexes and fill the space within them with a color gradient to highlight the maximum and minimum divergence. Additionally, you can fill the beneath VIX area with four different colors. It is also possible to plot the divergence value itself, so if you want you can draw trendlines and support/resistance levels on it.
Please note that the divergence per se doesn't predict anything and it's meant to be used synergistically with other technical analysis tools.
More informations here:
www.cboe.com
www.cboe.com
Relative Strength
Compare the percentage change of the current symbol with the benchmark in last 5 periods.
By default the benchmark is SPY, you can change it from Indicator Settings.
TSI + DivergencesTrue Strength Indicator (TSI) + Divergences + Alerts + Lookback periods.
This version of the True Strength Indicator adds the following 3 additional features to the stock TSI by Tradingview:
- Optional divergence lines drawn directly onto the oscillator.
- Configurable alerts to notify you when divergences occur.
- Configurable lookback periods to fine tune the divergences drawn in order to suit different trading styles and timeframes.
This indicator adds additional features onto the stock TSI by Tradingview, whose core calculations remain unchanged. Namely the configurable option to automatically, quickly and clearly draw divergence lines onto the oscillator for you as they occur, with minimal delay. It also has the addition of unique alerts, so you can be notified when divergences occur without spending all day watching the charts. Furthermore, this version of the TSI comes with configurable lookback periods, which can be configured in order to adjust the sensitivity of the divergences, in order to suit shorter or higher timeframe trading approaches.
The True Strength Indicator
Tradingview describes the True Strength Indicator as follows:
“The True Strength Index (TSI) is a momentum oscillator that ranges between limits of -100 and +100 and has a base value of 0. Momentum is positive when the oscillator is positive (pointing to a bullish market bias) and vice versa. It was developed by William Blau and consists of 2 lines: the index line and an exponential moving average of the TSI, called the signal line. Traders may look for any of the following 5 types of conditions: overbought, oversold, centerline crossover, divergence and signal line crossover. The indicator is often used in combination with other signals..”
What are divergences?
Divergence is when the price of an asset is moving in the opposite direction of a technical indicator, such as an oscillator, or is moving contrary to other data. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.
There are 4 main types of divergence, which are split into 2 categories;
regular divergences and hidden divergences. Regular divergences indicate possible trend reversals, and hidden divergences indicate possible trend continuation.
Regular bullish divergence: An indication of a potential trend reversal, from the current downtrend, to an uptrend.
Regular bearish divergence: An indication of a potential trend reversal, from the current uptrend, to a downtrend.
Hidden bullish divergence: An indication of a potential uptrend continuation.
Hidden bearish divergence: An indication of a potential downtrend continuation.
Setting alerts.
With this indicator you can set alerts to notify you when any/all of the above types of divergences occur, on any chart timeframe you choose.
Configurable lookback values.
You can adjust the default lookback values to suit your prefered trading style and timeframe. If you like to trade a shorter time frame, lowering the default lookback values will make the divergences drawn more sensitive to short term price action.
How do traders use divergences in their trading?
A divergence is considered a leading indicator in technical analysis, meaning it has the ability to indicate a potential price move in the short term future.
Hidden bullish and hidden bearish divergences, which indicate a potential continuation of the current trend are sometimes considered a good place for traders to begin, since trend continuation occurs more frequently than reversals, or trend changes.
When trading regular bullish divergences and regular bearish divergences, which are indications of a trend reversal, the probability of it doing so may increase when these occur at a strong support or resistance level. A common mistake new traders make is to get into a regular divergence trade too early, assuming it will immediately reverse, but these can continue to form for some time before the trend eventually changes, by using forms of support or resistance as an added confluence, such as when price reaches a moving average, the success rate when trading these patterns may increase.
Typically, traders will manually draw lines across the swing highs and swing lows of both the price chart and the oscillator to see whether they appear to present a divergence, this indicator will draw them for you, quickly and clearly, and can notify you when they occur.
Disclaimer : This script includes code from the stock TSI by Tradingview as well as the RSI divergence indicator.
RMI TFM:Chart + 3D + 1W + 1M This indicator defaults to;
Period: 20
Look Back For Momentum :5
OverBought: 80
OverSold :20
of a Relative Momentum Index indicator;
1- RMI value according to the candle duration selected in the chart, (black)
2- RMI value according to pure 3D candles with the security() function, (blue)
3- With the security() function, the RMI value according to pure 1W candles, (orange)
4- With the security() function, the RMI value (Gray) according to 1M candles shows.
It also calculates RMI according to the price value you enter manually and shows or hides it according to your preference.
Custom IndexEnables users to create their own custom Stock Index with up to 29 tickers! Has included optionality to include/exclude certain sectors, plot sectors individually and measure in gold. Good for having a look at how your favorite tickers have performed (with your modification of course). Also has option to show Moving Averages for your convenience.
Price Pivots for NSE Index & F&O StocksPrice Pivots for NSE Index & F&O Stocks
What is this Indicator?
• This indicator calculates the price range a Stock or Index can move in a Day, Week or Month.
Advantages of this Indicator
• This is a Leading indicator, not Dynamic or Repaint.
• Helps to identify the tight range of price movement.
• Can easily identify the Options strike price.
• The levels are more reliable and authentic than Gann Square of 9 Levels.
• Develops a discipline in placing Targets.
Disadvantages of this Indicator
• The indicator is specifically made for National Stock Exchange of India (NSE) listed index and stocks.
• The indicator is calculated only for index NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY and Stocks listed in Futures and Options.
• The indicator shows nothing for other indexes and stocks other than above mentioned.
• The data need to be entered manually.
• The data need to be updated manually when the F&O listed stocks are updated.
Who to use?
Highly beneficial for Day Traders, it can be used for Swing and Positions as well.
What timeframe to use?
• Any timeframe.
• The highlighted levels in Red and Green will not show correct levels in 1 minute timeframe.
• 5min is recommended for Day Traders.
When to use?
• Wait for proper swing to form.
• Recommended to avoid 1st 1 hour or market open, that is 9.15am to 10.15 or 10.30am.
• Within this time a proper swing will be formed.
How to use?
Entry
• Enter when the Price reach closer to the Blue line.
• Enter Long when the Price takes a pullback or breakout at the Red lines.
Exit
• Exit position when the Price reach closer to the Red lines in Long positions.
What are the Lines?
Gray Lines:
• Every lines with price labels are the Strike Prices in the Option Chain from NSE website.
• Price moves from 1 Strike Price level to another.
• The dashed lines are average levels of 2 Strike Prices.
Red & Green Lines:
• The Red and Green Lines will appear only after the first 1 hour.
• The levels are calculated based on the 1st 1 hour.
• Red Lines are important Resistance levels, these are strong Bearish reversal points. It is also a breakout level, this need to be figured out from the past levels, trend, percentage change and consolidation.
• Green Lines are important Support levels, these are strong Bullish reversal points. It is also a breakdown level, this need to be figured out from the past levels, trend, percentage change and consolidation.
What are the Labels?
• First Number: Price of that level.
• Numbers in (): Percentage change and Change of price from LTP(Last Traded Price) to that Level.
How to use?
Entry:
• Enter when price is closer to the Red or Green lines.
• Enter after considering previous Swing and Trend.
• Note the 50% of previous Swing.
• Enter Short when price reverse from each level.
• If 50% of swing and the pivot level is closer it can be a good entry.
Exit:
• Use the logic of Entry, each level can be a target.
• Exit when price is closer to the Red or Green lines.
Indicator Menu
Source
• Custom: Enter the price manually after choosing the Source as Custom to show the Pivots at that price.
• LTP: Pivot is calculated based on Last Traded Price.
• Day Open: Pivot is calculated based on current day opening price.
• PD Close: Pivot is calculated based on previous day closing price.
• PD HL2: Pivot is calculated based on previous day average of High and Low.
• PD HLC3: Pivot is calculated based on previous day average of High, Low and Close.
"Time (IST) (Vertical)"
• This is a marker of every 1 hour.
• Usually major price movement happen between previous day last 1 hour (2:15 pm) to today first 1 hour (10:15 pm).
• Two swings can happen between first 2 hour of current day.
• At the end of the day last 1 hour from 2.15 pm another important movement will happen.
• Usually rest of the time won't show any interesting movement.
To the Users
• Certain symbols may show the levels as a single line. For such symbols choose a different Source or Timeframe from the indicator menu.
• Please inform if any of the Symbol's price levels don't react to the pivots, include the Symbol a well.
• Also inform if you notice any wrong values, errors or abnormal behavior in the indicator.
• Feel free to suggest or adding new features and options.
General Tips
• It is good if Stock trend is same as that of NIFTY trend.
• Lots of indicators creates lots of confusion.
• Keep the chart simple and clean.
• Buy Low and Sell High.
• Master averages or 50%.
• Previous Swing High and Swing Low are crucial.
EV-IndexThis script calculates the average market cap of various EV Stocks and plots the equivalent Cenntro share price based on an outstanding share count of 261,256,205 shares. EV Stocks included in index:
LCID, RIVN, NIO, LI, XPEV, FSR, NKLA, ARVL, PTRA, LEV, FFIE, GOEV, HYZN, NIU, HYLN, REE, RIDE, SEV, MULN, CENN
Relative Volume Force IndexThis indicator can anticipate the market movements. Its posible because it calculates how much force (volume) it's necessary to move the price up or down. If it's necessary a lot of volume to move the price a little it's a reversion signal, but if a little volume could change the price whit elevate volatility, it's signal of reversion too. The indicator plots red if the market is down, and green if it's up, the size and the color of the bars cand demonstrate the movement relative force. Does it by the configurable averages. Not works well whit poor liquidity.
Nasdaq or US Composite Total VolumeBecause no NASDAQ composite index or NYSE composite index provide data volume, this script intends to use the NASDAQ Composite total volume index, index ticker : TVOLQ, or the NYSE Composite total volume index, index ticker : TVOL, as a classical volume indicator on chart.
How tu use : in the input tab choose youe prefered SMA lenght and the volume' index ticker you want to display. TVOLQ for the NASDAQ Composite total volume or TVOL for the NYSE Composite total volume.
On chart, choose to display the indicator in a new pane.
Double RSI FilterI've seen several youtubers using 2 RSI's on top of one another to filter trades for their strategies. I figured I would just code it up as an all-in-one indicator for people who have the basic package. This way they have an extra slot for another indicator if they need one and also for convenience.
Longs only when RSI 1 is above RSI 2 and shorts only when opposite. The arrows show where crosses of the RSI's occur.
Let me know if there is something else like this where it would just be very convenient to have 2 indicators on one window or other such things and I'll see if I can do something for you guys in my spare time. I'm just an amateur coder, but learning as I do more of these for people.
Thank you!
Hope this helps someone! :)
Index Reversal Range with Volatility Index or VIXWhat is the Indicator?
• The indicator is a visualization of maximum price in which the respective index can go up to in comparison with it's Volatility Index or VIX.
Who to use?
• Intraday
• Swing
• Position
• Long term Investors
• Futures
• Options
• Portfolio Managers
• Mutual Fund Managers
• Index Traders
• Volatility based Traders
• Long term Investors and Options Traders gets the maximum benefit
What timeframe to use?
• 1 Year: Position & Investors
• 6 Months: Position & Investors
• 3 Months: Swing & Position
• 1 Month: Swing & Position
• 1 Week: Swing
• 1 Day: Swing
• 1 Hour: Intraday & Swing
What are Upper and Lower lines?
• Upper Line: If the index price reach closer to the Upper line there is a high chance of reversal to Bearish trend.
• Lower Line: If the index price reach closer to the Lower line there is a high chance of reversal to Bullish trend.
• This need to be confirmed with multiple levels like Daily, Weekly, Monthly etc.
How to use?
• If the price reach closer to that level there is a high chance of reversal from the current trend.
• To identify the reversal zone of the index.
• To identify the trend.
• Option Traders can Sell a Call or Put Option from that level.
• Long term Investors, Position or Swing traders can plan for a Long entry.
• Intraday traders can use lower timeframes to do the same.
Indicator Menu
• Input VIX: Identify the VIX Symbol of your Index and type it in the box.
• For example for NIFTY Index chart type INDIAVIX in the box.
• Choose multiple timeframes according to your convenience.
How to turn on indicator Name and Value labels?
• Right side of the screen >
• Right click on the Price scale >
• Labels > Indicators and financial name labels, Indicators and financial value labels
Further Reading:
• Various videos and reading materials are available about this method.
ICT Index Futures Session LinesICT Index Futures Session Lines
Description:
The script is based on one of ICT's concepts on trading Index Futures. The script lays out the daily range from an intraday basis.
Range:
00:00 - New York Midnight
08:30 – New York Open (News events come out)
12:00/13:00 - New York Lunch (No trade time period)
13:30 - (Algorithm)
16:30 - Close
* The open, high and low lines are plotted from 00:00 to 08:30
How To Use:
You will need to check the daily bias. Prior to 8:30 you are to look for previous swing points where liquidity may exist. During the open you want to see if a high or low is taken out, and then wait for an energetic break/displacement for a potential FVG/imbalance retracement entry.
Strategy is for LTF (1 to 15m)
Default time zone is set to America/New_York (UTC New York), so lines will be plotted correctly regardless of user’s local UTC chart setting.
Artharjan - RSI and RSI-Moving Avg Crossover SignalsHi,
I have created "Artharjan - Index Heavy Weight Components RSI and RSI-Moving Avg Crossover Bullish/Bearish/Neutral Signal" (Short Name - ARSICROSSOVER) indicator for Traders whereby they can see the RSI and RSI Moving Average Values for Indices and Index heavyweight Components at the same time in a Dashboard.
The analysis is based on 2 different timeframes. Basically when Higher timeframe RSI is Bullish and Lower timeframe is Bearish then you enter the LONG trade when Lower Timeframe RSI shows "Bullish Reversal Signal" &
when Higher timeframe RSI is Bearish and Lower timeframe is Bullish then you enter the SHORT trade when Lower Timeframe RSI shows "Bearish Reversal Signal"
The two timeframes which I have selected by Default are Weekly (Higher timeframe) and 30 min Lower (Trade Entry) Timeframe
Also I have used to source to calculate the RSI as 5 period WMA of hlc3, if you want use raw RSI to generate crossover signals then change the source to "close" and input soothing to '1' instead of '5'
The system generates very accurate Buy and Sell Signals and when the script is range bound in its respective timeframe it shows Neutral signal
The overbought and oversold levels for Higher and Lower timeframes are set to be 60/40 and 70/30 respectively, however Traders may change these levels as per their preferences.
For intraday trades I would recommend using Higher time frame as "Daily" and Lower (Trade Entry) Timeframe as "15 min"
For Swing trades I would recommend using Higher time frame as "Weekly" and Lower (Trade Entry) Timeframe as "75 min"
For Positional trades I would recommend using Higher time frame as "Monthly" and Lower (Trade Entry) Timeframe as "Daily"
Also you can select maximum 10 Scripts at any given point in time.
My recommendation would be to use Sector Index as Script 1 and then Heavy weight components of that Sector in Script 2 to 10
This will help you to identify which Stock is responsible to pull index Up or Down and then you may decide to take either a Long Trade or Short Trade accordingly.
The Background Color and Bullish/Bearish/Neutral stages are decided based on following logic
1] If Higher timeframe RSI > Overbought Level - Stock is in a Bull Run
2] If Higher timeframe RSI > If Higher timeframe EMA of RSI = Positively Bullish
3] If Higher timeframe RSI < Oversold Level - Stock is in a Bear Run
4] If Higher timeframe RSI < If Higher timeframe EMA of RSI = Positively Bearish
5] Bulls will be said to have control if Condition 1 & 2 are true
6] Bears will be said to have control if Condition 3 & 4 are true
7] The Stock/Index will be said to be in a Neutral zone if its RSI is less than Overbought Level but greater than Oversold Level
The same rules are applicable for a Lower (Trade Entry) Timeframe
Hope you guys like this indicator and are able to make decent money by using it.
Regards
Rahul Desai
@Artharjan
Stochastic RSI HeatmapStochastic RSI presented as a heatmap starting from the oversold (20) / overbought (80) levels respectively. The more oversold / overbought the price, the more intense the color (blue / fuchsia).
Comparative Relative Strength for Crypto (USDT/USD)Comparative Relative Strength for Crypto (USDT/USD)
An adaption of the indicator as published by © bharatTrader->
Please visit the link for details as published by the original coder.
Configured for Crypto by presetting (per filter) for CIX100 usage - either in USDT (Kucoin) or USD (Capitolcom)
