What is up y'all ? (french trying to sound American)
I found that in my script archives, way back in an old cave. I think this might be useful as a few really asked me how to define a green/red candle, how to capture the wick value, the body, etc..
This is not a fancy script as usual and I'm sure they're plenty of candles pattern scripts out there but I saw no...
RSI DIVERGENCE is a difference between a fast and a slow RSI. Default values are 5 for the fast one and 14 for the slow one.
You can use this indicator in 2 different ways:
normal RSI: check double or triple top/bottom on a chart meanwhile RSI is descending/ascending (check the example on chart)
signal line: when RSI Divergence cross zero line from bottom to...
A powerful indicator that gives you information about trend direction and strength. It gives you buy signal when both lines are green and sell signal when both lines are red. The indicator adapts automatically to your resolution (for example if you see charts hourly it adapts to hourly timeframe), but you can turn off this option and set different resolution...
It is a normal Directional Movement Index, but instead of using lines for +DI and -DI it uses histogram and 4 colors. It also contains an horizontal line (default value @20) to indicate when a trend is confirmed or not.
See the current pair's Supertrend direction on 4 different timeframes at once, so you won't get caught with your pants down trading against the trend. Handy for quickly space-barring through a watchlist.
Default settings are (from top to bottom) Daily, 4H, 1H and 15M but these can be changed. Any suggestions, let me know.
// The script is useful to inspect probability:
// If previous day closed at lowest price for several days
// how often next day would be red bar
// As one can see gray lines indicate bars with lowest close. If next bar is green, increment diff_hi, overwise increment diff_lo
// Probability is counted as diff_lo / (diff_hi+diff_lo)
// One can copy script and...
The usage is very easy. When the line is green you can open long position, when the line is red you can open short position and when it's black just check by yourself.
Usually I use it with RSI and Bollinger Bands, in order to determine when the signal is strong or weak.
Just play with fastest and slowest SC to adjust the smoothness.