This is a tool that is widely used Especially for Overbought and Oversold systems, but I have made some changes in this indicator,
How to use it... I have set it as the default setting - RSI Length: 6 (<10 for scalping - 5m-15m) - Overbought: 70 - Oversold: 30 What is unique about this tool?
we can see 3 conditions: 1) RSI Overbought / Oversold with Bullish Engulfing / Bearish Engulfing 2) RSI Overbought / Oversold with Hammer and Shooting Star 3) RSI Overbought / Oversold with 2 Bullish Bars / 2 Bearish Bars 4) RSI Overbought / Oversold with All Patterns at the same time
When the RSI reaches its Oversold line, the code will wait for Bullish Engulfing pattren, when oversold and Bullish engulfing matched, This indicator will generate a buy signal when the condition is met, and same as for Bear market, When the RSI reaches its Overbought line, the code will wait for Bearish Engulfing pattren, This indicator will generate a sell/exit signal when the condition is met,
2nd condition is that a Hammer candle will be waited for when RSI touches the Overbought line, for Bullish Move and Shooting Star candle will be waited for when RSI touches the Overbought line, for Bullish Move, for Bearish Move
3rd Condition is also the same as Condition 1 and Condition 2, When the RSI reaches its Oversold line, the code will wait for 2 Bullish Bars, when oversold and 2 Bullish Bars matched then this indicator will generate a buy signal, and same as for Bear market, When the RSI reaches its Overbought line, the code will wait for 2 Bearish Bars, when overbought and 2 Bearish Bars matched then this indicator will generate a Sell signal,
4th Condition is that we can use All Conditions at the same time, - Bullish Engulfing / Bearish Engulfing - Hammer and Shooting Star - 2 Bullish Bars / 2 Bearish Bars
When you go back 1 year or more to test it, your indicator doesn't show buy, sell, 2bear, hmr and other text labels no more. How to fix this ?
TrungChuThanh
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@skirmantas, Sry Maybe it's because I set the time period for 1 year, in reality there is no need to re-test too far when the time frame is 5m, 15m, 1h
skirmantas
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@TrungChuThanh, where can I change the code to make it for longer period, since I trade 4 hour chart mostly ?
TrungChuThanh
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@skirmantas, ok You can go to settings and adjust RSI to at least 14 For example, H4 gold price, Buy 1816-1821+- Sell 1864+- and 1932+-
skirmantas
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@TrungChuThanh, unfortunately it doesn't change, somewhere in the code there are limit set, not Rsi length
TrungChuThanh
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Buy - H1 03AM (13/10/2023) 1869, close with signal Sell ( 5AM-16/10/2023) ~ 590 pips
TrungChuThanh
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12.10.2023 CPI H1 Sell signal 1879.x Entry 1869.4 +100 pips