Reverse Double Smoothed Relative Strength Index Bands[CC]The Reverse Double Smoothed Relative Strength Index Bands is a custom script of mine that is another part of my RSI indicator series, which I will be publishing over the next week or so. This takes my Double Smoothed Relative Strength Index script and applies the Reverse RSI formula to create a new Bollinger Bands type indicator. This concept can work for almost any oscillator with some slight tweaking. I have a reverse RSI being calculated for each major RSI level to give you an approximation of what the price would look like if that RSI level was hit. Feel free to tweak the RSI levels of course. I will publish more Reverse indicators since that doesn't seem to be a topic that is touched on very frequently. I have color coded the indicator to show darker colors when it is a strong signal and lighter colors for normal signals. Buy when the lines turn green and sell when they turn red.
This was a custom request from @kerpiciwuasile so let me know if you want to see me publish another custom script!
Índice de Força Relativa (RSI)
Reverse Relative Strength Indicator [CC]The Reverse Relative Strength Index was created by Giorgos Siligardos (Stocks & Commodities V. 21:6 (18-30)). It is a handy indicator that reverse engineers the RSI price calculation to show what the price would have to be for the RSI value to match our chosen input. You can select your chosen RSI level using the RSI Level input for this indicator. For example if you wanted to see what the price would be for the RSI value to match the oversold level then you would set the RSI Level for 30 and it will plot that price on the chart. This uses some simple math to extrapolate the price with some basic algebra from the typical RSI calculation. This, of course, is a very similar concept to my previous Reverse Moving Average Convergence Divergence script. This indicator formula can be used for any oscillator with some slight tweaking and could also be customized to show the price for overbought and oversold levels, which I will probably do in the near future. This indicator is useful in many ways such as a trend indicator as my example shows or for a price projection tool. For example, if you had a current RSI level of 66 and it was going up and you want to see what the price would be if it reached the overbought level then you could do that. Let me know what works well for you and if you have any suggestions for how to further improve upon this script. I have included darker colors to show stronger signals and lighter colors to show normal signals. Buy when the line turns green and sell when it turns red.
I have a bunch of backlogged scripts that I'm trying to publish, so I figured I would focus on my RSI scripts since I have a bunch, so be prepared to see a bunch of those over the next week or so. Let me know if there are any other scripts you would like to see me publish!
Soheil PKO's 5 min Hitman Scalp - 3MA + Laguerre RSI + ADX [Pt]Someone sent me this strategy found on YouTube. It is Soheil PKO's "The Best and Most Profitable Scalping Strategy" Best way to find out is to code it =)
This strategy uses Moving Average Ribbon, Laguerre RSI, and ADX. This script only displays the MA ribbon, you will need to add Laguerre RSI and ADX separately.
Long Entry Criteria:
- 16 EMA > 48 EMA > 200 SMA
- Laguerre RSI > 80
- ADX > 20
Long Exit Criterion:
- 16 EMA < 48 EMA
Short Entry Criteria:
- 16 EMA < 48 EMA < 200 SMA
- Laguerre RSI < 20
- ADX > 20
Short Exit Criterion:
- 16 EMA > 48 EMA
As mentioned in the video, risk management is very important, especially for scalping strategies. Therefore, I've added option for setting Stop Loss and Price Target in the options for you guys to play with.
All parameters are configurable.
Enjoy~~
Trend Indicator with RSI and Fibbonacci Band 0.702 crossingsToday we have a new Indicator set, which I created using inspiration from the Trend Magic Indicator from KivancOzbilgic and adding several new aspects to it and a slightly modified calculation of the trend indicator itself.
You can change the inputs by changing the pre set values in the settings, but I found the current settings quite accurate. Feel free to experiment to fine tune the indicators.
Here are the details of the script:
Trend indicated within candles and as a line
- bullish and bearish trends are now also indicated within the candle based on the CCI calculation.
- Bullish is indicated by a green circle below the candle or as one may call it a "dot"
- bearish trend is indicated by a red circle above the candle
Entry Signal based on RSI crossing its EMA
- my motivation was to have a clearer entry signal besides highlighting a trend, which can not really be used to identify a good entry but to give confidence or when loosing trend to give an exit signal.
- after studiying the RSI and how it works together with its EMA it looks quite interesting as an entry or exit signal. But be cautios if the EMA and RSI values are moving in a narrow area we get a lot of crosses and therefore signals which should rather be ignored rather to be act on. So the the range where the cross happens is also quite important. But this aspect is not yet reflected as a rule/ logic.
But I am thinking of adding something.. or alternativly best to switch to another timeframe to get some better data
RSI overbought and oversold as Diamonds
- I also added key indications of oversold or overbought as Blue and Pink diamonds, can be considered as additional information to maybe identify a short term top or bottom.. but its not very accurate.
Entry signal based on crossing Fibbonachi Band 0.702
- So far the 0.702 seems to be quite an interesting retracement level which seems to be met a lot of times
- based on the assumption the price will evantually hit the 0.702 either direction I wanted to get a signal when this happens
- BUT! a big but, unfortunalty the Fibbonachi bands tend to bloat up in case of high volatility so it is not easy to find the crossing on higher timeframes
Here are the standard value which I found quite accurate for the assets I use this indicator set:
CCI Period = 5
ATR Multiplier = 1
ATR Period = 1
Source = High Low Close (hlc3 average value of the candle
Here the inputs used for the RSI Crossing signal (here you should play around a little to see which entry would have been best..)
RSI Length = 14
RSI Oversold = 25 (to be used for the "golden" entry signal based on the FBB crossing)
RSI Overbought = 80 (to be used for the "golden" entry signal based on the FBB crossing)
RSI Moving Average Length
In future versions I will add options to activate or deactive some of the plotting and espacially this golden dot when the fibbonachi band is being crossed needs some fine tuning..
And lets see if there is a way to fix the bloating of those bands..
TASC 2023.03 Every Little Bit Helps - Special EditionMy first Published contribution.
Gracious thank you to all Pine Coders,
this has subtle features that have multiple shifts based on inputs.
with some experimentation, one might try pushing other sources
at the hue dials and see more dynamic indication.
for John Ehlers article
TASC Magazine This Month.
- Special Edition.
MACD & RSI Overlay (Expo)█ Overview
The MACD & RSI Overlay (Expo) trading indicator is a technical analysis tool that combines two popular indicators, the Relative Strength Index (RSI ) and the Moving Average Convergence Divergence (MACD ), and overlays them onto the price chart. The indicator oscillates relative to price, so it plots the RSI and MACD around price while still displaying the same insights as the regular MACD and RSI indicators. This feature gives traders a unique perspective, allowing them to see the relationship between price, momentum, and trend in a single chart.
This indicator is a valuable addition to any trader's technical analysis toolkit, whether they are a beginner or an experienced trader.
█ MACD
█ RSI
The RSI comes with overbought and oversold areas, which can be set by the trader.
█ MACD & RSI
█ Trend Feature
What sets the MACD & RSI Overlay indicator apart is its ability to factor in the underlying trend. This feature makes the indicator more useful than ever before, as traders can use it to filter trades in the direction of the trend. By considering the underlying trend, traders can gain valuable insights into market trends.
█ Benefits
One of the primary benefits of having the MACD and RSI plotted directly on the price chart is that it provides a more intuitive understanding of the relationship between price, momentum, and trend. Traders can quickly identify the direction of the trend by observing the price movement relative to the MACD and RSI lines. In addition, by having these indicators plotted on the chart, traders can quickly identify potential buy and sell signals and develop new trading strategies.
█ How to use
One of the most popular strategies is to use the MACD & RSI Overlay indicator to look for crossings. A crossing occurs when the MACD and RSI lines cross over each other or when they cross over the signal line. These crossings can signal potential trend reversals and momentum shifts. For example, if the MACD line crosses over the signal line from below, it could indicate a bullish signal, while a cross from above could indicate a bearish signal.
-----------------
Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Shorting when Bollinger Band Above Price with RSI (by Coinrule)The Bollinger Bands are among the most famous and widely used indicators. A Bollinger Band is a technical analysis tool defined by a set of trendlines plotted two standard deviations (positively and negatively) away from a simple moving average ( SMA ) of a security's price, but which can be adjusted to user preferences. They can suggest when an asset is oversold or overbought in the short term, thus providing the best time for buying and selling it.
The relative strength index ( RSI ) is a momentum indicator used in technical analysis. RSI measures the speed and magnitude of a security's recent price changes to evaluate overvalued or undervalued conditions in the price of that security. The RSI can do more than point to overbought and oversold securities. It can also indicate securities primed for a trend reversal or corrective pullback in price. It can signal when to buy and sell. Traditionally, an RSI reading of 70 or above indicates an overbought situation. A reading of 30 or below indicates an oversold condition.
The short order is placed on assets that present strong momentum when it's more likely that it is about to reverse. The rule strategy places and closes the order when the following conditions are met:
ENTRY
The closing price is greater than the upper standard deviation of the Bollinger Bands
The RSI is less than 70.
EXIT
The trade is closed when the RSI is less than 70
The lower standard deviation of the Bollinger Band is less than the closing price.
This strategy was backtested from the beginning of 2022 to capture how this strategy would perform in a bear market.
The strategy assumes each order to trade 70% of the available capital to make the results more realistic. A trading fee of 0.1% is taken into account. The fee is aligned to the base fee applied on Binance, which is the largest cryptocurrency exchange by volume.
RSI Trendlines with BreakoutsA pivot-based breakout indicator that attempts to provide traders with a visual aid for finding breakouts on the RSI. Similar to how we use trendlines on our charts, using them on the Relative Strength Index can also give us a sense of direction in the markets.
This script uses its own pivot-based system that checks for real-time swing levels and triggers a new pivot event after every dip and nth bars. The breakout alerts that are given were not designed to be taken as signals since their purpose is to provide an extra bit of confluence. Because of this, I added no other conditions that try to make the alerts "perfect", but instead, print every breakout that is detected. Despite stating this, I did happen to add a condition that checks the difference in RSI and the breakout value, but that's as far as it'll go.
There are alerts built-in to the script, along with adjustable repainting options.
🔳 Settings
Lookback Range: Lookback period to trigger a new pivot point when conditions are met.
RSI Difference: The difference between the current RSI value and the breakout value. How much higher in value should the current RSI be compared to the breakout value in order to detect a breakout?
RSI Settings
Styling Options
🔳 Repaint Options
On: Allows repainting
Off - Bar Confirmation: Prevents repainting and generates alerts when the bar closes. (1 candle later)
🔳 How it Works
Before a trendline is drawn, the script retrieves the slope between the previous pivot point and the current. Then it adds or subtracts the slope x amount of times (based on the lookback range) from the current pivot value until the current x-axis is reached. By doing this we can get a trendline that will detect a breakout accurately.
The result
When using the RSI Difference condition, the script will print breakouts whenever the condition is true, because of this dotted lines were added to track where the alert was triggered.
🔳 Alerts
Simple_RSI+PA+DCA StrategyThis strategy is a result of a study to understand better the workings of functions, for loops and the use of lines to visualize price levels. The strategy is a complete rewrite of the older RSI+PA+DCA Strategy with the goal to make it dynamic and to simplify the strategy settings to the bare minimum.
In case you are not familiar with the older RSI+PA+DCA Strategy, here is a short explanation of the idea behind the strategy:
The idea behind the strategy based on an RSI strategy of buying low. A position is entered when the RSI and moving average conditions are met. The position is closed when it reaches a specified take profit percentage. As soon as the first the position is opened multiple PA (price average) layers are setup based on a specified percentage of price drop. When the price hits the layer another position with the same position size is is opened. This causes the average cost price (the white line) to decrease. If the price drops more, another position is opened with another price average decrease as result. When the price starts rising again the different positions are separately closed when each reaches the specified take profit. The positions can be re-opened when the price drops again. And so on. When the price rises more and crosses over the average price and reached the specified Stop level (the red line) on top of it, it closes all the positions at once and cancels all orders. From that moment on it waits for another price dip before it opens a new position.
This is the old RSI+PA+DCA Strategy:
The reason to completely rewrite the code for this strategy is to create a more automated, adaptable and dynamic system. The old version is static and because of the linear use of code the amount of DCA levels were fixed to max 6 layers. If you want to add more DCA layers you manually need to change the script and add extra code. The big difference in the new version is that you can specify the amount of DCA layers in the strategy settings. The use of 'for loops' in the code gives the possibility to make this very dynamic and adaptable.
The RSI code is adapted, just like the old version, from the RSI Strategy - Buy The Dips by Coinrule and is used for study purpose. Any other low/dip finding indicator can be used as well
The distance between the DCA layers are calculated exponentially in a function. In the settings you can define the exponential scale to create the distance between the layers. The bigger the scale the bigger the distance. This calculation is not working perfectly yet and needs way more experimentation. Feel free to leave a comment if you have a better idea about this.
The idea behind generating DCA layers with a 'for loop' is inspired by the Backtesting 3commas DCA Bot v2 by rouxam .
The ideas for creating a dynamic position count and for opening and closing different positions separately based on a specified take profit are taken from the Simple_Pyramiding strategy I wrote previously.
This code is a result of a study and not intended for use as a full functioning strategy. To make the code understandable for users that are not so much introduced into pine script (like myself), every step in the code is commented to explain what it does. Hopefully it helps.
Enjoy!
Negroni MA & RSI Strategy, plus trade entry and SL/TP optionsI will start with the context, and some things to think about when using a strategy tool to back-test ideas.
CONTEXT
FIRST: This is derived from other people's work, but I honestly hadn't found a mixed indicator MA strategy tool that does what this now does. If it is out there, apologies!!
This tool can help back-test various MA trends (SMA, EMA, HMA, VWMA); as well as factoring in RSI levels (or not); and can factor in a fixed HTF MA (or not). You can apply a 'retest entry' or a 'breakout entry', and you can also apply various risk mgt for SL/TP orders: 1) No SL/TP; or 2) a fixed %, or 3) dynamic ATR multipliers.
Find below, some details explaining what this tool is attempting to do.
Thank you, tack, salute!
THINGS TO REVIEW (it is not just about 'profitability'!!)
Whilst discretion is always highly encouraged as a trader, and a 100% indicator-driven strategy is VERY unlikely to yield sustainable results going forward, at the very least back-testing your strategies can help provide some guidance, not just on win rate Vs profit factor, but other things including:
a) Trade frequency: if a strategy has an 75% win rate and profit factor of 4, with all your parameters and confluence checks, but only triggers 3 trades every 5 years, is that realistically implementable to your trading situation if you have a $10,000 account?
b) Trade entry type: is it consistently better to wait for a retest of an 'MA zone', or is it better to market buy/sell on breakout of the 'MA zone'?
c) Risk management (SL/TP): is it consistently better to have a fixed static % for SL/TP ("I always place my stops 2% away, whether it is EURUSD or BTCUSDT"), or would you be better placed to try using an ATR multiplier of the respective assets?
d) Moving average type: is your old faithful 100 EMA really serving you well, or is the classic SMA more reliable, or how about the HMA, or the VWMA? Is the 100/200 cross holding up, or do you need something more sensitive? Is there any significant difference between a 10 EMA/20 EMA trend zone compared to a 13 EMA /25 EMA zone?
e) Confluence: Do added confluence checks (RSI, higher timeframe MA) actually improve profitability? But even if they do, is at the cost of cutting too many trades?
INPUTS AND PARAMETERS
Choice 1) Entry Strategy: Retest or Breakout - You can select both!
[ ]:
a) RETEST entry strat: price crosses UNDER FastMA INTO the 'MA trend zone'.
b) BREAKOUT entry strat: price crosses OVER FastMA OUT the 'MA trend zone'.
Choice 2) Risk Management (SL and TP) - You can select more than 1 strategy!
a) No SL/TP: Long trades are closed when the LOW crosses back UNDER the fastMA again, and shorts are closed when the HIGH crosses back OVER the fastMA again.
b) Static % SL/TP: Your SL/TP will be a fixed % away from avg. position price... WARNING: You should change this for various asset classes; FX vol is not the same as crypto altcoin vol!
c) Dynamic ATR SL/TP: Your SL/TP is a multiple of your selected ATR range (default is 50, see 'info' when you select ATR range). ATR accounts for the change in vol of different asset classes somewhat, HOWEVER... you should probably still not have the same multiplier trading S&P500 as you would trading crypto altcoins!
Then select your preferred parameters: EMA, SMA, HMA, VWMA, etc. You can mix and match, and most options have a info/tooltip guide.
RSI note: If you don't care for RSI levels, then set buy signal at 1... i.e always buys! Similarly set sell signal at 99.
ATR note: standard ATR length is usually 14, however... your SL/TP will move POST entry, and can tighten or widen your initial SL/TP... for better AND usually for worse! Go find a trade (strat 3) on the chart, look at the SL/TP lines, now change the number to 5, you'll see.
Fixed HTF MA note: If you don't care for HTF MA confluence, just change the timeframe/options to match the 'Slow MA' options you've chosen.
Rsi strategy for BTC with (Rsi SPX)
I hope this strategy is just an idea and a starting point, I use the correlation of the Sp500 with the Btc, this does not mean that this correlation will exist forever!. I love Trading view and I'm learning to program, I find correlations very interesting and here is a simple strategy.
This is a trading strategy script written in Pine Script language for use in TradingView. Here is a brief overview of the strategy:
The script uses the RSI (Relative Strength Index) technical indicator with a period of 14 on two securities: the S&P 500 (SPX) and the symbol corresponding to the current chart (presumably Bitcoin, based on the variable name "Btc_1h_fixed"). The RSI is plotted on the chart for both securities.
The script then sets up two trading conditions using the RSI values:
A long entry condition: when the RSI for the current symbol crosses above the RSI for the S&P 500, a long trade is opened using the "strategy.entry" function.
A short entry condition: when the RSI for the current symbol crosses below the RSI for the S&P 500, a short trade is opened using the "strategy.entry" function.
The script also includes a take profit input parameter that allows the user to set a percentage profit target for closing the trade. The take profit is set using the "strategy.exit" function.
Overall, the strategy aims to take advantage of divergences in RSI values between the current symbol and the S&P 500 by opening long or short trades accordingly. The take profit parameter allows the user to set a specific profit target for each trade. However, the script does not include any stop loss or risk management features, which should be considered when implementing the strategy in a real trading scenario.
Super 6x: RSI, MACD, Stoch, Loxxer, CCI, & Velocity [Loxx]Super 6x: RSI , MACD , Stoch , Loxxer, CCI , & Velocity is a combination of 6 indicators into one histogram. This includes the option to allow repainting.
What is MACD?
Moving average convergence divergence ( MACD ) is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. The MACD is calculated by subtracting the 26-period exponential moving average ( EMA ) from the 12-period EMA .
What is CCI?
The Commodity Channel Index ( CCI ) measures the current price level relative to an average price level over a given period of time. CCI is relatively high when prices are far above their average. CCI is relatively low when prices are far below their average. Using this method, CCI can be used to identify overbought and oversold levels.
What is RSI?
The relative strength index is a technical indicator used in the analysis of financial markets. It is intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period. The indicator should not be confused with relative strength .
What is Stochastic?
The stochastic oscillator, also known as stochastic indicator, is a popular trading indicator that is useful for predicting trend reversals. It also focuses on price momentum and can be used to identify overbought and oversold levels in shares, indices, currencies and many other investment assets.
What is Loxxer?
The Loxxer indicator is a technical analysis tool that compares the most recent maximum and minimum prices to the previous period's equivalent price to measure the demand of the underlying asset.
What is Velocity?
In simple words, velocity is the speed at which something moves in a particular direction. For example as the speed of a car travelling north on a highway, or the speed a rocket travels after launching.
How to use
Long signal: All 4 indicators turn green
Short signal: All 4 indicators turn red
Included
Bar coloring
Alerts
Easy RSI by nnamWhat Does this Indicator Do?
The Easy RSI Indicator color codes candles based on their RSI Value vs. Open / Close (Red / Green). It plots the current price and current RSI value on the chart in real-time. Additionally, when the RSI Value is in an oversold or overbought condition, it plots that signal on the chart in real-time.
The initial candle color is the standard Red / Green Tradingview color, but a Gradient is added to the color which either darkens or lightens the color based on the RSI Value.
As seen in the screenshot below, the higher the RSI Value, the brighter the Green Color is. The lower the RSI Value, the brighter the Red Color is.
The current Price and current RSI Value are both plotted on the chart by default, but can be optionally switched off by the trader.
As seen in the screenshot below, the prices and RSI Values are easily seen while visually tracking the price in real-time.
RSI Overbought Values are plotted when the Overbought condition is triggered. The Default is RED for Overbought and GREEN for Oversold.
As seen in the screenshot below, with all three labels turned on under the input settings (these are ON by default) you can see the overbought condition, the current RSI Value, and current price all in one centralized area. Oversold Values are also plotted when turned on under the input settings.
As shown in the screenshot below, the candle is GREEN (as evident by the green candle outline) but the RSI Value is low and shows lower than average relative strength. This turns the bar color ORANGE vs, GREEN showing that the relative strength of the move is subpar.
As shown on the screenshot below, if the trader has the standard Tradingview Price label switched on (in the Tradingview Chart Settings), the color of the bar is also translated to the price are for an easy to recognize RSI Value just by looking at the price. Even if the current candle is RED, when the RSI is higher than lower, the color will be green / greenish and even if the current candle is GREEN, when the RSI Value is lower than higher, the color will be red-ish / orange in color giving the user a quick view of RSI Value.
If you have any questions or feature requests for this Indicator please do not hesitate to reach out and ask.
GOOD LUCK trading!!
~nnamdert
Price & Percentage Change LabelFairly straightforward script that allows you to plot the current price and % either above the last candle and/or to the right of it. There's also 2 price "follow" lines that you can turn off and on, much like the bid/ask line that's built in to TV.
You can also choose to enable a specific % above/below current price to give you an idea on where price would be with a move north or south by X % amount from current price.
Ehlers Data Sampling Relative Strength Indicator [CC]The Data Sampling Indicator was created by John Ehlers (Stocks and Commodities Mar 2023) and this is a genius method to reduce noise in the market data but also doesn't introduce any lag while doing so. The way this works is because traditionally, people have always relied on the close price as the default input for many indicators such as the RSI or MACD as examples. Since the open is usually virtually identical to the previous close, it has been ignored by most people but Ehlers discovered that if you do a simple average of open and close for the input on any indicator, you can remove much of the noise without any added lag. I have used the RSI as he did in his example and plotted both to show the difference between the traditional RSI and using Ehlers' process as the new Data Sampling RSI. You can clearly see that this new RSI follows the price fluctuations much closer and is much smoother than the traditional RSI. As usual, I have included different colors to show the strength of the buy or sell signals so darker colors mean it is a very strong signal and lighter colors means it is a normal signal. Buy when the line turns green and sell when it turns red.
Feel free to try out this method to replace the input for any indicator and let me know how this works for you! And of course let me know if you would like me to publish any indicator script.
RSIOMA with Volume Index ConfirmationThis indicator is called "RSIOMA with Volume Index Confirmation". It is a technical analysis tool that plots buy and sell signals on a chart based on the Relative Strength Index (RSI) and the Negative Volume Index (NVI) and Positive Volume Index (PVI) indicators.
The indicator has the following input parameters:
- RSI Length: determines the number of periods used to calculate the RSI. Default value is 14.
- Overbought Level: determines the RSI level at which a security is considered overbought. Default value is 70.
- Oversold Level: determines the RSI level at which a security is considered oversold. Default value is 30.
- NVI Length: determines the number of periods used to calculate the Negative Volume Index. Default value is 255.
- PVI Length: determines the number of periods used to calculate the Positive Volume Index. Default value is 255.
The indicator calculates the RSI using the RSI Length input parameter and the close price of the security. It also calculates the NVI and PVI by looping through the volume data and the close price data of the security over the specified periods.
The indicator then uses the RSI, NVI, and PVI to determine buy and sell signals. A bearish divergence signal is generated when the RSI from one period ago is greater than the Overbought Level, the current RSI is less than the Overbought Level, and the close price from one period ago is greater than the current close price. A bullish divergence signal is generated when the RSI from one period ago is less than the Oversold Level, the current RSI is greater than the Oversold Level, and the close price from one period ago is less than the current close price. A sell signal is generated when a bearish divergence signal occurs and the current NVI is less than the previous NVI value. A buy signal is generated when a bullish divergence signal occurs and the current PVI is greater than the previous PVI value.
The indicator plots the buy and sell signals on the chart as green and red triangles, respectively. The "overlay=true" parameter in the indicator function indicates that the signals are plotted on top of the security's price chart.
BB Running Away CandleHello,
here is an indicator that can be helpful for your trading that is simple and easy to use.
Our culprit here is a candle that opens and closes below the lower band of Bollinger Band, Black and red lines are put on the high and low of that candle.
Green Arrows are happening when:
1- When candle closes above the black line and Stochastic RSI is in the oversold area >> "Confirmed B"
2- When candle closes above the black line >> "B"
Note that you can choose from the settings whether you want it confirmed or not.
Red Arrows are happening when:
1- Price reached the higher band of Bollinger Bands >> "BB High"
2- Stochastic crosses down from above 80 level >> "Stoch Crossdown"
3- RSI reached above 70 levle >> "RSI Oversold"
Note that you can choose to turn these on or off from the settings.
Settings of indicators are set to default.
NOTE: Alerts are put there however i didn't get the chance to test them, so would like to hear your feedback about them.
THE USE OF THIS INDICATOR IS YOUR OWN RESPONSIBILITY.
wishing you the best.
Kimchi Premium StrategyThis strategy is based on the Korea Premium, also known as the “Kimchi Premium,” which indicates how expensive or cheap the price of Bitcoin in Korean Won on a Bitcoin exchange in South Korea is relative to the price of Bitcoin being traded in USD or Tether. Inverse Kimchi Premium RSI was newly defined to create a strategy with Kimchi Premium. Assuming that the larger the kimchi premium, the greater the individual's purchasing power. In this case, if the Inverse Kimchi Premium RSI falls and closes the candle below the bear level, a short is triggered. Long is the opposite.
This strategy defaults to a combination of the traditional RSI and the Inverse Kimchi Premium RSI. If the user wishes to unlock the Inverse Kimchi Premium RSI combination and only use it as a traditional RSI strategy, the following settings can be used.
Use Combination of Inverse Kimchi Premium RSI: Uncheck
Resolution: Chart (4hr Candle)
Source: Close
Length of RSI: 14
Bull Level: 74
Bear Level: 25
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김치프리미엄(김프) 전략은 달러 혹은 테더로 거래되고 있는 비트코인 가격 대비 한국에 있는 비트코인 거래소의 비트코인 원화 가격이 얼마나 비싸고 싼 지를 나타내는 코리아 프리미엄, 일명 "김치 프리미엄" 지표를 기반으로 만들어졌습니다. 김치 프리미엄을 가지고 전략을 만들기위해 Inverse Kimchi Premium RSI를 새롭게 정의하였습니다. 김치 프리미엄이 커질수록 개인의 매수세가 커진다고 가정하고, 이 경우 Inverse Kimchi Premium RSI이 하락하여 Bear Level 아래에서 캔들 마감을 하면 Short을 트리거 합니다. Long은 그 반대입니다.
이 전략은 전통적인 RSI와 Inverse Kimchi Premium RSI을 조합하여 기본값을 설정하였습니다. 유저가 원한다면 Inverse Kimchi Premium RSI의 조합을 해제하고 전통적인 RSI 전략으로만 사용하려면 아래 다음의 설정값을 사용할 수 있습니다.
Use Combination of Inverse Kimchi Premium RSI: 체크 해제
Resolution: Chart (4hr Candle)
Source: Close
Length of RSI: 14
Bull Level: 74
Bear Level: 25
RSI with Market FilterThis is a normal Relative Strength Index with default length set to 14 periods
In addition, SET and MAI market Trend filter:
When SET or MAI is above 10 and 35 EMA - consider as a strong uptrend.
SET or MAI is below EMA 10 but still above EMA 35 - consider as a healthy Uptrend but resting with lower momentum.
SET or MAI is below EMA 10 and 35 - consider as a Downtrend. It is recommended not to trade in this market.
SET or MAI is above EMA 10 but below EMA 35 - consider as a starting point of the uptrend. It is recommended to start looking for a possible trade when the market flip into Uptrend.
Dynamo
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Overview
Dynamo is built to be the Swiss-knife for price-movement & strength detection, it aims to provide a holistic view of the current price across multiple dimensions. This is achieved by combining 3 very specific indicators(RSI, Stochastic & ADX) into a single view. Each of which serve a different purpose, and collectively provide a simple, yet powerful tool to gauge the true nature of price-action.
Background
Dynamo uses 3 technical analysis tools in conjunction to provide better insights into price movement, they are briefly explained below:
Relative Strength Index(RSI)
RSI is a popular indicator that is often used to measure the velocity of price change & the intensity of directional moves. RSI computes the relative strength of the current price by comparing the security’s bullish strength versus bearish strength for a given period, i.e. by comparing average gain to average loss.
It is a range bound(0-100) variable that generates a bullish reading if average gain is higher, and a bullish reading if average loss is higher. Values over 50 are generally considered bullish & values less than 50 indicate a bearish market. Values over 70 indicate an overbought condition, and values below 30 indicate oversold condition.
Stochastic
Stochastic is an indicator that aims to measure the momentum in the market, by comparing most recent closing price of the security to its price range for a given period. It is based on the assumption that price tends to close near the recent high in an up trend, and it closes near the recent low during a down trend.
It is also range bound(0-100), values over 80 indicate overbought condition and values below 20 indicate oversold condition.
Average Directional Index(ADX)
ADX is an indicator that can quantify trend strength, it is derived from two underlying indices, known as Directional Movement Index(DMI). +DMI represents strength of the up trend, and -DMI represents strength of the down trend, and ADX is the average of the two.
ADX is non-directional or trend-neutral, which means, it does not follow the direction of the price, instead ADX will rise only when there is a strong trend, it does not matter if it’s an up trend or a down trend. Typical ranges of ADX are 25-50 for a strong trend, anything below 25 is considered as no trend or weak trend. ADX can frequently shoot upto higher values, but it generally finds exhaustion levels around the 60-75 range.
About the script
All these indicators are very powerful tools, but just like any other indicator they have their limitations. Stochastic & ADX can generate false signals in volatile markets, meaning price wouldn’t always follow through with what’s being indicated. ADX may even fail to generate a signal in less volatile markets, simply because it is based on moving averages, it tends to react slower to price changes. RSI can also lose it’s effectiveness when markets are trending strong, as it can stay in the overbought or oversold ranges for an extended period of time.
Dynamo aims to provide the trader with a much broader perspective by bringing together these contrasting indicators into a single simplified view. When Stochastic becomes less reliable in highly volatile conditions, one can cross validate their deduction by looking at RSI patterns. When RSI gets stuck in overbought or oversold range, one can refer to ADX to get better picture about the current trend. Similarly, various combinations of rules & setups can be formulated to get a more deterministic view, when working with either of these indicators.
There many possible use cases for a tool like this, and it totally depends on how you want to use it. An obvious option is to use it to trigger signals only after it has been confirmed by two or more indicators, for example, RSI & Stochastic make a great combination for cross-over or cross-under strategies. Some of the other options include trend detection, strength detection, reversals or price rejection points, possible duration of a trend, and all of these can very easily be translated into effective entry and exit points for trades.
How to use it
Dynamo is an easy-to-use tool, just add it to your chart and you’re good to start with your market analysis. Output consists of three overlapping plots, each of which tackle price movement from a slightly different angle.
Stochastic: A momentum indicator that plots the current closing price in relation to the price-range over a given period of time.
Can be used to detect the direction of the price movement, potential reversals, or duration of an up/down move.
Plotted as grey coloured histograms in the background.
Relative Strength Index(RSI): RSI is also a momentum indicator that measures the velocity with which the price changes.
Can be used to detect the speed of the price movement, RSI divergences can be a nice way to detect directional changes.
Plotted as an aqua coloured line.
Average Directional Index(ADX): ADX is an indicator that is used to measure the strength of the current trend.
Can be used to measure how strong the price movement is, both up and down, or to establish long terms trends.
Plotted as an orange coloured line.
Features
Provides a well-rounded view of the market movement by amalgamating some of the best strength indicators, helping traders make better informed decisions with minimal effort.
Simplistic plots that aim to convey clean signals, as a result, reducing clutter on the chart, and hopefully in the trader's head too.
Combines different types of indicators into a single view, which leads to an optimised use of the precious screen real-estate.
Final Note
Dynamo is designed to be minimalistic in functionality and in appearance, as it is being built to be a general purpose tool that is not only beginner friendly, but can also be highly-configurable to meet the needs of pro traders.
Thresholds & default values for the indicators are only suggestions based on industry standards, they may not be an exact match for all markets & conditions. Hence, it is advisable for the user to test & adjust these values according their securities and trading styles.
The chart highlights one of many possible setups using this tool, and it can used to create various types of setups & strategies, but it is also worth noting that the usability & the effectiveness of this tool also depends on the user’s understanding & interpretation of the underlying indicators.
Lastly, this tool is only an indicator and should only be perceived that way. It does not guarantee anything, and the user should do their own research before committing to trades based on any indicator.
Haydens RSI Trend TraderThis is a simple trend trading companion indicator for Hayden's Advanced RSI, which can be found here:
For best results, please be sure your oscillator and chart companion settings match. Detailed trade information & statistics can be found when hovering over any of the indicator labels. The backtesting results are not calculated the same as TradingView, and the original code can be found here
Shoutout to the following authors for the code snippets that were used in making this indicator: @lazybear @kiosefftrading @Koalafied_3 @mabonyi @Capissimo
The Perfect Support & ResistanceSupport & Resistance drawn based on overbought & oversold RSI . where the overbought acts as resistance and oversold acts as support.
It has 2 levels (for support and resistance - i call them level_n_high or level_n_low) for each lookback period. it checks the highest pivot and the lowest pivot based on the lookback period then we compare if rsi is higher than the highest pivot or the lowest pivot and we also check if rsi is overbought or oversold and if the statement is true, then we assign the high to the variable level_n_high or level_n_low. n being the number of levels. in total there are 5 levels with both high & low for 5 lookback periods. This is basically how the code works.
these levels can be accessed at any timeframe. the defaults are 5m and 30m.
RSI settings: (default)
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length - 14
source - close
overbought - 70
oversold - 30
lookback settings: (default)
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lookback_0 - 200
lookback_1 - 100
lookback_2 - 50
lookback_3 - 20
lookback_4 - 10
Timeframe Settings: (default)
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htf1 - 5m
htf2 - 30m
Enjoy!
RSI Impact Heat Map [Trendoscope]Here is a simple tool to measure and display outcome of certain RSI event over heat map.
🎲 Process
🎯Event
Event can be either Crossover or Crossunder of RSI on certain value.
🎯Measuring Impact
Impact of the event after N number of bars is measured in terms of highest and lowest displacement from the last close price. Impact can be collected as either number of times of ATR or percentage of price. Impact for each trigger is recorded separately and stored in array of custom type.
🎯Plotting Heat Map
Heat map is displayed using pine tables. Users can select heat map size - which can vary from 10 to 90. Selecting optimal size is important in order to get right interpretation of data. Having higher number of cells can give more granular data. But, chart may not fit into the window. Having lower size means, stats are combined together to get less granular data which may not give right picture of the results. Default value for size is 50 - meaning data is displayed in 51X51 cells.
Range of the heat map is adjusted automatically based on min and max value of the displacement. In order to filter out or merge extreme values, range is calculated based on certain percentile of the values. This will avoid displaying lots of empty cells which can obscure the actual impact.
🎲 Settings
Settings allow users to define their event, impact duration and reference, and few display related properties. The description of these parameters are as below:
🎲 Use Cases
In this script, we have taken RSI as an example to measure impact. But, we can do this for any event. This can be price crossing over/under upper/lower bollinger bands, moving average crossovers or even complex entry or exit conditions. Overall, we can use this to plot and evaluate our trade criteria.
🎲 Interpretation
Q1 - If more coloured dots appear on the top right corner of the table, then the event is considered to trigger high volatility and high risk environment.
Q2 - If more coloured dots appear on the top left corner, then the events are considered to trigger bearish environment.
Q3 - If more coloured dots appear on the bottom left corner of the chart, then the events are considered insignificant as they neither generate higher displacement in positive or negative side. You can further alter outlier percentage to reduce the bracket and hence have higher distribution move towards
Q4 - If more coloured dots appear on the bottom right corner, then the events are considered to trigger bullish environment.
Will also look forward to implement this as library so that any conditions or events can be plugged into it.
