This indicator is a must-have for every trader as it provides a practical tool to quickly evaluate the current price of a security. Designed specifically for manual trading, this indicator is based on "The Forbidden RSI [CHE]" indicator and provides an easy way to identify overbought and oversold conditions in the market. By using this indicator, traders can make informed decisions about when to enter or exit a trade, maximizing their potential profits and minimizing their risks. Its simple yet effective design makes it an ideal choice for traders of all experience levels. Whether you are a seasoned professional or just starting out, this indicator can help you take your trading to the next level.
Description:
This is a Pine Script code designed to create an indicator that identifies overbought and oversold conditions in a security. The code first defines a function named "func" that takes three arguments - "close", "length", and "tr". It then calculates a value "k" based on the "close" and "length" arguments using this function.
The code then checks if "k" is greater than a variable named "OverBought" and assigns the resulting Boolean value to "OverboughtCond". It also checks if "k" is less than a variable named "OverSold" and assigns the resulting Boolean value to "OversoldCond".
The code then plots a small circle above the bar if "OverboughtCond" is true and below the bar if "OversoldCond" is true. The circles are colored green for "Overbought" and red for "Oversold". The code also creates a label with the name "Overbought" above the bar and a label with the name "Oversold" below the bar if the respective conditions are met.
Finally, the code sets up alert conditions for both the "Overbought" and "Oversold" cases, with a custom message that includes the name of the security, the current price, and the indicator's name.
I've tested the script for weeks and I hope it brings you as much success as it did me best regards
Chervolino
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Some changes
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Added a disclaimer: By default, if two dots follow one another, DOTS [CHE] delete the previous one.
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Change the disclaimers text size
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Chart updated
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I have cleaned up the script and made some improvements to it. One of the key changes is the addition of an option to show the TFRSI value as a label. This feature was not available in the original script, and I felt it would be useful to include it.
This is awesome - simple yet effective according to my early tests
zhizheva095
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Which timeframe is better to use?)
veereshamabc
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This is very good indicator. Really Thank to the author and expecting such useful indictors in future.
donnamichele
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So I have 25 indicators on my charts and they are all serve an important function. However, this DOTS indicator is the BOMB! It is probably one of the BEST (if not the best) indicator I have out of my 25. I have been searching for MANY hours for an indicator that would show me these overbought and oversold areas as accurately as the DOTS indicator does. Thank you SO MUCH for putting so much work into developing this indicator. I am extremely grateful!! I am taking my trading to a new level for sure!
vinikumar72
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How to use।its repaint the circle when price goes higher high or lower low। Can you please fix it। Or expain how to use it।thank you for nice script।
chervolino
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@vinikumar72, thank you very much for the comment, it is not actually a repainting but only shows the last dot. I will show it again explicitly as a hint
vinikumar72
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@chervolino, but when I observe price goes up or down then dot or circle also goes up or down also। Plz explain how to use it appropriately। Thank you for your reply।👍