Elgrand - Overbought/sold Rsi + Stochastic zones

Visualize on your chart when price in an oversold or overbought zone. A combination of Rsi and Stochasticrsi is used for higher probability. Wait for an zone to be displayed and then wait for price to exit a zone. Once this happens check candlestick patterns and support/resistance "lines" to find appropiate stoplosses for you entry or exit
Release Notes: Update :
  • Upgraded to use version 4 of Pinescript
    Added and extra timeframe which will show in yellow on your chart : this way you can decide to enter exit if 1H overbought/oversold is also happening on the 4H timeframe. Idea is that this will lower your entry/exit risk.

Todo :
  • Make the parent timeframe display optional
    Be able to choose per timeframe which parent timeframe you would like to use
Skript med en öppen källkod

I sann TradingView-anda har författaren till detta skript publicerat det som öppen källkod, så att handlare kan förstå och verifiera det. Skål för författaren! Du kan använda den gratis men återanvändning av den här koden i en publikation regleras av våra Ordningsregler. Du kan göra den till favorit för att använda den i ett diagram.

Vill du använda det här skriptet i ett diagram?


However, I observe that my RSI has plunged into the oversold level already but your script is yet to draw any line. Does that mean your script is lagging, or is it indicating that BTC will fall further?

Your script works wonder! I did backtest it with another RSI script and it drew red and green lines at the exact RSI overbought and oversold levels respectively.

Thanks for sharing this! I'm working om something similar myself and this helps alot. I've got one question. Is it correct that:
green means that the current timeframe is oversold;
yellow that a underlaying timeframe is OB/OS; (or just the 4H timeframe?)
red tht the current timeframe is overbought?
@Duco, Thank you :) You are right, the reason for the colors is that I do not short the market. I only look to buy when the market is overbought --> green = okay to buy. When the indicator is red it might be a good location to sell. In the code you can see : timeframeParent is always the 4HR, input 240 is a static value. This will show yellow on all timeframes, except the 4HR. The timeFrameActive is the selected Timeframe. I did change this later on in my script which I did not post : I removed the static timeframeParent version. The yellow got too busy and I replaced it with an another indicator to show overbought/oversold on multiple timeframes.
@Duco, nederlands... lol. Keek net naar je TV account. Mocht je je script publishen stuur mij maar een berichtje ;) Leuk om te zien wat anderen maken.