This script will give you red or green columns as an indication for oversold/overbought based upon the rsi and stochastic both being at extreme levels (you set). The default oversold is at 35. If Stochastic and RSI fall below 35, you will get a green column (Both indicators at the extreme). Play with your levels to see how your stock reacts. RSI and Stochastic can both be changed along with each of the levels you would like the color change. I have set mine at RSI low: 37, RSI high: 63, Stoch low: 10, and Stoch high: 90. These levels have been working well for me on AAPL. Enjoy and don't forget to leave a comment if it helps your trading or you have other ideas about what is working for you.
New here -- can someone explain how to use this script (or any script for that matter)? I can't seem to find it anywhere on my page after I added it to "Favorite Script" (I can't find "Favorite Scripts") and I don't know where/how to insert this script to make it work .. thx
repo32
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@bradhartliep, Right click inside the chart. Click on Insert Indicator. The list will begin with Favorites. Your saved indicators will be in there.
repo32
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@repo32, I have a lot of different indicators, so I don't know for sure what will work with each one. The one I have found that works best is to add an alert for "greater than" then pick a number that fits with the price chart of what I am dealing with. Typically, for a normal stock chart, ".01" works just fine. Forex charts you may have to go smaller than .01. Hope that helps.
I find the indicator very useful but can someone help me set up a sell alert? Do I set it for "crossing" or "moving up"? What values do I set to have it go off? Thanks.