shtcoinr

RSI Based Automatic Supply and Demand

A script that draws supply and demand zones based on the RSI indicator. For example if RSI is under 30 a supply zone is drawn on the chart and extended for as long as there isn't a new crossunder 30. Same goes for above 70. The threshold which by default is set to 30, which means 30 is added to 0 and subtracted from 100 to give us the classic 30/70 threshold on RSI , can be set in the indicator settings.

By only plotting the Demand Below Supply Above indicator you get automatic SD level that is updated every time RSI reaches either 30 or 70. If you plot the Resistance Zone / Support Zone you get an indicator that extends the zone instead of overwrite the earlier zone. Due to the zone being extended the chart can get a bit messy if there isn't a clear range going on.

There is also a "confirmation bars" setting where you can tell the script how many bars under over 30 / 70 you want before a zone is drawn.

Here is an image of only using the "Demand Below / Supply Above" plot.


As you can see, this could be useful "Price Flow" indicator, where we would only short if a zone appears below another zone, or long if two zones in a row are going up, like stairs.
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?

Kommentarer

is this is reliable on all timeframes
+16 Svara
shtcoinr goureeshmudebile11453
@goureeshmudebile11453, It uses the RSI to paint levels so its as reliable as an RSI
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this greatly helps to identify Wyckoff accumulation or distribution zones.

really great.
+8 Svara
Sir, if possible explain these.. thanks
+7 Svara
Good job.. Can You For Automatic Supply and Demand do ?
+5 Svara
Heroturk Heroturk
@Heroturk, MACD
+2 Svara
shtcoinr Heroturk
@Heroturk, Im sorry, I dont know what you are asking.
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Heroturk shtcoinr
@shtcoinr, For Macd Sir
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shtcoinr Heroturk
@Heroturk, aha, I might have a try but cant promise anything...
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