This is a better, cleaner version (in my opinion) of an part of an indicator I was using that was coded up by cI8DH. I reached out to him about cleaning up the code (things weren't working) for Pinescript v4, but he no longer seems to be active, so I thought I might take it upon myself to at least work out this portion of the indicator.
Much credit goes to him....
Applies Blue or Pink colour overlay to candles when RSI is at or over the predefined parameters. These parameters are adjustable in the settings area of the indicator. Please note RSI does not guaranteed a pivot point in price action and the colour overlay should only be used as an indication or condition not a call to buy or sell alone. The colour overlay is a...
This is Screener script for Mean Reversion Channel Indicator
█ Description & How To Use
The screener works by scanning through up to 40 symbols and list down symbols that are currently within Overbought/Oversold Zone as defined by Mean Reversion Channel indicator.
The Overbought/Oversold Zone are further categorized and sorted by:
Mean Reversion Channel objective, based on Mean Reversion theory ( everything has a tendency to revert back to its mean), is to help visualizing:
Inner Channel -> Dynamic Support and Resistance
Outer Channel -> Overbought/Oversold Zone which may signal consolidation phase or potential reversal due to unsustainable move
Details on some of...
B3 Directional Trend Index ~ All about the trend! William Blau is the designer of this gem, and IMHO it is the best trend finder of all the lagging indicators out there I have tested. It is important to pay attention to the slope and thickness of the line, and its relationship to zero. A reversion to the zero may look momentous, but in fact it could reverse...
This is the Matrix oscillator made by glaz. So credit goes to him.
I made some minor modifications to it:
1. added a zeroline
2. added 3 options to color bars/candles depending on:
- if the oscillator is above/below 0
- if it's oversold/bought*
- if the matrix has a green bar or a red
That's all :)
The Adaptive Commodity Channel Index V1 was created by John Ehlers (Rocket Science For Traders pgs 236-237) and this is the typical Commodity Channel formula with the introduction of adaptive lengths based on his earlier work with indicators such as the Mother of Adaptive Moving Averages. For longer term signals you would get a bullish signal when CCI is above 0...
This study implements a simply scalping using the RSI (calculated on two periods), the slopes of two MAs (EMA or SMA) having different lengths (by default, I use 50 and 200).
A take profit (%) and a trailing stop loss (%) are used.
.) Fast MA > Slow MA and Price > Slow MA and RSI < Oversold Threshold ------> go Long
.) Fast MA < Slow MA and...
Make this version of the famous WaveTrend indicator has the following characteristics:
- WaveTrend direction detection
- Customizable overbought and oversold level (set by default just like the original version)
- Possibility to modify the length of the channel (set by default same as the original version)
- Possibility of modifying mobile period (set by default...
RSI is a momentum indicator, however most people seem to be using it to go against the momentum by trying to identify tops/bottoms using it. Its in my opinion the wrong way to be using it. It can be easily used for trend following which seems like a better use for it.
Uptrend - RSI > 60
Downtrend - RSI < 40
Sideways - RSI between 40 and 60
If however not...
There are many indicators of overbought/oversold conditions out there. Some of more common ones are:
- Bollinger Bands %B
- Money Flow Index (MFI)
- Relative Strength Index (RSI)
This script uses a combination of these 4 oscillators to confirm overbought/oversold and filter the signals of market reverse which could be used for trading binary...
Union of three RSI indicators: 1h, 4h and daily. In order to show 1h RSI, you have to set it as active time frame on the chart.
Purpose: spot "triple oversold" moments, where all the three RSI are under the threshold, which is 30 by default but editable.
Target Market: Cryptocurrencies. Didn't try it on other ones, may work as well. Fits Crypto well as, by...
Example of how to apply and use Dynamic Zones with an indicator by injecting it's source into my adaptation of the original idea by Leo Zamansky, Ph.D., and David Stendahl.
• Load your desired oscillating indicator on your chart (CCI, RSI, etc).
• Load my "How To Use Dynamic Zones" indicator on your chart.
• In the "How To Use Dynamic Zones" indicator settings...
Volume-Weighted Average Price (VWAP) is a trading benchmark used by traders that indicates the average price that a security has traded for throughout the day based on volume and price. This is important as it gives traders insight into the trend and value of a security.
The Commodity Channel Index (CCI) indicator was created to identify...
//Programmed by Ruben Jaramillo
//WhatsApp +593 93 979 6676
//Quito - Ecuador
BUY = crossover(k, d) and k < 10 and d < 10
SELL = crossunder(k, d) and k > 90 and d > 90
TP 5 pips
SL 40 pips
Script to visualize the overbought and oversold condition on multiple timeframes. Good way to determine when you have a lower risk for enter a trade or to determine when you need to be on the lookout to sell.