Attempts to find higher highs and lower lows in the 5 minute window. When the light blue graph line peaks , you should investigate selling , when the light blue graph line dips you should investigate buying.
This is good for identifying oversold and over bought positions
Edited version of the script by LazyBear.
Update of my previous script.
- plot both MFI and/or RSI (LazyBear only allows one of both)
- plot RSI/MFI band (over sold - mid - over bought) + indicator lines
It is simply your traditional MFI , except that your 50 line became the actual price.
Why and how could it be useful? This indicator helps to spot more easily and efficiently divergences .
You could also use it for trend reversals as you usually do with your 50 line, but I would suggest to set a higher length for the MFI, like 155 or something like that.
This script simply colors the candles based on the defined "overbought" and "oversold" RSI-levels set in the input section of the indicator.
If the price is below the oversold level, the candle is colored in yellow.
If the price is above the overbought level, the candle is colored in aqua.
If the price moves back between both levels, no color will be...
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
This simple indicator measure the difference between price and VWAP line
The VWAP Gap indicator works best on intraday charts
1. Add VWAP to your chart and set it up
2. Open "VWAP Gap Indicator" settings
3. Change source to "VWAP"
A CHANGE of background color indicates a trade opportunity :
Cyan background = BUY
Purple background = SELL
The bullish signals seem to be better than the bearish ones.
Based on the "Willy" indicator.
Don't change the parameters unless you fully understand the consequences.
Use with brains and caution :)
Introducing the Pivot Regression Oscillator. This oscillator uses a similar formula to the Stochastic Oscillator. However, instead of comparing the closing price to the lowest price of a period, it compares the distance between current price and the current pivot point. By basing our oscillator on pivot levels, we incorporate a much more relevant and...
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...
Plots where RSI or MFI is inside its Bollinger Bands. Various strategies: good to see the trend (above/below average), overbought/oversold conditions (you could work a strategy around RSI getting out of overbought/oversold conditions as shown in the screenshot), divergences, etc...
I will also publish a Bollinger Bands width of RSI to identify areas of squeeze in...
Why use RSI Candles instead of a normal RSI? Because it removes screen clutter, and it also allows you to clearly see what level of overbought/oversold the candle is really at. Sometimes, it is hard to tell that a candle is overbought/oversold or very overbought/sold when it is exactly at 70 or 80. (as shown by arrows, scroll left on chart)
Original RSI Candles...
Hi guys, just adapted the CCI Level zero Strategy with the Over Bought and Over Sold levels provided by the Relative Strength Index. The strat is opening a long position at RSI Oversold 30 Level closing it at RSI Overbought 70 Level flipping the position.