INVITE-ONLY SCRIPT
Asset Correlation Prediction Table with EMA & RSI
This indicator helps traders monitor short-term trends and predict the next 5-minute candle direction for two assets: USD/JPY and AUD/USD. The prediction is based on a combination of two Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI), offering a simple yet effective method for forecasting price movements.
How the Script Works:
Trend Detection:
EMAs: The script uses two EMAs—one with a 9-period length and another with a 14-period length—to detect trends. A bullish trend is identified when the price is above both EMAs, while a bearish trend is indicated when the price is below both EMAs.
RSI: The script also utilizes the RSI with a 14-period length. An RSI value above 70 signals an overbought condition, and a value below 30 signals an oversold condition. This helps to confirm or reject the trend based on momentum and price conditions.
Next-Candle Prediction:
The script predicts the direction of the next 5-minute candle based on the relationship between the current price, the EMAs, and the RSI values. A bullish prediction is made if both EMAs are trending upwards and the RSI is not overbought. A bearish prediction occurs when both EMAs are trending downward, and the RSI is not oversold.
Table Display:
The script displays a real-time table at the top-right of the chart with the following columns:
Asset: The currency pair being analyzed (USD/JPY or AUD/USD).
EMA & RSI Trend Prediction: Indicates the current trend based on the EMAs and RSI.
Direction: Shows whether the current trend is up, down, or neutral.
Next Candle: A prediction of the likely direction of the next 5-minute candle (bullish, bearish, or neutral).
How to Use the Script:
Add the Indicator: Apply the script to any chart with a 5-minute timeframe. While optimized for USD/JPY and AUD/USD, the script can be adapted to other assets by adjusting the symbol.
Interpret the Table: The table displays the current trend direction and the predicted movement of the next candle. Traders can use these predictions to guide short-term entries and exits.
Customization: Traders can modify the EMA and RSI periods and RSI threshold values to adjust the script for different trading strategies or asset characteristics.
Key Concepts:
Trend Detection: Uses EMAs and RSI to identify the current market trend (bullish, bearish, or neutral).
Next-Candle Prediction: Provides a prediction for the next 5-minute candle’s direction based on trend analysis.
Simple and Effective: Combines well-known indicators (EMA and RSI) for a straightforward trading tool suitable for short-term traders and scalpers.
How the Script Works:
Trend Detection:
EMAs: The script uses two EMAs—one with a 9-period length and another with a 14-period length—to detect trends. A bullish trend is identified when the price is above both EMAs, while a bearish trend is indicated when the price is below both EMAs.
RSI: The script also utilizes the RSI with a 14-period length. An RSI value above 70 signals an overbought condition, and a value below 30 signals an oversold condition. This helps to confirm or reject the trend based on momentum and price conditions.
Next-Candle Prediction:
The script predicts the direction of the next 5-minute candle based on the relationship between the current price, the EMAs, and the RSI values. A bullish prediction is made if both EMAs are trending upwards and the RSI is not overbought. A bearish prediction occurs when both EMAs are trending downward, and the RSI is not oversold.
Table Display:
The script displays a real-time table at the top-right of the chart with the following columns:
Asset: The currency pair being analyzed (USD/JPY or AUD/USD).
EMA & RSI Trend Prediction: Indicates the current trend based on the EMAs and RSI.
Direction: Shows whether the current trend is up, down, or neutral.
Next Candle: A prediction of the likely direction of the next 5-minute candle (bullish, bearish, or neutral).
How to Use the Script:
Add the Indicator: Apply the script to any chart with a 5-minute timeframe. While optimized for USD/JPY and AUD/USD, the script can be adapted to other assets by adjusting the symbol.
Interpret the Table: The table displays the current trend direction and the predicted movement of the next candle. Traders can use these predictions to guide short-term entries and exits.
Customization: Traders can modify the EMA and RSI periods and RSI threshold values to adjust the script for different trading strategies or asset characteristics.
Key Concepts:
Trend Detection: Uses EMAs and RSI to identify the current market trend (bullish, bearish, or neutral).
Next-Candle Prediction: Provides a prediction for the next 5-minute candle’s direction based on trend analysis.
Simple and Effective: Combines well-known indicators (EMA and RSI) for a straightforward trading tool suitable for short-term traders and scalpers.
Script que requiere invitación
El acceso a este script está restringido a los usuarios autorizados por el autor y, por regla general, es de pago. Puede añadirlo a sus favoritos, pero solo podrá usarlo si solicita permiso al autor y éste le autoriza. Para obtener más información, póngase en contacto con Norrax o siga las siguientes instrucciones del autor.
TradingView recomienda no comprar ni utilizar un script si su autor no le ofrece total confianza o cuando no entienda cómo funciona. En muchos casos, puede encontrar una buena alternativa de código abierto de forma gratuita en nuestros Scripts de la comunidad.
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