WookieWonders

Finnie's RSI Waves + Volume Colored Candles

Using RSI and 4 exponential moving averages, I created this indicator so that you can spot inconsistencies between price action and RSI . There's a lot of misunderstanding surrounding RSI , most people think if something's 'oversold' buying is a guarantee win. This definitely isn't the case as there's many more variable to consider. In addition, with this indicator, candles are colored based off of volume .

INDICATOR USE:

1. Determine trend
2. Find relative support/resistance
3. Once at support/resistance look for entries:
-RSI crossing over the Short EMA (CYAN) is your fist buy/sell signal
-Short EMA (CYAN) crossing Medium EMA (YELLOW) is your second
-RSI crossing Long EMA (PINK) is your final and most accurate signal
4. Once you've made an entry, you can follow step 3. in reverse for an exit



COLORED CANDLES:

Dark Green candles = Strong Bullish volume
Light Green = Average Bullish volume
Dark Red candles = Strong Bearish volume
Light Red = Average Bearish Volume
Orange/blue means volume is conflicting with price action


I plan to add a Colored DOT over each crossover as a visual buy/sell signal if anyone has any suggestions that'd be great :)
Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con las Normas internas. Puede marcarlo como favorito para usarlo en un gráfico.

¿Quiere utilizar este script en un gráfico?

Comentarios

well done. thank you for posting the wookie wonder indicator code
+2 Responder
WookieWonders theGstack
@theGstack Thanks :) if you reuse the code you don't have to give me credit, unless you want too!
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theGstack WookieWonders
@WookieWonders, always give credit where its due! Don't worry wook, I'll definitely have you linked in the comments
+2 Responder
WookieWonders theGstack
@theGstack, I like how you operate <3 Curious to see where other's take this indicator :)
Responder
This is awesome, Wook, thx!
Any idea how to build similar but only on a subset of price candles: i.e. say, only on each Friday candle and ignore Mon-Thu price candles ? OR each first daily 1H candle ? I'm trying to build an indicator that compares only (e.g. 1H) candles of the first hour of each day to others like that to identify a particularly strong momentum by comparing the first hour's ranges (ATR) to that of previous days.

Many thanks in advance.
Responder
@Ramsez, Hey sorry for spotting this so late, but you're going to want to use python for that it seams.. more specifically matplotlib, numpy, tulipy
+1 Responder
super amazing. Been using this intraday on the 10 minute.
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WookieWonders bruitdefond
@bruitdefond, thanks for the comment :) any suggestions are welcome
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I think adding up arrow and Down arrow at Buy and Sell points respectively would help. Thanks,
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