ZenAndTheArtOfTrading

RSI+ Overbought/Sold Indicator

This is a very simple script that plots signals on the chart whenever the RSI crosses the given threshold. Nothing fancy , but it is useful for deciding when to exit trades or prepare for pullbacks or for confirming that the market is currently in the middle of an extremely impulsive move or trend. It has alert functionality and you can set the overbought/sold thresholds and RSI length in the options menu.

Note: I definitely wouldn't recommend using it to enter trades unless you're an experienced counter-trend trader :)

Regards -
Matt.
Nov 02
Notas de prensa: Removed text labels to make indicator more subtle. Very useful as a background confirmation tool against support & resistance for counter-trend opportunities or for gauging momentum during over-extended pullbacks for trend-continuation opportunities.
Nov 02
Notas de prensa: -
Feb 16
Notas de prensa: Minor improvements
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Comentarios

How would you do, if you wanted to plot only 1 time only between every 10 candles ?
+1 Responder
@pikachuventures, Add this to beneath the line that says "rsiOS = rsi <= rsiOversold":

// Check to see if a signal has been generated within our lookback period
for i = 1 to 10
if(rsiOB)
rsiOB := false
if(rsiOS)
rsiOS := false
Responder
@pikachuventures, Here's a modified version of this script that will do what you need: https://pastebin.com/mGLVB9gD

Have fun & good luck with your trading :)
Responder
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