Indicator for displaying both RSI and a normalized Bollinger Bands %b (Usual 0 - 1 range of BB normalized to the 30 - 70 OB/OS range of RSI) simultaneously.
Settable periods for RSI and BB, and settable standard deviation for BB.
When both Bollinger Bands %b and RSI are OB/OS then the column will turn blue and a buy/sell arrow will appear in the indicator provided other conditions pertaining to the OB/OS condition in one of the last two candles are also met.
You can also set an alert on the arrow indicator appearing.
I use this mainly for Cryptocurrencies, though it is usable in Forex, for shorter time periods to indicate possible trade opportunities.
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Small bugfix
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Small bugfix
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- Several enhancements and tweaks - Added selectable combination alert or individual buy or sell alerts - Moved buy and sell arrows to opposite sides to enhance visibility (often obscured by plot lines before)
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Fixed typo in alert.
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small fix
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Removed limitation for up/down arrows only on 60 minute charts or less. Added separate alerts for buy or sell. A few other small tweaks.
Just to clarify, both indicator "sources" are the asset's price, correct? I have seen a lot of tutorials/tips on combining (put one indicator on top of another visually) indicators BUT that process (e.g. RSI with MA 5) have the MA indicator showing the MA OF the other indicator which is 100% NOT what I want. I want 2 (or more) indicators working together so I can create 1 buy alert that will send a webhook to my bot. Currently, I can only have a buy alert sent based on one indicator which is rather dangerous and not very precise.
Docop1
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Hi thanks for your script, it's quite more understandable... But at same time, i'm having hard time to figure out how to just have a bollinger Highbb and lowbb value and keeping your color band.. ?
Thanks in advanced for any tips..
Zamboniman
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@Docop1, Not quite sure what you're asking. In a typical BB %b indicator the values fluctuate between 0 and 1, so the band would likewise be between zero and one.
Zamboniman
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@Zamboniman, Values outside of this range represent the price coming out of the bollinger bands.
@Mlnklkm05, Hmm, that's actually an excellent idea. I will take a look and see what I can do.
Mlnklkm
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@Zamboniman, thank you Zambo, look forward to seeing it, very excited now
pls show 0.80 - 0.20 areas too not only 1 and 0 coz bollinger says if mfi and %B together above 0.8. strong uptrend in play according to the above stocl=kcharts link