The script shows arrows on bars that are in overbought or oversold, based on the set parameters of Relative Strength Index ( RSI ) and Relative Volatility Index (RVI).
Also there is a universal allert, which includes both conditions - overbought and oversold.
You can change the period of RSI and RVI, as well as the upper and lower boundaries of these indicators.
RSI DIVERGENCE is a difference between a fast and a slow RSI. Default values are 5 for the fast one and 14 for the slow one.
You can use this indicator in 2 different ways:
normal RSI : check double or triple top/bottom on a chart meanwhile RSI is descending/ascending (check the example on chart)
signal line : when RSI Divergence cross zero line from...
Stochastic Momentum Index (SMI) or Stoch MTM is used to find oversold and overbought zones. It also helps to figureout whether to enter short trade or long trade.
Red Shade in the Top indicates that the stock is oversold and the Green shade in the bottom indicates overbought.
Strategy:
Enter Long once the Overbought Zone ended and there's a crossover...
You can create an alert based on this signal :)
Works on standard and Heikin-ashi candles
You can also adjust the sensitivity (how big you want the body of the doji)
:)
I don't expect to iterate any further on this script, unless any weird issue crops up.
Description and usage detailed in the comments at the top of the script. Cheers!
To repaint or not to repaint, all the relevant sources are exposed as inputs for customisation - so the choice is yours.
Cheers!
The base code for this indicator was created by RicardoSantos
What I added is a signal line that indicates when to buy and when to sell.
Advised use :
Combine with a zero-lag indicator like ZeroLagEMA_LB by LazyBear (suggested period = 34)
Then use the following Rules of engagement :
Current price > ZLEMA & Signal line of BBP_NM is green : BUY
Current...
This is a simple scalping strategy that works for all time frames... I have only tested it on FOREX
It works by checking if the price is currently in an uptrend and if it crosses the 20 EMA.
If it crosses the 20 EMA and its in and uptrend it will post a BUY SIGNAL.
If it crosses the 20 EMA and its in and down it will post a SELL SIGNAL.
The red line is the...
update: changes to code, ma's now split over 3 sets fast, medium and slow, removed cloud and sl_lines(no use?), ma's visually display as shapes :p added option to toggle the ma's on/off.
This is my simple way to quickly see MACD signals without having the MACD taking up space. The one at the bottom is for display to show how this works. A crossover occurs when the arrow flips over. The position of the arrow tells you if it is currently above or below the zero line. You can change the script to overlay and have it show up above or below price...
This great and simple indicator based on EMA generates information about entry points at close of the candle. First signal is the best entry point but you can re-enter at the next. IMPORTANT: this script does not generate exit signals and those shoud be find using money management rules or else. Perfectly catches long runs in trends at all underlayings (forex,...
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