The RSI is an excellent indicator for determining when equities are overbought/oversold. Though I believe there is a shortcoming in using the 70/30 levels since they are static and do not adjust for when an equity is trending. It stands to reason that in a downtrend, the overbought might be less than 70 and the oversold less than 30—Vice versa for a bull trend. Using the built-in function of pivots, I have attempted to create overbought/oversold lines that adjust with the trend. Leaving the 70/30 lines on the indicator also helps visualize the equity trend. All pivot settings are adjustable in the input menu. The pivot limits serve as a filter for recording pivot points. For example, with an upper pivot limit of 60, only pivots greater than 60 will be recorded into the array used to determine overbought. The crosses represent which values are used to determine overbought/oversold and do not provide timely indications.
hi, can you please let me know how to set up alarms on the red and blue pivot crosses? an alarm should be up when a pivot appears
Ronald_Ryninger
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@Brandfuchs, the pivot function is used to generate the crosses, and I do not believe there is a method to create alerts for pivots. It is also worth noting that the crosses are plotted using offsets, so they are added to the chart after all the pivot conditions have been met. For example, a high pivot is not plotted on default settings until it is determined higher than the five preceding and following periods.
Ron, i especially love yr new idea on calculation of MACD modified “ (Fast -slow ) / slow x 100”
It is so tremendous
ostjimmy
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How to add oversold and overbought marker alert?
Ronald_Ryninger
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@ostjimmy, after you add the indicator to your chart, right-click on it. That should bring up a menu where one of the options is "Add Alert on RSI MOD." That will open up the alert menu. If you are looking to set the alert as the RSI crossing the self-adjusting overbought line calculated by pivot points, then you would set the first condition as "RSI MOD" "RSI," the middle variable as "Crossing," and the second condition as "RSI MOD" "Pivot High Avg." You would use "RSI MOD" "Pivot Low Avg" for oversold. If you are curious about what a component of the indicator is called, you can look in the indicator settings menu under style.
ostjimmy
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@Ronald_Ryninger, Thanks for your kind reply! I was trying to ask your MACD MOD chart markers, not RSI. Sorry about that. I am keep trying to set receiving marker alerts but doesn't work. How to set condition to receive Oversold and Overbought markers? Trying to make alerts when the cross marker is created.
Ronald_Ryninger
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@ostjimmy, sorry for the misunderstanding! Maybe someone else can chime in, but I do not know of a way to create alerts for the creation of pivots (displayed as crosses by default).