OPEN-SOURCE SCRIPT
Weekly RSI Buy/Sell Signals
Weekly RSI Buy/Sell Signal Indicator
This indicator is designed to help traders identify high-probability buy and sell opportunities on the weekly chart by using the Relative Strength Index (RSI). By utilizing weekly RSI values, this indicator ensures signals align with broader market trends, providing a clearer view of potential price reversals and continuation.
How It Works:
Weekly RSI Calculation: This script calculates the RSI using a 14-period setting, focusing on the weekly timeframe regardless of the user’s current chart view. The weekly RSI is derived using request.security, allowing for consistent signals even on intraday charts.
Signal Conditions:
Buy Signal: A buy signal appears when the RSI crosses above the oversold threshold of 30, suggesting that price may be gaining momentum after a potential bottom.
Sell Signal: A sell signal triggers when the RSI crosses below the overbought threshold of 70, indicating a possible momentum shift downwards.
Visual Cues:
Buy/Sell Markers: Clear green "BUY" and red "SELL" markers are displayed on the chart when buy or sell conditions are met, making it easy to identify entry and exit points.
RSI Line and Thresholds: The weekly RSI value is plotted in real time with color-coded horizontal lines at 30 (oversold) and 70 (overbought), providing a visual reference for key levels.
This indicator is ideal for traders looking for reliable, trend-based signals on higher timeframes and can be a helpful tool for filtering out shorter-term market noise.
This indicator is designed to help traders identify high-probability buy and sell opportunities on the weekly chart by using the Relative Strength Index (RSI). By utilizing weekly RSI values, this indicator ensures signals align with broader market trends, providing a clearer view of potential price reversals and continuation.
How It Works:
Weekly RSI Calculation: This script calculates the RSI using a 14-period setting, focusing on the weekly timeframe regardless of the user’s current chart view. The weekly RSI is derived using request.security, allowing for consistent signals even on intraday charts.
Signal Conditions:
Buy Signal: A buy signal appears when the RSI crosses above the oversold threshold of 30, suggesting that price may be gaining momentum after a potential bottom.
Sell Signal: A sell signal triggers when the RSI crosses below the overbought threshold of 70, indicating a possible momentum shift downwards.
Visual Cues:
Buy/Sell Markers: Clear green "BUY" and red "SELL" markers are displayed on the chart when buy or sell conditions are met, making it easy to identify entry and exit points.
RSI Line and Thresholds: The weekly RSI value is plotted in real time with color-coded horizontal lines at 30 (oversold) and 70 (overbought), providing a visual reference for key levels.
This indicator is ideal for traders looking for reliable, trend-based signals on higher timeframes and can be a helpful tool for filtering out shorter-term market noise.
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