// Hello fellow traduers, hope all is well in your neck of the woods. Anywho, I'll attempt to be short and sweet. // I've been doing a LOT of work recently with RSI to figure out what its all about and to learn the ins and outs. // Some great ideas (I think at least) have come to fruition from the deep-dive into RSI, thus, I've got 2 of these ideas // to share. One notable feature for the RSI is when there is a BULLISH trend, it is VERY likely to stay within the upper // 2/3rds of the RSI extremes (0-100) and vise-versa for BEARISH trends and the lower 2/3rds of the RSI extremes. // That is where this script's idea was derived. Now PLEASE, do tell, if you disagree with me (preferably via a cool, // calm, and collected comment...but hey, that's up to you). Ok, now the script. // // What this does is gives you a Bullish and Bearish count for the bars. Bullish Cnt counts up by +1 per every PRINTED bar // that is above OverSold and vise-versa for the Bearish Cnt and being below OverBought. That does VERY MUCH make it // possible for both counts to have a high value if RSI is staying between OverBought and OverSold for extended periods // of time. Though, the ONLY count that will be shown is the one with the highest value. // // There are tooltips describing each of the settings but I will quickly talk about 3 more things. First of all, I prefer // to have as few settings in the settings menu as possible thus the "Boundaries to OB/OS" setting can be viewed as the // OverSold input and the OverBought setting is configured from this by subtracting "Boundaries to OB/OS" from 100 // (ie. 100-Oversold = OverBought). There Lastly, there is the option to show ONLY the coin with the MAX Count from each // 'set' of coins. When that count resets to 0 then the next highest count coin will take its place. To use this instead // of how the script is currently constructed you only need to comment out (add '//' at the beginning of each line of) the current // plot functions and uncomment the lines at the very bottom under the 'MAX' section. Doing so also reveals the possibility of // setting an alert for when the coin with the max count changes between different coins. This is very helpful because since it // only gives the top count of ALL the coins in the selected set, this count is most likely going to continue forward with its // count for a while thus when the alert goes off I prefer to look at the potential trades in the opposite direction of which // the max coin was just in (ie. if its count plot/label is red and it stops then look for a potential long trade on the coin // who's count just reset. Only ONE more piece of the script I have yet to talk about. There is a filter in the code and you // can select to use or not use within the settings. What this filter does is it counts all the printed bars within the last // ___bars(user selectable). This is due to the fact that if there is no trade that occurs on a bar then TradingView does not // print the bar. The coins that have fewer updates also tend to stay within a tighter range for it's RSI thus many times // giving the illusion that the coin is a good trade bc its trending count is very high (tending to be higher than the others) // thus hogging the precious chart space if using the script in its current form, or hogging up the MAX slot so that no other // (and most likely BETTER-TO-TRADE) coins will be shown. It is a great volatility indicator (that of which I have published // a script using the idea in the recent past). If selected in the settings menu and if the % of printed bars count goes below // the user set minimum % then both Bullish and Bearish counts will be reset. This is indicated within the counts plots by looking // at the plots whose counts reset and rather than the plots just stopping printing in mid-air, they will continue to plot while the // counts reset and fall down to 0. These types of coins will keep you in a trade longer that you'd probably want gaining less than // you'd probably expect. // // Peace Folks & Happy Trading, // // ChasinAlts
Phát hành các Ghi chú
⋅
Fixed code to make the "max plots / max labels / max alerts" work as it was accidentally incomplete. Also, added a name label as well as a separate "prohibited" unicode character label on top of the old "max" coin label (red circle with a line through it) indicating the old "max" coin has reversed sides (ie. previously the coin had the top Bullish RSI-Side Count of the group but is now Bearish thus is no longer the 'max" of the set...and vise-versa). Btw, I decided NOT to do the same for all of the regular plots (if NOT viewing only the "max" of the set) due to the severe cluttering/confusing aspect it provides when many coins are being viewed rather than JUST the "max". The instructions to view ONLY the max plot & max labels as well as the NEW MAX ALERT can be found on lines 81, lines 122, and lines 157. Hope it becomes of some use to you...and as always ENJOY YOUR FIGGIN DAY!!!
@OutsourcE, Sorry my friend, can you rephrase? I copy and pasted it directly in the editor and it shows up fine on the charts. Also, line 152, has no "max" function in it. Wondering where thats coming into play with your issue. Sorry for the last response.
OutsourcE
⋅
@chasinalts, when i uncomment the last section and comment out the plots , it gives "max" error - line 152.
What i do is just comment out plots, uncomment the section starting from the line 156.
A_Traders_Edge
⋅
@OutsourcE, I apologize, I should have inferred what you were describing regarding the "max" error on line 152. Thanks for notifying me of the issue. I relly do appreciate that. It has subsequently been updated to include the fix (and a few small goodies when using the "max" code has been added). Make sure to read the ***update*** description at the bottom of the original description for (what I think is clear) guidance on how to make the "max" code work as the compiler will shoot an error if the instructions are not met to a "T" (the error will be that there are too many plots used in the script). I say to a "T" but it's really only commenting and un-commenting certain lines. Hope you enjoy. BTW, "TradeStation" was recently awarded for a "featured" script in TV's "editors picks" (Tradingview's award for best of the best scripts) that has the exact same idea (though the construction of their code is very slightly different but leads to the same output of data). Mine is more complexly a scanner but is the same thing (though my publication/idea was not awarded this accolade even though it was published nearly 2 weeks before theirs and has a more thorough utility to assist traders (but thats neither here nor there ;) So you can be rest assured the idea behind the scanner is a great one and thus has GREAT utility as a standalone scanner. Also, if you haven't checked out TV's "editors picks", it's a amazing source of the best-of-the-best as I've already mentioned and worth a view. Here's the link as well to it (I personally have it bookmarked): tradingview.com/scripts/editors-picks/ . Peace brother(or sister for that matter).