This study is based on the work of TV user Beasley Savage and all credit goes to them.
Changes I've made:
1. Added a visual symbol of an overbought/oversold threshold cross in the form of a red/green circle, respectively. Sometimes it can be hard to see when a cross actually occurs,...
Edited the RSI div indicator by Libertus to use MFI & show on candles. V2 update filters the divs using stochastic oversold & overbought & removes the lagging signals (they were offset back by 1 bar).
Default settings were tuned for xbtusd 1hr; works well if after a signal you wait for a stochastic indicator to stop being oversold or overbought, so if eg. you see...
This indicator is designed to give early entry signals as well as to follow trend moves, according to different settings.
The indicator shows a histogram of the RSI ro MFI in relation to an ema of the RSI or MFI.
The histogram is then smoothed to give early reversal/entry signals.
The actual RSI/MFI line with oversold/overbought indication can be...
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