The Relative Strength Index (RSI) is an extremely useful oscillating momentum indicator that was developed by J. Welles Wilder and is one of the most widely used indicators in technical analysis.
HOW IS IT USED ?
In the classic view, a security is thought to be overbought when its RSI reading is above 70 and oversold when its RSI reading falls below 30. This...
- This script extends my previous script "RSI and Stoch RSI on same indicator" by adding BB over the RSI
- BB pinch over RSI can be used to identify price actions (trade entry) whereas RSI going back to BB base line (the middle line) can be used to identify price reset (trade exit/TP)
- If RSI is overbought, a Stoch RSI reset from above 80 to below 20 and then...
Great tool to find market tops, bottoms, S/R's and reversals.
Rsi has 2 customiseble overbought and oversold levels can show you extreme levels.
Slow Stochastic 1 (25 period) shows small price swings
Slow stochastic 2 (100 period) can show you a greater picture, are we reversing?
Why do you need Leguerre, Murrey, Kaufman oscilator 3000 when you can have old and...
Indicator for Short & Long Entries based on:
- Close Price
Feel free to test it out. The parameters are:
- Back Bars Long.- number of bars back to consider for long entries
- Back Bars Short.- number of bars back to consider for long entries
These are used to calculate the ema and rsi.