OPEN-SOURCE SCRIPT
SCALPING 5MIN MACD & RSI with EMA20-200
X: iman_inj
1. MACD (Moving Average Convergence Divergence)
Displays as a four-colored histogram.
Lime Green: Bullish momentum increasing.
Green: Bullish momentum decreasing.
Maroon: Bearish momentum increasing.
Red: Bearish momentum decreasing.
A zero line is added for trend confirmation.
2. RSI (Relative Strength Index)
Calculates RSI values based on the closing price.
Detects overbought (above 70) and oversold (below 25) zones.
Signals:
"Buy" appears when RSI crosses above 25 (oversold condition).
"Sell" appears when RSI crosses below 70 (overbought condition).
3. Buy/Sell Signal Placement
Signals are plotted on the MACD histogram to align RSI conditions with MACD momentum.
Green Labels: Indicate "Buy" opportunities.
Red Labels: Indicate "Sell" opportunities.
1. MACD (Moving Average Convergence Divergence)
Displays as a four-colored histogram.
Lime Green: Bullish momentum increasing.
Green: Bullish momentum decreasing.
Maroon: Bearish momentum increasing.
Red: Bearish momentum decreasing.
A zero line is added for trend confirmation.
2. RSI (Relative Strength Index)
Calculates RSI values based on the closing price.
Detects overbought (above 70) and oversold (below 25) zones.
Signals:
"Buy" appears when RSI crosses above 25 (oversold condition).
"Sell" appears when RSI crosses below 70 (overbought condition).
3. Buy/Sell Signal Placement
Signals are plotted on the MACD histogram to align RSI conditions with MACD momentum.
Green Labels: Indicate "Buy" opportunities.
Red Labels: Indicate "Sell" opportunities.
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