The standard buy/sell indications come from crosses about the standard overbought/oversold zones (80/20). This does not always work and you get stuck in the OB/OS zones with a trend continuation. Utilising a second much longer length , the "False BAR" (Black) indicates when it is unsafe to take cross over trades. Where the false bar does not appear (aqua, no background highlighing), the overbought / oversold conditions of the can be considered higher-probability reversal areas and thus trading opportunities.
- Added options to enable/disable False Bar lines and trends.
- Added options to modify upper and lower limits of false bar and trading trend.
- Added option to show the trading as coloured Ribbon.
- Added name titles for all plots
- Added Background highlighting for False Bar.
1- When there are blue lines at the top and bottom, does it mean that these signals are correct?
2- When a black line is formed at the bottom, does it mean that the purchase is not safe, and if there is a blue line at the top at the same time, does this mean that the sell signals are stronger?
Fantastic work as always.
Is it possible to
1. Mark the crossover points in the unshaded areas?
What i mean to say is , can we highlight or give buy and sell signals on the candles which are the crossover points for overbought oversold zones in the unshaded portion.
2. No signals to be generated in the shaded areas.
3. Can we combine this with a RSI on similar criteria?
Thanks and regards!