This is a custom indicator of mine loosely based on the work by Steve J Godwin & Louisa C Schneider (Stocks and Commodities Feb 2021 pg 22) and this works pretty well at anticipating future price swings as the momentum falls. The idea I was going for was to introduce the idea of reversals in combination with a momentum indicator so you can better identify peaks and valleys. I have included strong buy and signals in addition to normal ones so darker colors are the strong buy and sell signals and lighter colors are the normal ones. I would recommend to buy when the line turns green and sell when it turns red.
Let me know if there are any other indicators you would like me to publish!
@Aryan-Anand, My script already uses the rsi as part of the calculation
horca17
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Have you tried on different timeframes? On which one you have better results? thanks
cheatcountry
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@horca17, That really depends on the underlying stock itself because I have noticed that different stocks seem to work better with different timeframes. That being said you can always do a slow timeframe combined with a fast timeframe to see when they crossover
Can you Plot it with RSI