@version=2 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 displayed or omitted, as preferred. in addition to the RSI/MFI line or as an alternative to it, the background colour can be set to change folowing the RSI/MFI signals. The timeframe can be chosen. Higher timeframes (eg. 3h) tend to give less false signals.
version 5. added support for custom Multiple Time Frame selection. added option for choice of RSI or MFI as base indicator. added option for price bar coloring according to the indicator. (deselecting "borders" in the "style" tab is recommended) price bar coloring can be adjusted for different strategies: 1. following the slope of the histogram (for faster entry/exit signals) 2. according to positive or negative histogram (for longer moves) 3. according to pos. or neg. RSI/MFI (for longer term trend holds) 4. uptrend: biased towards faster buy signals and slower sell signals to stay in the uptrend 5. downtrend: biased towards faster sell signals and slower buy signals to stay in the downtrend
A longer timeframe (eg. 3x) is recommended for following trend moves. try different strategies to see what works better for RSI or MFI.
JD.
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minor typo changes
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* resolved issue with the indicator REPAINTING WHILE ON A LONGER TIMEFRAME until that longer timeframe has ended. (this gives less noise, but does repaint!!!!, so be very cautious if you decide to use that!!!)
An option is now added to calculate the longer timeframe based on the current price action. this gives a little more noise but doesn't repaint anymore!
* added soppurt for stochastics as base indicator
* added automatic trendlines that connect the last highs and the lows on the histogram, this can be used for several purposes: 1. indication of RSI-divergence which may lead to a reversal in the near future. 2. if the histogram breaks the higher or lower trendline , this usually results in a reversal to the upper or lower side (as you can see in the example in the previous posts) 3. if you find other uses,... please let me know!! ;-)
My goal is to be able to extend these trendlines automatically so trendline breaks could be added as an automated strategy, but still chewing through that one ;-)
IF YOU HAVE ANY SUGGESTIONS FOR IMPROVEMENTS, CHANGES OR ADDITIONS OR IF YOU WANT TO HELP ME WITH THE DRAWING OF EXTENTIONS TO THE TRENDLINES? LET ME KNOW!!
JD.
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Finally found a way to draw the extended trendlines automatically!!!
For clarity ,there is an option to either display the trendlines in the histogram or to remove them, as preferred. So you can make it as cluttered or as clean as you want to ;-)
A quick explanation, I have found that these trendlines often act as support or resistance for the histogram, once these trendlines are broken, to the upside or downside, this often indicates a reversal in that direction, especially when a "cross" occurs of the green and purple trendline.
Furthermore, I find that the trendlines of the histogram give an easier indication of RSI-divergence then off the RSI-line itself.
****** I'm working on a strategy based on the trendline breaks, but they are a lot easier to spot and interpret manually than to implement in an automated strategy,... So this is still very "work in progress" and to be used as an "idea".
Any thoughts, ideas or improvements or bugs found,
let me know!
Greets, JD.
******* Disclaimer. As is the case with everything in this and my other scripts, this is NOT trading advice, and is for educational purposes only! *******
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ADDED A STRATEGY BASED ON TRENDLINE BREAKS.
"... 7. "trendline break": looking for upwards or downwards breaks of the trendline of the highs and lows, LOOKBACK PERIOD FOR LOWS AND HIGHS CAN/SHOULD BE ADJUSTED FOR THE SPECIFIC SECURITY for better accuracy!!
The automatic trendlines that connect the highs and the lows on the histogram can be used for several purposes: 1. indication of RSI-divergeance which may lead to a reversal in the near future. 2. if the histogram breaks the higher or lower trendline, this usually results in a reversal to the upper or lower side 3. if you find other uses,... please let me know!! ;-) ..."
FOR CLEANER CHARTS the indicator can be altered to show only the last extended trendlines this can be done by changing the number in line 175 "_show_last=10000" (higher numbers give more lines)
Greets, JD.
******* Disclaimer. As is the case with everything in this and my other scripts, this is NOT trading advice, and is for educational purposes only! *******
If you can make it no repaint it would be very nice
aquabit
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Can anyone guide me how to use this indicator? It's very confusing when I see this....
bryanray
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Hello. Very nice indicator. I do have an error when using it. It I make the chart timeframe = 10 minutes and select uncheck "Use Current Chart Resolution" and set the different timeframe to 3 hours. The indicator disappears and shows an error: "Error on bar 0: Invalid value of the 'length' argument (NaN) in the '[object Object]' function. It must be > 0" Can you help with this error?
Sameer078
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@bryanray, don't use time frame as on chart use higher time frame in box in setting
riccymo
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@Sameer078, I have the same problem as @bryanray with the 4h setting in the different timeframe box. On the chart I have 15min. What can i do? Greetings
Duyck
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@riccymo, Hi, I wrote this script quite some time ago.
I'll try to find some time to adress these issues.
@Duyck, it appears this error still occurs -- can you help with this error? It's a great indicator but I have to use the older version because many of the different time frames don't work!
unknown_knight
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this indicator is really good. I'm impressed by your work :>
dpanday
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Hi @Duyck How did you display the vertical lines as displayed in the picture below? It seems this are perfect places for alerts. Which variable do i have to use there signals?