Daksh RSI POINT to ShootHere are the key points and features of the Pine Script provided:
### 1. **Indicator Settings**:
- The indicator is named **"POINT and Shoot"** and is set for non-overlay (`overlay=false`) on the chart.
- `max_bars_back=4000` is defined, indicating the maximum number of bars that the script can reference.
### 2. **Input Parameters**:
- `Src` (Source): The price source, default is `close`.
- `rsilen` (RSI Length): The length for calculating RSI, default is 20.
- `linestylei`: Style for the trend lines (`Solid` or `Dashed`).
- `linewidth`: Width of the plotted lines, between 1 and 4.
- `showbroken`: Option to show broken trend lines.
- `extendlines`: Option to extend trend lines.
- `showpivot`: Show pivot points (highs and lows).
- `showema`: Show a weighted moving average (WMA) line.
- `len`: Length for calculating WMA, default is 9.
### 3. **RSI Calculation**:
- Calculates a custom RSI value using relative moving averages (`ta.rma`), and optionally uses On-Balance Volume (`ta.obv`) if `indi` is set differently.
- Plots RSI values as a green or red line depending on its position relative to the WMA.
### 4. **Pivot Points**:
- Utilizes the `ta.pivothigh` and `ta.pivotlow` functions to detect pivot highs and lows over the defined period.
- Stores up to 10 recent pivot points for highs and lows.
### 5. **Trend Line Drawing**:
- Lines are drawn based on pivot highs and lows.
- Calculates potential trend lines using linear interpolation and validates them by checking if subsequent bars break or respect the trend.
- If the trend is broken, and `showbroken` is enabled, it draws dotted lines to represent these broken trends.
### 6. **Line Management**:
- Initializes multiple lines (`l1` to `l20` and `t1` to `t20`) and uses these lines for drawing uptrend and downtrend lines.
- The maximum number of lines is set to 20 for uptrends and 20 for downtrends, due to a limit on the total number of lines that can be displayed on the chart.
### 7. **Line Style and Color**:
- Defines different colors for uptrend lines (`ulcolor = color.red`) and downtrend lines (`dlcolor = color.blue`).
- Line styles are determined by user input (`linestyle`) and use either solid or dashed patterns.
- Broken lines use a dotted style to indicate invalidated trends.
### 8. **Pivot Point Plotting**:
- Plots labels "H" and "L" for pivot highs and lows, respectively, to visually indicate turning points on the chart.
### 9. **Utility Functions**:
- Uses helper functions to get the values and positions of the last 10 pivot points, such as `getloval`, `getlopos`, `gethival`, and `gethipos`.
- The script uses custom logic for line placement based on whether the pivots are lower lows or higher highs, with lines adjusted dynamically based on price movement.
### 10. **Plotting and Visuals**:
- The main RSI line is plotted using a color gradient based on its position relative to the WMA.
- Horizontal lines (`hline1` and `hline2`) are used for visual reference at RSI levels of 60 and 40.
- Filled regions between these horizontal lines provide visual cues for potential overbought or oversold zones.
These are the main highlights of the script, which focuses on trend detection, visualization of pivot points, and dynamic line plotting based on price action.
Rsistrategy
RSI DeviationAn oscillator which de-trends the Relative Strength Index. Rather, it takes a moving average of RSI and plots it's standard deviation from the MA, similar to a Bollinger %B oscillator. This seams to highlight short term peaks and troughs, Indicating oversold and overbought conditions respectively. It is intended to be used with a Dollar Cost Averaging strategy, but may also be useful for Swing Trading, or Scalping on lower timeframes.
When the line on the oscillator line crosses back into the channel, it signals a trade opportunity.
~ Crossing into the band from the bottom, indicates the end of an oversold condition, signaling a potential reversal. This would be a BUY signal.
~ Crossing into the band from the top, indicates the end of an overbought condition, signaling a potential reversal. This would be a SELL signal.
For ease of use, I've made the oscillator highlight the main chart when Overbought/Oversold conditions are occurring, and place fractals upon reversion to the Band. These repaint as they are calculated at close. The earliest trade would occur upon open of the following day.
I have set the default St. Deviation to be 2, but in my testing I have found 1.5 to be quite reliable. By decreasing the St. Deviation you will increase trade frequency, to a point, at the expense of efficiency.
Cheers
DJSnoWMan06
Directional Pressure (maybexo)Liquidity Candles, observed in financial markets, display distinctive candlestick patterns that are noteworthy. These candles exhibit intentional price behavior aimed at triggering stop-loss orders and momentarily misleading traders. The pattern typically starts with a price movement against the current trend, activating stop-loss orders and capitalizing on liquidity from traders anticipating the prevailing trend. Subsequently, the price swiftly changes course, breaking and conclusively closing beyond the prior candle's range, often surprising unsuspecting traders.
Characteristics:
1. Liquidity Grab:
- Liquidity Candles initiate with a deliberate move against the existing trend, aimed at triggering stop-loss orders and gathering liquidity from traders who have placed stops in anticipation of the initial trend.
- Notably, the size of the wick in this liquidity grab is significant; a larger wick indicates a more substantial liquidity grab and can strengthen the indication of a potential market reversal.
2. Swift Reversal and Breakout:
- Following the liquidity grab, the price swiftly changes direction, breaking and conclusively closing above or below the previous candle's range.
3. Institutional Behavior:
- These candles are often linked to institutional trading behavior, suggesting potential involvement by significant market participants due to their distinct and deliberate price action.
// Diamonds
1. RSI Diamonds:
The RSI Diamonds represent RSI entering either overbought or oversold levels.
These Diamonds serve as an early indication for "Spooky Diamonds" as Spooky Diamonds can only form in these conditions
2. Spooky Diamonds:
The Spooky Diamonds highlight specific candle conditions, aiding in the identification of bullish or bearish momentum in the market while considering the RSI status.
Bullish Candle Momentum: The candle size is greater than the previous candle multiplied by a user-defined factor (filterMultiplier) and the closing price is higher than the opening price. This can suggest bullish momentum.
Bearish Candle Momentum: The candle size is greater than the previous candle multiplied by the filterMultiplier, and the closing price is lower than the opening price. This can suggest bearish momentum.
Important Notes:
The Candles + Diamonds should not be used in isolation as buy or sell signals but rather as additional information for your trading strategy.
The goal of this indicator is to provide a visual representation of RSI data and potential momentum during overbought or oversold conditions.
By utilizing the diamonds and candles, you can easily identify RSI levels and their interaction with candles, aiding in decision-making within your trading strategy.
Disclaimer: Always consider your risk tolerance and conduct thorough analysis before making any trading decisions.
Inspiration Credits:
Vanitati
Mr. Casino
Double Relative Strength Index (Double RSI)# Double Relative Strength Index (Double RSI) Indicator
The Double Relative Strength Index (Double RSI) is a custom trading indicator for the TradingView platform. It provides traders with two Relative Strength Index (RSI) bands, a fast RSI, and a slow RSI, which can be helpful in identifying potential entry and exit points in the market.
## Features
- **Uses 2 RSI Bands:** The indicator displays two RSI lines on the chart, providing insights into the short-term and long-term strength of the asset's price movement.
- **Fast and Slow RSI:** The fast RSI uses a shorter length, while the slow RSI uses a longer length, allowing traders to observe different time frames of price momentum.
- **Smoothing:** To reduce noise and improve the readability of the RSI lines, the indicator offers multiple smoothing options such as RMA, SMA, EMA, WMA, and HMA.
- **Crossover and Crossunder Signals:** The indicator identifies potential trading signals when the fast RSI crosses above or below the slow RSI. These events are visually highlighted on the chart with color-coded candlesticks.
- **RSI Bands:** The indicator also includes colored bands that represent different RSI levels, such as 80%, 75%, 60%, 50%, 45%, 25%, and 20%. These bands help visualize the RSI's current position relative to overbought and oversold conditions.
## How to Use
1. Add the "Double RSI" indicator to your TradingView chart.
2. Customize the input parameters according to your preferences, such as the lengths of the fast and slow RSIs and the smoothing method.
3. The indicator will display two RSI lines on the chart, each with its own color.
4. Look for crossover events where the fast RSI line crosses above the slow RSI line, indicating a potential bullish signal.
5. Watch for crossunder events where the fast RSI line crosses below the slow RSI line, indicating a potential bearish signal.
6. The colored bands represent different RSI levels. When the RSI is in the overbought (high) or oversold (low) regions, it may suggest a potential reversal in price direction.
## Disclaimer
Please remember that the Double RSI indicator is provided for informational purposes only and should not be considered as financial advice or a standalone trading strategy. Always perform your own research, use additional tools and indicators, and consider risk management techniques before making any trading decisions.
**Note:** This code is subject to the terms of the Mozilla Public License 2.0. For more details, refer to the (mozilla.org).
*Zig Zag Price, % Change w/RSI*With immense help from ©SimpleCryptoLife who reimagined this script for me, and to ©mmoiwgg and ©ocaptain who's ideas led to this updated version 5.
This indicator is fairly straight-forward and visually appealing because you get a running zig zag price, price % change with an added bonus - RSI. However you won't find zig zag lines but the script reacts the same by changing the inputs. The higher the value the less data points you'll see on the screen.
The main objective of this indicator is to be able to spot high and low prices easily with the price % change between the same 2 data sets. Additionally and arguably more importantly, with the RSI values associated with the high and low prices, you can spot divergences easily - meaning the price is making a higher high while conversely the RSI value at the next pop (around the same price as previous high) is lower which can mean that momentum has exhausted for the time being and a reversal could be imminent.
This script is meant only as a tool to try to enrich your trading journey and I hope it helps you become a more consistent and profitable trader. If you find it invaluable drop a like and comment. Good luck!
The HoneyChai RSI by CoffeeShopCryptoHere is a fun new way to view the RSI. A new TradingView Indicator for you RSI enthusiasts. This is the Honey Chai RSI Indicator.
This indicator combines the RSI oscillator with additional features to enhance its functionality and visual study.
The purpose of this indicator is to provide a more comprehensive view of the RSI and aid in identifying trends, potential entry / exit points, and ranging conditions.
How it's Built.
The RSI:
The RSI is represented by its common line which you can turn on and off, as usual.
Japanese candlesticks:
In this indicator, are also Japanese candlesticks giving you their representation of the RSI. This provides a clearer visualization of the RSI movements across its Open, High, Low, and Close, unlike the OHLC of the Heiken Ashi candles in the Heiken Ashi Algo.
In addition to the RSI line and Japanese candles, there are two moving averages applied to the RSI value. For the purpose of keeping with my CoffeeShop theme, the High average line is the Honey Line and the Low average line is the Chai Line. The user can choose between Exponential Moving Average or Simple Moving average. These moving averages are calculated based on the high vs low values of the past RSI readings, with the high average acting as the leading line.
When the Honey line is above the Chai Line, it indicates an uptrend, whereas when the Honey Line is below the Chai Line, it suggests a downtrend.
If the price is moving up but the Honey line is still below the Chai line, you're technically still in a downtrend and you should trade this like a pullback.
Identifying Trends.
To identify short entries, you need to wait for the Japanese candles to open and close below the Honey line while the Honey line is below the Chai Line. Conversely, you wait for the Japanese candles to open and close above the Honey line while the Honey line is above the Chai Line. This confirmation helps in identifying potential reversal points.
Range Bound Market.
The indicator also incorporates a visual representation of a ranging area. The 60 and 40 levels of the RSI are visually differentiated to indicate this range. When the Japanese candles are opening and closing within this range and the RSI remains contained within these levels, it suggests that the price is likely in a ranging phase, and traders should wait for a breakout from this range before taking action.
In summary, this custom indicator provides a comprehensive view of the RSI oscillator by incorporating Japanese candlestick visuals, moving averages, and a visual representation of the ranging area. By analyzing these elements, traders can gain insights into trends, potential entry points, and ranging conditions in the market.
---------HOW TO TRADE-----------
LONGS AND SHORTS
An example on how to use this in a long trade is to wait for your moving averages to be high (yellow) over low (orange). For the purpose of the description in this indicator you're looking for the honey to be over the chai.
Even if the RSI and Japanese candles in the oscillator are falling, however the honey is above the Chai, you are still in an uptrend.
The positioning of the moving averages will always determine the direction of the overall price trend so in this position you're looking for long entries.
take a long position as an entry when the open and the close of the Japanese candle in the oscillator is above your honey line.
when you notice a bearish candle closing below the honey line in an uptrend position you can exit your trade.
Confluence for short trades would be just the opposite and using the moving averages in an upside down pattern. In other words the honey needs to be below the chai and your Japanese candle needs to be closing bearish however they open and the close of that candle needs to be below both of your moving averages. exit when you get a bullish candle closing in between the averages.
TRADING RANGES
Wait for your moving average to enter into the range bound 60/40 area as well as your Japanese candles to Wick above and below this area but not close above and below the area.
At this point you can mark off the high and the low of the range as it pertains to your price chart and start using your range trading strategy.
RSI, SRSI, MACD and DMI cross - Open source codeHello,
I'm a passionate trader who has spent years studying technical analysis and exploring different trading strategies. Through my research, I've come to realize that certain indicators are essential tools for conducting accurate market analysis and identifying profitable trading opportunities. In particular, I've found that the RSI, SRSI, MACD cross, and Di cross indicators are crucial for my trading success.
Detailed explanation:
The RSI is a momentum indicator that measures the strength of price movements. It is calculated by comparing the average of gains and losses over a certain period of time. In this indicator, the RSI is calculated based on the close price with a length of 14 periods.
The Stochastic RSI is a combination of the Stochastic Oscillator and the RSI. It is used to identify overbought and oversold conditions of the market. In this indicator, the Stochastic RSI is calculated based on the RSI with a length of 14 periods.
The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of prices. It consists of two lines, the MACD line and the signal line, which are used to generate buy and sell signals. In this indicator, the MACD is calculated based on the close price with fast and slow lengths of 12 and 26 periods, respectively, and a signal length of 9 periods.
The DMI is a trend-following indicator that measures the strength of directional movement in the market. It consists of three lines, the Positive Directional Indicator (+DI), the Negative Directional Indicator (-DI), and the Average Directional Index (ADX), which are used to generate buy and sell signals. In this indicator, the DMI is calculated with a length of 14 periods and an ADX smoothing of 14 periods.
The indicator generates buy signals when certain conditions are met for each of these indicators.
1) For the RSI, a buy signal is generated when the RSI is below or equal to 35 and the Stochastic RSI %K is below or equal to 15, or when the RSI is below or equal to 28 the Stochastic RSI %K is below or equal to 15 or when the RSI is below or equal to 25 and the Stochastic RSI %K is below or equal to 10 or when the RSI is below or equal to 28.
2) For the MACD, a buy signal is generated when the MACD line is below 0, there is a change in the histogram from negative to positive, the MACD line and histogram are negative in the previous period, and the current histogram value is greater than 0.
3) For the DMI, a buy signal is generated when the Positive Directional Indicator (+DI) crosses above the Negative Directional Indicator (-DI), and the -DI is less than the +DI.
The indicator generates sell signals when certain conditions are met for each of these indicators:
1) For the RSI, a sell signal is generated when the RSI is above or equal to 75 and the Stochastic RSI %K is above or equal to 85, or when the RSI is above or equal to 80 and the Stochastic RSI %K is above or equal to 85, or when the RSI is above or equal to 85 and the Stochastic RSI %K is above or equal to 90 or when the RSI is above or equal to 82.
2)For the MACD, a sell signal is generated when the MACD line is above 0, there is a change in the histogram from positive to negative, the MACD line and histogram are positive in the previous period, and the current histogram value is less than the previous histogram value. On the other hand, a buy signal is generated when the MACD line is below 0, there is a change in the histogram from negative to positive, the MACD line and histogram are negative in the previous period, and the current histogram value is greater than the previous histogram value.
3)For the DMI a bearish signal is generated when plusDI crosses above minusDI, indicating that bulls are losing strength and bears are taking control.
The indicator uses a combination of these four indicators to generate potential buy and sell signals. The buy signals are generated when RSI and SRSI values are in oversold conditions, while sell signals are generated when RSI and SRSI values are in overbought conditions. The indicator also uses MACD crossovers and DMI crossovers to generate additional buy and sell signals.
When a signal is strong?
The use of multiple signals within a specific timeframe can increase the accuracy and reliability of the signals generated by this indicator. It is recommended to look for at least two signals within a range of 5-8 candles in order to increase the probability of a successful trade.
Why it's original?
1) There is no indicator in the library that combine all of these indicators and give you a 360 view
2)The combination of the RSI, Stochastic RSI, MACD, and DMI indicators in a single script it's unique and not available in the libray.
3)The specific parameters and conditions used to calculate the signals may be unique and not found in other scripts or libraries.
4)The use of plotshape() to plot the signals as shapes on the chart may be unique compared to other scripts that simply plot lines or bars to indicate signals.
5)The use of alertcondition() to trigger alerts based on the signals may be unique compared to other scripts that do not have custom alert functionality.
Keep attention!
It is important to note that no trading indicator or strategy is foolproof, and there is always a risk of losses in trading. While this indicator may provide useful information for making conclusions, it should not be used as the sole basis for making trading decisions. Traders should always use proper risk management techniques and consider multiple factors when making trading decisions.
Support me:)
If you find this new indicator helpful in your trading analysis, I would greatly appreciate your support! Please consider giving it a like, leaving feedback, or sharing it with your trading network. Your engagement will not only help me improve this tool but will also help other traders discover it and benefit from its features. Thank you for your support!
Bollinger Band Alert with RSI Filter IndicatorThis code is for a technical analysis indicator called Bollinger Band Alert with RSI Filter. It uses two tools: Bollinger Bands and Relative Strength Index (RSI) to identify potential trading signals in the market.
Bollinger Bands are lines plotted two standard deviations away from a simple moving average of the price of a stock or asset. They help traders determine whether prices are high or low on a relative basis.
The RSI is a momentum indicator that measures the strength of recent price changes to evaluate whether an asset is overbought or oversold.
The code has some input parameters that a user can change, such as length and multiplier, which are used to calculate the Bollinger Bands, and upper and lower RSI levels to define the overbought and oversold zones.
The code then uses if statements to generate alerts if certain conditions are met. The alert condition is triggered if the close price of an asset crosses above or below the upper or lower Bollinger Bands, and if the RSI is either above or below the overbought or oversold threshold levels.
Finally, the code generates plots to visualize the Bollinger Bands and displays triangles above or below the bars indicating when to enter a long or short position based on the strategy's criteria.
RSI true swingsRelative Strength Index (RSI) is being used by majority of the traders to get benefitted based on the swings. But these swings are hard to Identify.
This Indicator uses 4 major factors for finding the potential reversal points:
RSI Crossover or crossunder
Relative volume
Overall volume against the moving average volume
Relative closing of the candles
Size of the bars
Please read Instructions carefully before using this indicator
Recommended entry is the OHLC4 of the signal bars.
If signal bar is too large, try to enter in the retracement when another signal comes either through indicator or through types of bars
when signals comes opposite to the trend, then try to wait for the next signal of same type. This creates a RSI-price divergence in confirmation by volume price action
Timeframe can be of your choice
Recommended stoploss should be swing highs or lows
RSI Trend Indicator [paRSI]The Relative Strength Index ( RSI ) is a measurement used by traders to assess the price momentum. It is scaled from 0 to 100. when RSI reads below 30, it is usually interpreted as oversold and when RSI is above 70 it is usually interpreted as overbought. However, it is usually not profitable to trade based on overbought and oversold signal.
RSI Trend Indicator or as I like to call it "paRSI" ("Parsa (my name) + RSI") shows that when RSI is above a specific number (default value = 60) it indicates bullish trend and when RSI is below a specific number (default value = 40 ) it indicates bearish trend. Lastly when RSI is below the 2 specified numbers it indicates a neutral trend.
I don't recommend trading based on this single indicator. If you're a trend trader this might be useful tool in addition to your own strategy
Usage:
If the created pattern has worked previously on the chart, you could enter on the first stages of the green or red section (depending on the market's trend).
It is not recommended to trade in any direction when there is no color
*THIS IS A TREND FOLLOWING STRATEGY AND DOES NOT WORK ON ALL MARKETS*
RSI with Self-Adjusting Linear Regression Bands (Expo)RSI with Self-Adjusting Linear Regression Bands (Expo) makes use of RSI and Linear Regression to create an RSI that follows the current trend. The indicator has an upper and lower self-adjusting Linear Regression Band that act as RSI boundaries.
HOW TO USE
The indicator can be used in multiple ways, for instance, to find overbought and oversold areas. Or to identify trends as well as pullbacks in trends.
INDICATOR IN ACTION
This indicator is a modification of RafaelZioni's work "Linear Regression Trend bands"
Credit to: RafaelZioni
I hope you find this indicator useful , and please comment or contact me if you like the script or have any questions/suggestions for future improvements. Thanks!
I will continually work on this indicator, so please share your experience and feedback as it will enable me to make even better improvements. Thanks to everyone that has already contacted me regarding my scripts. Your feedback is valuable for future developments!
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Disclaimer
Copyright by Zeiierman.
The information contained in my scripts/indicators/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My scripts/indicators/ideas are only for educational purposes!
RSI – Signal (Expo)DESCRIPTION
RSI (Relative Strength Index) is a momentum oscillator that measures the speed (velocity) and change (magnitude) of recent price movements.
THIS INDICATOR PLOTS RSI-SIGNALS and makes use of the standard calculation of RSI. The indicator has built-in flexibility that allows you to determine the oversold/overbought value and CrossOver/CrossUnder value of RSI. This enables you to fit the values to the current market characteristics.
HOW TO USE
1. Determine the oversold and overbought value depending on current market characteristics
2. Determine the CrossOver and CrossUnder value depending on current market characteristics
3. When the signal appears, consider Enter the market.
INDICATOR IN ACTION
BTCUSD
ETHUSD
USDJPY
Wall Street
DIVERGENCES:
All types of momentum oscillator indicators produce divergences and so does RSI. Divergences occur when the oscillator deviates from the trending price action. Bullish divergence is then when the trending price makes a lower low but the oscillator makes a higher low. Bearish divergence is then when the trending price makes a higher high but the oscillator makes a lower high.
I hope you find this indicator useful , and please comment or contact me if you like the script or have any questions/suggestions for future improvements. Thanks!
I will continue to work on this indicator, so please share your experience and feedback with me so that I can continuously improve it. Your feedback is valuable for future developments!
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Disclaimer:
Copyright by Zeiierman.
The information contained in my scripts/indicators/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My scripts/indicators/ideas are only for educational purposes!
