HodlerReloaded

RSI + Support/Resistance Zones + EMA

This indicator enhances the RSI with support and resistance zones and an EMA .

RSI: a regular RSI (default: orange / 14 period)

EMA: an EMA on the RSI (default: light gray / 10 period)

RSI support/resistance zones
SR-Zones for bull markets: In a bull market the price tends to find resistance between 80 and 90 and support between 40 and 50 RSI .
SR-Zones for bear markets: In a bear market the price tends to find resistance between 55 and 65 and support between 20 and 30 RSI .
The concept of these support and resistance zones has been popularized by Constance Brown in her book Technical Analysis for the Trading Professional. The SR zones are described in the first chapter which is available in the preview section on Amazon.

RSI-EMA
The EMA on the RSI can also be used as support and resistance . For example, you can be use it for a simple strategy such as the following: In an uptrend after a significant correction during which the RSI has been below the EMA for some time, wait for the RSI to cross above the EMA to go long and exit (partially) after the RSI crossed down the EMA .

Hint: All visual elements ( RSI , EMA , support zones) can be enabled/disabled and adjusted individually.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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