This script shows the trend of an underlying based on a variation of the „Chandelier Stop" script from pipCharlie on TradingView.
Within the trend possible entry/exit zones are shown based on RSI2 overbought/oversold condition.
This type of trading setup is heavily used in the community of LoroTrader in Internet.
Input Indicators:
- Trend Indicator:
VolaStop: Lookback Period, Multiplikator
- Oscillator Indicator:
RSI, RSI Upper-/Lowerlimit
- Display Control:
Display RSI Exit y/n ... Display ExitZone with green/red circles
Display RSI Confirmed Exit y/n ... Display EntrySignals after RSI hook from extrem with red/green arrows
Output:
- Trend Indicator:
Green/red cross: VolaStop level
- Oscillator Zones:
Yellow cross: Pullback within trend
Green/red circles: Overbought/Sold zones
- Entry Signals:
Hook from extrem in trend direction
Within the trend possible entry/exit zones are shown based on RSI2 overbought/oversold condition.
This type of trading setup is heavily used in the community of LoroTrader in Internet.
Input Indicators:
- Trend Indicator:
VolaStop: Lookback Period, Multiplikator
- Oscillator Indicator:
RSI, RSI Upper-/Lowerlimit
- Display Control:
Display RSI Exit y/n ... Display ExitZone with green/red circles
Display RSI Confirmed Exit y/n ... Display EntrySignals after RSI hook from extrem with red/green arrows
Output:
- Trend Indicator:
Green/red cross: VolaStop level
- Oscillator Zones:
Yellow cross: Pullback within trend
Green/red circles: Overbought/Sold zones
- Entry Signals:
Hook from extrem in trend direction
Release Notes:
Change ExitZone color
Add warning color orange
Add warning color orange
Release Notes:
Use close instead of high/low for stop calculation