MO ADVANCED RSI
MO ADVANCED RSI is a unique oscillator that provide useful insights on divergences, overbought and oversold conditions, potential reversals zones and 10 confluence alerts.
The components of the indcator
Indicator has 4 types of divergences for rsi : Bullish Divergence ( green line and green label with the text "B"), Hidden Bullish Divergence ( blue line and blue label with the text "H.B."), Bearish Divergence ( red line and red label with the text "B") and Hidden Bearish Divergence (yellow line and red labels with the text "H.B.").
The pivots default are 5 Pivots to Lookback Right, 5 Pivots to Lookback Left and the Lookback Range from 5 to 60 candles, to get faster divergenceses displayed need to change the Pivots to Lookback Right to a lower value (0, 1, 2 or 3 ).
The RSI plot default is hidden and rsi fast ma's are displayed instead, users can change from dashboard what will be displayed and the custom colors for rsi.
The ribbon is filled with bullish and bearish collor if both of the fast rsi ma's are rising or falling, also the space between fast ma's and default ma 14 of rsi is filled with trend color to allow users a clear view of the trend.
Both Donchian Channels and Bollinger bands are areas of reversal, depending on markets conditions and asets traded rsi oversold and overbought is not always at 70 or 30 and price does not change direction always at this values, so we trying to improve the traders chances of winning their trades foecasting values for possible tops and bottoms calculated by reverse rsi formula as points where price can signal high probability of reversal.
All data calculated for Donchian RSI channels and for Bollinger Bands are displayed in a custom table:
DC TOP = Donchian Channel Top line reverse rsi value
DC LOW = Donchian Channel Bottom line reverse rsi value
BB OB = Low Line of Top Bollinger Band reverse rsi value
BB EOB = High Line of Top Bollinger Band reverse rsi value
BB OS = High Line of Bottom Bollinger Band reverse rsi value
BB EOS = Low Line of Bottom Bollinger Band reverse rsi value
EOS AND EOB are Extreme Ovesold and Overbought, in case of a normal move those will act as support/resistances, but in case of a strong moves you will see bands expanding as normal bollinger bands, that's why we aded also 2 custom Overbought and Oversold values to get the price where the current trend can reverse or pullback, users can change the default values of 30 and 70 to the values they want from 0 to 100.
Also reverse rsi for the 50 line and for the main moving average are displayed in the table as points where the aset price can find support/resistance.
Use cases
MO ADVANCED RSI Oscillator can be used in a simple fashion using the red and green fast ma's waves to idenfity market direction.
Also the slope of the RSI Moving average 14 is color coded to help users traders filter other indicators and build confluence.
Divergences and oversold/bought levels can be used in confluence with other factors such as classical SR or other user selected indicators.
The indicator was designed for the use in intraday trades, from 1 min to daily can be used in any market conditions.
USE CASE EXAMPLE
AUDUSD pair at 1h, after a short consolidation, price was rejected at the top of donchian channel and bollinger bands of the rsi, also a bearish divergence was printed, we wait for ribbon to test the ma and after the cross of the ma and ma slope turned also bearish we take the trade, stop loss at the last swing high with a target of 2 to 1 risk reward ratio:
Alerts
The MO RSI ADVANCED oscillator comes with 10 alerts:
Risk Disclaimer
All content and developments created by MisterMoTA are purely for informational and educational purposes only. Past performance does not guarantee future results.
The components of the indcator
- DIVERGENCES
Indicator has 4 types of divergences for rsi : Bullish Divergence ( green line and green label with the text "B"), Hidden Bullish Divergence ( blue line and blue label with the text "H.B."), Bearish Divergence ( red line and red label with the text "B") and Hidden Bearish Divergence (yellow line and red labels with the text "H.B.").
The pivots default are 5 Pivots to Lookback Right, 5 Pivots to Lookback Left and the Lookback Range from 5 to 60 candles, to get faster divergenceses displayed need to change the Pivots to Lookback Right to a lower value (0, 1, 2 or 3 ).
- RSI PLOT
The RSI plot default is hidden and rsi fast ma's are displayed instead, users can change from dashboard what will be displayed and the custom colors for rsi.
- RSI FAST MOVING AVERAGES RIBBON
The ribbon is filled with bullish and bearish collor if both of the fast rsi ma's are rising or falling, also the space between fast ma's and default ma 14 of rsi is filled with trend color to allow users a clear view of the trend.
- RSI DONCHIAN CHANNEL AND BOLLINGER BANDS
Both Donchian Channels and Bollinger bands are areas of reversal, depending on markets conditions and asets traded rsi oversold and overbought is not always at 70 or 30 and price does not change direction always at this values, so we trying to improve the traders chances of winning their trades foecasting values for possible tops and bottoms calculated by reverse rsi formula as points where price can signal high probability of reversal.
- TABLE WITH RSI AND RSI REVERSE FOR DONCHIAN CHANNEL AND BOLLINGER BANDS
All data calculated for Donchian RSI channels and for Bollinger Bands are displayed in a custom table:
DC TOP = Donchian Channel Top line reverse rsi value
DC LOW = Donchian Channel Bottom line reverse rsi value
BB OB = Low Line of Top Bollinger Band reverse rsi value
BB EOB = High Line of Top Bollinger Band reverse rsi value
BB OS = High Line of Bottom Bollinger Band reverse rsi value
BB EOS = Low Line of Bottom Bollinger Band reverse rsi value
EOS AND EOB are Extreme Ovesold and Overbought, in case of a normal move those will act as support/resistances, but in case of a strong moves you will see bands expanding as normal bollinger bands, that's why we aded also 2 custom Overbought and Oversold values to get the price where the current trend can reverse or pullback, users can change the default values of 30 and 70 to the values they want from 0 to 100.
Also reverse rsi for the 50 line and for the main moving average are displayed in the table as points where the aset price can find support/resistance.
Use cases
MO ADVANCED RSI Oscillator can be used in a simple fashion using the red and green fast ma's waves to idenfity market direction.
Also the slope of the RSI Moving average 14 is color coded to help users traders filter other indicators and build confluence.
Divergences and oversold/bought levels can be used in confluence with other factors such as classical SR or other user selected indicators.
The indicator was designed for the use in intraday trades, from 1 min to daily can be used in any market conditions.
USE CASE EXAMPLE
AUDUSD pair at 1h, after a short consolidation, price was rejected at the top of donchian channel and bollinger bands of the rsi, also a bearish divergence was printed, we wait for ribbon to test the ma and after the cross of the ma and ma slope turned also bearish we take the trade, stop loss at the last swing high with a target of 2 to 1 risk reward ratio:
Alerts
The MO RSI ADVANCED oscillator comes with 10 alerts:
- Alert for Regular Bullish Divergence
- Alert for Hidden Bullish Divergence
- Alert for Regular Bearish Divergence
- Alert for Hidden Bearish Divergence
- Alert for RSI Overbought
- Alert for RSI Oversold
- Alert for RSI Crossing Above RSI MA
- Alert for RSI Crossing Below RSI MA
- Alert for RSI Crossing Above 50 line
- Alert for RSI Crossing Below 50
Risk Disclaimer
All content and developments created by MisterMoTA are purely for informational and educational purposes only. Past performance does not guarantee future results.
Release Notes:
Set the default table size to small and changed the frame color for better visibility.