Duyck

RSI direction bias - JD

This simple indicator gives you a bias on the market that can be used as a filter, an entry indicator for pullbacks,...

Enjoy!
JD .

#NotTradingAdvice
#DYOR
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Disclaimer.
I AM NOT A FINANCIAL ADVISOR.
THESE IDEAS ARE NOT ADVICE AND ARE FOR EDUCATION PURPOSES ONLY.
ALWAYS DO YOUR OWN RESEARCH!
JD.
A little tip is always nice!
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Comments

Thank you for the explanation. Much appreciated. Ken
Reply
Thank you for this indicator version of the RSI. Can you explain what all the different candle colours are for. Many thanks Ken
Reply
Duyck kennairne
@kennairne, My Pleasure!

sure:
- green is above 60 in an uptrend
- yellow is below 60 in an uptrend (possible retracement)

- red is below 40 in a downtrend
- maroon is above 40 in a downtrend (possible retracement)

Gr, JD.
Reply
Great work! Thanks for sharing! Is it possible to have alerts as well?
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I've played around with RSI for months trying various approaches, and this one didn't cross my mind, while it is a perfect one and quite... obvious. Joris, you built amazing stuff!
Reply
Duyck Peter_O
@Peter_O,
yes, I know rsi always gets a lot of lashback for being a suckers indicator, but when used in different way, I feel it does give a lot of relevant info about traders intentions, price movement and momentum.
The difficulty is finding the right way to extract the info.
Thanks for the support!

I think your mtf solution for rsi is still invaluable too!! I use that function everyday in my main script!!



So thank you too! ;-)

Gr, JD.
Reply
Beautiful!
Reply
Duyck fikira
@fikira, thank you!
+1 Reply
@Duyck Very impressive. It cut the emotion. How to use it effectively....?
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