This script uses Relative Strength Index ( RSI ), Commodity Channel Index ( CCI ) and WaveTrend (WT) together as an oscillator with an additional custom RSI rate of change indicator and buy/sell background color zones derived from a complex combination of these indicators.
The White line shows the moving average of RSI as an oscillator The Green line is the fast Exponential Moving Average ( EMA ) of CCI & the Red line is the slow EMA of CCI . The Blue area is the EMA of WaveTrend WT
How to read: If the RSI , CCI or WT crosses above a programmed threshold and the other lines are also within a pre-defined buy range then the background will change to green for buy. If the RSI , CCI or WT crosses below a programmed threshold and the other lines are also within a pre-defined sell range then the background will change to red for sell. Where requirements are not met, the background is neither green nor red.
There are also red and green indicator x’s at the top/bottom of the indicator. They show a drastic change in Relative strength within a short period. This often indicates an immediate buy or sell opportunity.
Buy, Sell, Exit Buy and Exit Sell alerts are included.
Use the link below to obtain access to this indicator.
Release Notes
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Adapted the sell signal criteria to allow for sell entry when all lines remained beneath the zero line.
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