OPEN-SOURCE SCRIPT
Smart Mean Reversion Dashboard
This indicator is designed to help traders identify potential mean reversion opportunities using a combination of Bollinger Bands, RSI, and deviation from the moving average. It provides a clean, visually appealing dashboard that displays key metrics and signals in real-time.
How to Read and Use:
Deviation from Mean:
Displays the percentage deviation of the current price from the moving average.
A high positive or negative deviation may indicate overextension and a potential mean reversion opportunity.
Bollinger Band Status:
Indicates whether the price is inside or outside the Bollinger Bands.
"Outside Upper" suggests overbought conditions, while "Outside Lower" suggests oversold conditions.
RSI Status:
Shows whether the RSI is in overbought (>70), oversold (<30), or neutral conditions.
Overbought and oversold levels can confirm potential reversal zones.
Signal:
BUY: Triggered when the price is outside the lower Bollinger Band and RSI is in the oversold zone.
SELL: Triggered when the price is outside the upper Bollinger Band and RSI is in the overbought zone.
WAIT: No clear signal; wait for better conditions.
Important Notes:
This is NOT a buy or sell recommendation. This indicator is a tool to assist in identifying potential trading opportunities. Always use it in conjunction with your own analysis and risk management.
The signals generated by this indicator are based on historical data and do not guarantee future performance.
It is recommended to use this indicator alongside other technical analysis tools and confirm signals with price action or other strategies.
Features:
Dashboard: Displays deviation, Bollinger Band status, RSI status, and signals in a clean, movable interface.
Customizable Settings: Adjust Bollinger Band length, RSI length, and moving average length to suit your trading style.
Visual Enhancements: Color-coded signals and metrics for easy interpretation in both light and dark modes.
Disclaimer:
Trading involves significant risk, and past performance is not indicative of future results. This indicator is for educational purposes only and should not be considered financial advice. Always consult with a financial advisor before making trading decisions.
How to Read and Use:
Deviation from Mean:
Displays the percentage deviation of the current price from the moving average.
A high positive or negative deviation may indicate overextension and a potential mean reversion opportunity.
Bollinger Band Status:
Indicates whether the price is inside or outside the Bollinger Bands.
"Outside Upper" suggests overbought conditions, while "Outside Lower" suggests oversold conditions.
RSI Status:
Shows whether the RSI is in overbought (>70), oversold (<30), or neutral conditions.
Overbought and oversold levels can confirm potential reversal zones.
Signal:
BUY: Triggered when the price is outside the lower Bollinger Band and RSI is in the oversold zone.
SELL: Triggered when the price is outside the upper Bollinger Band and RSI is in the overbought zone.
WAIT: No clear signal; wait for better conditions.
Important Notes:
This is NOT a buy or sell recommendation. This indicator is a tool to assist in identifying potential trading opportunities. Always use it in conjunction with your own analysis and risk management.
The signals generated by this indicator are based on historical data and do not guarantee future performance.
It is recommended to use this indicator alongside other technical analysis tools and confirm signals with price action or other strategies.
Features:
Dashboard: Displays deviation, Bollinger Band status, RSI status, and signals in a clean, movable interface.
Customizable Settings: Adjust Bollinger Band length, RSI length, and moving average length to suit your trading style.
Visual Enhancements: Color-coded signals and metrics for easy interpretation in both light and dark modes.
Disclaimer:
Trading involves significant risk, and past performance is not indicative of future results. This indicator is for educational purposes only and should not be considered financial advice. Always consult with a financial advisor before making trading decisions.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.