The RSI is one of the most popular technical indicators. The RSI measures the internal strength of the security. The RSI indicator oscillates between oversold and over bought levels, where a trader is advised to look for buying opportunities when the stock is in over sold region and selling opportunities when the stock is in over bought region.
The RSI with EMA strategy signals a trade when EMA of 7 period RSI crosses over the EMA of a 14 period RSI.
Buy: when 10 EMA of 7 period RSI crossing up 10 EMA of a 14 period RSI Sell: when 10 EMA of 7 period RSI crossing down 10 EMA of a 14 period RSI
EMA = Exponential Moving Average Crossover = Simple crossover between current RSI values and its 10 day EMA
Thanks, good set up, can you add so an arrow or other symbol shows up in the lower pane when the crossover occurs? thanks
Roc1479
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@JC_Stoker, If you convert the script to V5, you can do something like: plot(crossover(shortRSIEMA, longRSIEMA) ? longRSIEMA : na, style=plot.style_cross, linewidth=3, color=color.new(#cdd400, 0), title='RSIOverRSIMA') plot(crossunder(shortRSIEMA, longRSIEMA) ? longRSIEMA : na, style=plot.style_cross, linewidth=3, color=color.new(#f15042, 0), title='RSIOverRSIMA')