OPEN-SOURCE SCRIPT
Current State: Overbought/Oversold + Trend KAPIL GOYAL
This Pine Script calculates the RSI (Relative Strength Index) and compares it against preset thresholds to classify the market as Deep/Moderate/Mild Oversold or Deep/Moderate/Mild Overbought. It also checks whether the current price is above or below the 50-day moving average to define the trend as Uptrend or Downtrend. The script then combines both signals into one clean, real-time text output—like “Moderate Oversold + Uptrend”—displayed in a small table at the chart corner. It’s designed to give a quick, clutter-free snapshot of the current market state without plotting multiple indicators.
How to use:
Apply this indicator to any chart (e.g., Tesla on TradingView). It will show one line of text describing the current condition based on RSI and trend. Use it for quick decision cues:
“Oversold + Uptrend” suggests potential accumulation or rebound zones.
“Overbought + Downtrend” warns of exhaustion or profit-taking zones.
Combine it with your entry/exit strategy—like your 30DMA/50DMA rule or momentum filters—to confirm timing rather than act alone.
How to use:
Apply this indicator to any chart (e.g., Tesla on TradingView). It will show one line of text describing the current condition based on RSI and trend. Use it for quick decision cues:
“Oversold + Uptrend” suggests potential accumulation or rebound zones.
“Overbought + Downtrend” warns of exhaustion or profit-taking zones.
Combine it with your entry/exit strategy—like your 30DMA/50DMA rule or momentum filters—to confirm timing rather than act alone.
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.
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.
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.