Overview: This indicator combines the power of Supertrend and RSI to help traders identify potential trend reversals and overbought/oversold conditions in the market. The Supertrend component highlights the prevailing trend direction, while RSI (Relative Strength Index) signals potential reversal points based on overbought and oversold levels.
How to Use: - Supertrend: The colored line indicates the current trend direction. Green for an uptrend and red for a downtrend.
- RSI Arrows: - Buy Arrow: Plots when the Supertrend is in a downtrend (red) and RSI crosses below the oversold level (30). - Sell Arrow: Plots when the Supertrend is in an uptrend (green) and RSI crosses above the overbought level (70).
Note: This indicator is best used in conjunction with other analysis tools for comprehensive trade decision-making. Always consider risk management principles when trading.
*Disclaimer:Trading involves risk, and past performance is not indicative of future results. Use this indicator responsibly and perform your own analysis before making trading decisions.*