RicardoSantos

[RS]RSI Overbought/Oversold Levels V1

EXPERIMENTAL: update, added lvl             50 rsi median level.
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study(title="[RS]RSI Overbought/Oversold Levels V1", shorttitle="[RS]RSIOOL.V1", overlay=true)
overbought = input(70)
oversold = input(30)
length = input(8)
smooth = input(4)

r = sma(rsi(close, length), smooth)

ob = cross(r, overbought) and rising(r, 1) ? close : ob[1]
os = cross(r, oversold) and falling(r, 1) ? close : os[1]
m = cross(r, 50) ? close : m[1]
plot(ob, color=maroon, style=linebr, linewidth=2)
plot(os, color=green, style=linebr, linewidth=2)
plot(m, color=black, style=linebr, linewidth=2)
QuantitativeExhaustion QuantitativeExhaustion
It's ok if you make a mistake with this strategy. With a mistake, You're often either in and out quickly with a small gain or loss. If not, you're in a healthy trend. I would even suggest using leverage if you are a fund manager.
+1 Reply
Ricardo here is a new and great idea. Color Coding Candle Trend and Triggers

snapshot

For Daily Charting. CandleStick color coded by this simple trading strategy. Ingredients ; 1 MA hl2 , 8 EMA open , 8 EMA open.

When 1 MA , 8 WMA is parallel with 8 EMA trending down = bearish (red candles)
When 1 MA , 8 WMA is parallel with 8 EMA trending up = bullish (green candles)

With Trend Down and 1 MA crosses 8 WMA = caution trigger (gray candle) and unless 1 MA recrosses below 8 WMA
if not = bearish trend remains (red candles)

With Trend UP and 1 MA crosses 8 WMA = caution trigger (gray candle) and unless 1 MA recrosses above 8 WMA
if so = bullish trend remains (green candles)

With Trend Down and 1 MA crossing 8 WMA and 8 EMA = possible trend reversal (dark gray candle) and unless 1 MA recrosses below 8 WMA
if so = caution trigger (grey candles) if crosses both = bearish (red candles)

With Trend Down and 1 MA crossing 8 WMA and 8 EMA = possible trend reversal (dark gray candle) and unless 1 MA recrosses above 8 WMA
if so = caution trigger (grey candles) if crosses both = bullish (green candles)
Reply
QuantitativeExhaustion QuantitativeExhaustion
For Daily Charting. CandleStick color coded by this simple trading strategy. Ingredients ; 1 MA hl2 , 8 EMA open , 8 EMA open.

When 1 MA , 8 WMA is parallel with 8 EMA trending down = bearish (red candles)
When 1 MA , 8 WMA is parallel with 8 EMA trending up = bullish (green candles)

With Trend Down and 1 MA crosses 8 WMA = caution trigger (gray candle) and unless 1 MA recrosses below 8 WMA
if so = bearish trend remains (red candles)

With Trend UP and 1 MA crosses 8 WMA = caution trigger (gray candle) and unless 1 MA recrosses above 8 WMA
if so = bullish trend remains (green candles)

With Trend Down and 1 MA crossing 8 WMA and 8 EMA = possible trend reversal (dark gray candle) and unless 1 MA recrosses below 8 WMA
if so = caution trigger (grey candles) if crosses both = bearish (red candles)

With Trend Down and 1 MA crossing 8 WMA and 8 EMA = possible trend reversal (dark gray candle) and unless 1 MA recrosses above 8 WMA
if so = caution trigger (grey candles) if crosses both = bullish (green candles)
Reply
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