This script will give you red or green columns as an indication for oversold/overbought based upon the and both being at extreme levels (you set). The default oversold is at 35. If and fall below 35, you will get a green column (Both indicators at the extreme). Play with your levels to see how your reacts. and can both be changed along with each of the levels you would like the color change. I have set mine at low: 37, high: 63, low: 10, and high: 90. These levels have been working well for me on AAPL . Enjoy and don't forget to leave a comment if it helps your trading or you have other ideas about what is working for you.
//Created by Robert Nance on 6/26/15 //This script will give you red or green columns as an indication for oversold/overbought based //upon the rsi and stochastic both being at certain levels. The default oversold is at 35. If Stochastic //and RSI fall below 35, you will get a green column. Play with your levels to see how your stock reacts. study(title="RSI Stochastic Combo alert", shorttitle="Rob RSI Stoch") src = close, len = input(14, minval=1, title="RSI Length") up = rma(max(change(src), 0), len) down = rma(-min(change(src), 0), len) rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down)) length = input(14, minval=1, title="Stoch Length"), smoothK = input(1, minval=1, title="Stoch K") k = sma(stoch(close, high, low, length), smoothK) rsilow = input(35, title="rsi Low value") rsihigh = input(65, title="rsi High value") stochlow = input(35, title="stochastic Low value") stochhigh = input(65, title="stochastic High value") Buy=rsi<rsilow and k<stochlow Sell=rsi>rsihigh and k>stochhigh plot(Buy, title= "Buy", style=columns, color=lime) plot(Sell, title= "Sell", style=columns, color=red)
I'm still new to this site, so I'm not real sure on how to post a chart yet. but when I learn I will. Is it possible to code this in with another indicator? I want to try and make it as simple as possible. I found that if this indicator with another one at points they show perfect buy and sell signals.
To post a chart, you can do it through the reply button. In the upper right hand corner of where you start typing is a crooked looking "N". Click on it to link to your saved chart. And yes, you can absolutely combine with other indicators. If you click on your chart, goto the left side tool bar and click the button with the paint brush and wrench combined. Now go to the script you want to edit and click on the little gear symbol. This should bring up the window with Inputs/Style/Source Code. Open the source code to get to the script. Or, you could just click on the item on your chart which will get you to the Inputs/Style/Source Code. If you are new, just practice changing little things at a time and use the Help reference and tutorials. They are invaluable. When you get one done, show me what it looks like. Love to see new things. Good luck.
I tried copying the URL into the box but didn't work, it just keeps saying not the right URL. but thanks for the advise on combining my indicators. I just your system combined with a MACD crossings and gives me perfect enter and exits. I haven't looked back sense. Now I'm going to try and combined them and try to get one alert that does the same as if they were both still two different indicators. It will take some time cause again this will be a first for me on the coding side. I really want to work with someone who can help code this. Do you know anyone willing?