Credits First of all I'd like to credit my trading pal, Vitaly905 who is a fellow Whale Crew associate for discovering this approach via another FOREX YouTuber, and turned me onto the general strategy. I created my own style template of the combo with the transitional trend color changes. My scripting skill were a little rusty at the time, so spoke with another trading friend in Whale Crew, MartyMcFly, and he put the script together for it and I generally went through, changed some nomenclature and touched some of the code as well. My other Whale Crew partner, Sydnet helped configure the alerts.
We're proud of it and hope you enjoy it. Just wanted to give credit to the collaborative effort.
The Strategy The key to this strategy is to look for when the RSI gets very close or crosses above or below the Bollinger bands as indications of potential pivot ranges. You can also set Alerts for when the Bollinger Bands are crossed
Things to be aware of
(1) During the RSI peaks, be aware that most of them have a double hump or double tops on the RSI when they are close to or have breached the BB. Sot that means there's likely going to be an interval of time after the firs peak or dip before it finally pivots. This takes a little adjustment, but after a while you start to recognize the pattern. They almost look like an "M" on the tops and a "W" shape on the bottom; tilted in one direction or the other.
(2) Also during those peaks or dips, the RSI may move some, but price can move quite a bit more. So it's up to you, the trader, to trust your own analysis, by checking other known confluent momentum indications as to WHEN you should execute your entry, accordingly.
(3) There is a lot of consistency in this strategy after you spend more time getting intimate with it.
(4) I may ad convergence indication to it later, but It may pollute the chart more than being useful, as I don't have issue finding convergence.
(5) Set your own rules as to what constitutes an entry confirmation, which can be a confluence of other momentum indicators along with the RSI+BB.
Below is an example of the strategy with the price action
Happy trading!!
Your trading pal,
~ CryptDude
Release Notes
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RSI+BB RSI + Bollingerbands
Credits First of all I'd like to credit my trading pal, Vitaly905 who is a fellow Whale Crew associate for discovering this approach via another FOREX YouTuber, and turned me onto the general strategy. I created my own style template of the combo with the transitional trend color changes. My scripting skill were a little rusty at the time, so spoke with another trading friend in Whale Crew, MartyMcFly, and he put the script together for it and I generally went through, changed some nomenclature and touched some of the code as well. My other Whale Crew partner, Sydnet helped configure the alerts.
We're proud of it and hope you enjoy it. Just wanted to give credit to the collaborative effort.
The Strategy The key to this strategy is to look for when the RSI gets very close or crosses above or below the Bollinger bands as indications of potential pivot ranges. You can also set Alerts for when the Bollinger Bands are crossed
Things to be aware of
(1) During the RSI peaks, be aware that most of them have a double hump or double tops on the RSI when they are close to or have breached the BB. Sot that means there's likely going to be an interval of time after the firs peak or dip before it finally pivots . This takes a little adjustment, but after a while you start to recognize the pattern. They almost look like an "M" on the tops and a "W" shape on the bottom; tilted in one direction or the other.
(2) Also during those peaks or dips, the RSI may move some, but price can move quite a bit more. So it's up to you, the trader, to trust your own analysis, by checking other known confluent momentum indications as to WHEN you should execute your entry, accordingly.
(3) There is a lot of consistency in this strategy after you spend more time getting intimate with it.
(4) I may ad convergence indication to it later, but It may pollute the chart more than being useful, as I don't have issue finding convergence.
(5) Set your own rules as to what constitutes an entry confirmation, which should be used with a confluence of other momentum indicators along with the RSI+BB.
Below is an example of the strategy with the price action
hello sir, tell me on which timeframe it is better to use the indicator
kax45
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Thanks for your effort for the indicator, but the notifications from the indicator itself do not work very well for b up or b down passage.
hertzfelt
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Awesome stuff! looking forward to adding this to my arsenal. Always appreciate when you drop TA in the MC chat. Cheers!
Iodasama
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Amazing stuff 👍
Thanks to share your indicator, a true teamwork ( @Vitaly905 thanks a lot too) with so much generosity !! ( shout out to whale crew 👍 👍)
You made my day guys !! 🙏 🙏
MasBart
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Nice script, thanks. Do you plan to add buy/sell signal? Just to make it easier to spot amid all the lines.
CryptDollar
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@MasBart, I am looking to add an indication when the RSI crosses the Red/Green EMA plot line in the near future.