RSI Superstack
This script integrates three Relative Strength Index (RSI) indicators across multiple time frames, providing a comprehensive overview of oversold and overbought conditions. This holistic approach enhances the precision of entry and exit points on shorter time frames.
As a momentum indicator, the Relative Strength Index assesses a security's strength during upward and downward price movements within the specified time period.
In a broader context, an upward slope in all indicators (green, purple, and orange) signifies an increasing market momentum, suggesting a potential continuation of the upward trend.
More specifically, a collective upward slope reaching or surpassing the 40 level in all indicators serves as a buy signal. Conversely, a uniform downward slope descending to or below the 60 level in all indicators constitutes a sell signal.
The default time frames for analysis include:
- 1 Hour (1H)
- 4 Hours (4H)
- Daily (D)
It is imperative to note that this indicator should not serve as the sole determinant for initiating long or short positions. Instead, it is recommended to consider it as part of a broader analysis, incorporating factors such as trend analysis and significant support levels.
Disclaimer: The utilization of this indicator should complement a comprehensive analysis and not be solely relied upon for decision-making regarding long or short positions.
As a momentum indicator, the Relative Strength Index assesses a security's strength during upward and downward price movements within the specified time period.
In a broader context, an upward slope in all indicators (green, purple, and orange) signifies an increasing market momentum, suggesting a potential continuation of the upward trend.
More specifically, a collective upward slope reaching or surpassing the 40 level in all indicators serves as a buy signal. Conversely, a uniform downward slope descending to or below the 60 level in all indicators constitutes a sell signal.
The default time frames for analysis include:
- 1 Hour (1H)
- 4 Hours (4H)
- Daily (D)
It is imperative to note that this indicator should not serve as the sole determinant for initiating long or short positions. Instead, it is recommended to consider it as part of a broader analysis, incorporating factors such as trend analysis and significant support levels.
Disclaimer: The utilization of this indicator should complement a comprehensive analysis and not be solely relied upon for decision-making regarding long or short positions.
Release Notes:
This update includes the following
- Add option for repainting (default is true)
Repainting allows the indicator to refresh prior to the candle completing its close, presenting both merits and drawbacks. On the positive side, it produces an early signal, empowering the trader to act on a trade before the candle concludes and verifies. Conversely, the drawback lies in the potential invalidation of the signal if the candle undergoes a significant reversal before closure, rendering it potentially false. Experienced traders may choose to exercise discretion in enabling repainting.
- Add option for repainting (default is true)
Repainting allows the indicator to refresh prior to the candle completing its close, presenting both merits and drawbacks. On the positive side, it produces an early signal, empowering the trader to act on a trade before the candle concludes and verifies. Conversely, the drawback lies in the potential invalidation of the signal if the candle undergoes a significant reversal before closure, rendering it potentially false. Experienced traders may choose to exercise discretion in enabling repainting.
Release Notes:
This update removes dead code and invalid alert conditions.
Release Notes:
This update includes the following
- Adds a tooltip for the Enable Repainting user input
- Adds a tooltip for the Enable Repainting user input