This Script is a RSI Area Overbought and Oversold with Divergences.
The RSI Algo is beeing calculate on a len of 7 The Oversold Area is plotted on 81 The Overbought Area in plotted on 19
With this algo you will avoid lot more false signals as if it was working on a rsi len of 14/70/30
The Green Area is telling us that we are in a Oversold Area, its a good indication for knowing that the Dip is near.
The Red Area is telling us that we are in a Overbought Area, it's a good indication for knowing that Rip is ended soon.
You will be also able to find, Bullish and Bearish Divergence like Hidden Divergence on a very low lookback pivot.
The default settings of the Divergence are 2 and 3 you can also play with it and input them on 5 and 5 but i suugest to leave it like this.
The Hline 65% Orange is my secret sauce to identify pullbacks, many times you will see in a bullish momentum or in a bearish momentum a retracement to the 65%. This can help us to identify pullbacks and retest.
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New Update
Moving Average Defaut Settings 14
Multiple MA SMA Bollinger Bands EMA SMMA (RMA) WMA VWMA
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New Release
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Input Colors
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Fix Peak Color
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Release
Whats new
Peak Color Bullish and Bearish Multiple MA Gradient New Algo lot more faster in react
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Huge Update
The Ne Rookies Rsi will provide you MTF Table in live Time
Default settings Table = 5M, 15M, 60M, 240M, D. Size Table available The New Rookies Rsi will also provide you strong buy and sell signals in live time
if a full circle appear that means that you have a divergence into a overbought or oversold area if a empty circle appears that means weak buy or sell signal
A new Moving Average Heatmap has been incorporated to see the trend direction more easy default settings 14 HL2
The RSi will also plot red and green color RGB when it's overbought or oversold
You will also have my personal and professional Pullback area plotted in dots on chart, they are really powerful to anticipe bullish or bearish pullbacks.
Enjoy The Rookies
Release Notes
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Minor Update
Fix fill level overbought, oversold with input RSI 70/30 Now the fill will change if you use other settings
Thank you
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New Update
New Oversold and Overbought pane percentage ratios