Price tends bounce back from, break through or to hoover around the 50-rsi-line
This simple indicator shows resistance levels based on the 50-line of: - the current timefram rsi - the 3 x timeframe rsi - the 5 x timeframe rsi - the 10 x timeframe rsi
@Duyck, Just out of curiosity, is there any way to draw similar S/R with 80 and 20 levels? That would be nice band indicator.
Duyck
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@OWL, well if you add and subtract that atr you end almost exactly on the 40 and 60 lines.
(This is what is used in my rsi stops script)
If I’m not mistaken 20-80 is about at 2x or 3x atr. (Don’t know by heart)
JD.
Pratik_4Clover
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@Duyck, Okay, will do the experiments, thanks for idea ^^
Pratik_4Clover
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@Duyck, Whelp! I kind of like this will most certainly investigate this more, thanks a bunch!!
Duyck
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@OWL, Jup, works quite well.
I have a script that paint those bands I use myself but haven't publisched it.