OPEN-SOURCE SCRIPT
Trend V2.1
All features indicated on the chart.
A simple higher period call of 5 period RSI that shows what we all know that OB/OS conditions are some of the best parts of a move.
color bars can be turned off. RSI can be shown in a traditional format with a smoothed line (current period). Trend bars can be turned on or off. Blank areas on the bottom line denote non OB/OS conditions on the higher time frame.
Not to be used as a signal generator per se, but does a good job in backtesting anyway. I would use this as a 'permission' signal more than anything, keeps you on the right side of the move, far more often than not.
Enjoy,
Trade responsibly
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.