RicardoSantos

[RS]RSI Overbought/Oversold Levels V0

EXPERIMENTAL: rsi helper tool to visualize rsi overbought/oversold levels.
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study(title="[RS]RSI Overbought/Oversold Levels V0", shorttitle="[RS]RSIOOL.V0", overlay=true)
overbought = input(70)
oversold = input(30)
length = input(8)
smooth = input(4)

r = sma(rsi(close, length), smooth)

ob = cross(r, overbought) and rising(r, 1) ? close : ob[1]
os = cross(r, oversold) and falling(r, 1) ? close : os[1]
plot(ob, color=maroon, style=linebr, linewidth=2)
plot(os, color=green, style=linebr, linewidth=2)
Love this... Thank you!!!
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I'm trying in combination with the ichimoku cloud and Chris's Upper Text Plots. It works beautifully! Thanks for sharing!
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Bravo - you are on a roll. Several of your last posts should combine well. Do you have any combinations you have explored already?
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RicardoSantos PRO Alphaoptions
you have the rsi mirrors that are a visual power house by itself ;) you can combine this with it check the exact points the price goes overbought/oversold. but the best way is to try them and find your own setup :p, some of this scripts really are just a flash of insight of the moment, theres times i have 4-5 scripts "under construction".
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RicardoSantos PRO RicardoSantos
case in point :p
snapshot

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Alphaoptions RicardoSantos
Wow - that is impressive. I have not tried it, but I was thinking conceptually about how your MM levels would work great in combination with the OB/OS. They certainly work as moving levels but did you ever find a way to make them more traditional horizontal levels. I am very impressed senor!
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RicardoSantos PRO Alphaoptions
you can limit the frequency by reducing OB/OS space, to fire less frequently. this might lead to levels dragging for longer then needed tho.
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Alphaoptions RicardoSantos
Thank you for the tips. There is certainly a lot of controversy surrounding MM levels. Regardless of any other rationale for using them, I think looking at serial halving pivot swing distances to 1/2 to 1/4 to 1/8 breaks the volatile range into meaningful segments, so combining these ideas for confluence areas (MM intersecting your OB/OS levels and that is one reason why I was so interested in finding a "more linear" and "less curvy" MM to more easily see the levels where three might be a confluence.
+1 Reply
Very good idea. Thanks for the addition to the public script library.
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I really like this one. Well done!
+2 Reply
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