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 os = cross(r, oversold) and falling(r, 1) ? close : os plot(ob, color=maroon, style=linebr, linewidth=2) plot(os, color=green, style=linebr, linewidth=2)
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".
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!
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.