This indicator base on RSI of 2 different periond.
#A brief introduction to RSI # The relative strength index (RSI) is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. The RSI is displayed as an oscillator (a line graph that moves between two extremes) and can have a reading from 0 to 100. The indicator was originally developed by J. Welles Wilder Jr. and introduced in his seminal 1978 book, “New Concepts in Technical Trading Systems.”
Traditional interpretation and usage of the RSI are that values of 70 or above indicate that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective pullback in price. An RSI reading of 30 or below indicates an oversold or undervalued condition.
#In this indicator# I see that you can use 2 RSI with different periond to suggest Bullish trend and Bearish trend.
#Conditions between short and long RSI crossing# Crossover = Bullish trend (blue zone) Crossunder = Bearish trend (red zone)
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Minor fix
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Update -Add Bullish/Bearish Divergence Signal.
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:Update -Convert Pine Script to V.5 -Edit Default Setting
After one week testing i should CONGRATULATE with you, your indicator works very very well! It's one of the best and i'm so grateful. I'm using it in combination with other 5 pay indicators and they works great together!
@Fukuiz, oh thanks! I am testing this indicator for 1 week; with Forex and on D1 and M15. For M15, I pay attention on news (investing.com). And put ATR to stop the SL. Do you recommend M15 ? I selected an EMA 100 for trend before looking at Fukuiz are you ok with it ? Also , I wait for the end of the 2nd candle to take position. Is that better to avoid false signals ? End, I saw in a below message that you would recommand 25 EMA and 100 EMA for long and short ???? Thanks a lot for your help ! 🙂 From Annecy-France, David
Fukuiz
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@immediateCocka75964, I have attempted to use your strategy, and it seems effective. And, I Think 15M too rapid since I don't trade on that interval,but it depend on individual aptitude. Additionally, regarding the previous message, I made a typing error. Instead of mentioning the 25 EMA and 100 EMA, I meant 25 and 100 Rsi it a default setting of this indicator but you can adjust this point if you find other is better. Good luck 😁👍
immediateCocka75964
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@Fukuiz, hello thanks for your answer. I would prefer trade with D1 do you recommend ? Also, i select ATR band or line to spot the SL. With EMAs 50 and 200 for short and long trends. What are you thinking about it ?
Fukuiz
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@immediateCocka75964,Yes, I recommend a daily time frame the most. And I'm also using the Ema 50 and 200 to identify the trend. For the ATR I recommend you to try CDC ATR Trailing Stop (By piriya33) this one i alway used.