Lines plotted for the Low and High of the region of price that was Overbought or Oversold
(Low of the candle that became overbought and highest high in the Overbought period) (High of the candle that became oversold and highest high in the Oversold period)
I like to use the dotted lines as pivot points for the reversal of the trend, and also pay attention to small tops and bottoms (normal lines) that form in strong trends, as they usually make for brief periods of acummulation/distribution before the continuation of the strong trend.
Uau! Não imaginei que meu primeiro indicador fosse fazer tanto sucesso! Agradeço muito a todos que curtiram, e venho avisar que estou hoje trabalhando como assessor de investimentos na XP Inc. ! Caso algum trader ou investidor Brasileiro leia esse comentário e tenha interesse, pode entrar em contato comentando aqui no TradingView ou me mandando DM no twitter linkado na minha conta!
ccarcar4444
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Bhai 😛 tumara Kam hame itna psnd aya ki chumi Dene ka man kr rha hai
ragecarter007
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This is stunning work on any chart and a beautiful Indicator. This is an art like you all can us with krong stochastic_picte. It works like condom guys.
GioLucaas
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@ragecarter007, not sure if I understood your comment, but thanks either way! lol Check out my latest trade idea, in it I describe how I use this indicator in my trading system.
MeAny309
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I loved this so much! excellent script. Thank you for the help in chat, iluminated my mind. :)
GioLucaas
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@MeAny309, Glad you liked it, and I'm happy to help anytime :)
Karthi056
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It is very useful, even for beginner like me. Thanks a lot 👍👍
My first comment every but this is outstanding! Looking for a way to optimize entries but this is an AMAZING start. Thanks so much! Wish I had coins to send lol
//Source
highs_src_OB=input.source(high,"HIGHS SOURCE",group="Overbought Threshold")
lows_src_OS=input.source(low,"LOWS SOURCE",group="Oversold Threshold")
overbought = input(70, "Overbought Threshold")
oversold = input(30, "Oversold Threshold")
var maxA = 0.0
var minA = 0.0
var maxB = 0.0
var minB = 0.0
_rsi = ta.rsi(close, rsi_length)
if (_rsi[1] >= overbought)
if (_rsi[2] < overbought)
maxA := highs_src_OB[1]
minA := lows_src_OS[1]
else
if (highs_src_OB[1] > maxA[1])
maxA := highs_src_OB[1]
else
maxA := maxA[1]
if (lows_src_OS[1] < minA)
minA := lows_src_OS[1]
else
minA := minA[1]
else
maxA := maxA[1]
minA := minA[1]
if (_rsi[1] <= oversold)
if (_rsi[2] > oversold)
maxB := highs_src_OB[1]
minB := lows_src_OS[1]
else
if (highs_src_OB[1] > maxB[1])
maxB := highs_src_OB[1]
else
maxB := maxB[1]
if (lows_src_OS[1] < minB[1])
minB := lows_src_OS[1]
else
minB := minB[1]
else
maxB := maxB[1]
minB := minB[1]
color1 = maxA != maxA[1] ? na : color.purple
color2 = minA != minA[1] ? na : color.purple
color3 = maxB != maxB[1] ? na : color.blue
color4 = minB != minB[1] ? na : color.blue
plot(maxA, title='Overbought Top', color=color1)
plot(minA, title='Overbought Bottom', color=color2, style=plot.style_cross)
plot(maxB, title='Oversold Top', color=color3, style=plot.style_cross)
plot(minB, title='Oversold Bottom', color=color4)