Rafi's Trend Finder

7月20日

This custom TradingView indicator measures the relative position of the current closing price within a specified lookback period, providing insights into overbought and oversold market conditions.

Key Features:
Period Input:

Users can define the lookback period for the calculation, with a default value of 250 periods.
Relative Position Calculation:

The indicator computes the difference between the current closing price and the lowest low over the lookback period.
It also calculates the difference between the highest high and the lowest low during the same period.
The resulting value is scaled to a range from 0 to 100.
Dynamic Levels:

Users can customize up to ten pairs of overbought and oversold levels.
Each pair consists of an upper level (default 90) and a lower level (default 10).
Horizontal lines are drawn at these levels on the chart for easy visual reference.
Color-Coded Plot:

The indicator’s plot color changes based on the calculated value’s position relative to the primary overbought and oversold levels:
Green if the value is above the primary upper level.
Red if the value is below the primary lower level.
Gray if the value is between the primary upper and lower levels.
Usage:
This indicator helps traders identify potential reversal points by highlighting when the market is potentially overbought or oversold. The customizable levels allow for fine-tuning based on different trading strategies or market conditions. The visual cues provided by the color-coded plot enhance the interpretability of the indicator, making it a valuable tool for technical analysis.