Relative Strength Index (RSI) is being used by majority of the traders to get benefitted based on the swings. But these swings are hard to Identify. This Indicator uses 4 major factors for finding the potential reversal points:
* RSI Crossover or crossunder * Relative volume * Overall volume against the moving average volume * Relative closing of the candles * Size of the bars
Please read Instructions carefully before using this indicator * Recommended entry is the OHLC4 of the signal bars. * If signal bar is too large, try to enter in the retracement when another signal comes either through indicator or through types of bars * when signals comes opposite to the trend, then try to wait for the next signal of same type. This creates a RSI-price divergence in confirmation by volume price action * Timeframe can be of your choice
Recommended stoploss should be swing highs or lows
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Removed gap down and gap up moves
Removed cases where there was sudden volatile in RSi values
@tradeswithashish, ty .. and is there preferred settings. I see when loaded it defaults to 60 upper 40 lower. Have you any recommendations for htf settings? Or does anyone using this indicator have any suggestions. Thanks I’m advance.
iitiantradingsage
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@jonathanquackenbush, for htf you will have to change input differently.. i find 60, 40 as default good