OPEN-SOURCE SCRIPT
Buy/Sell Indicator
Simple Buy Sell script created with Chatgpt
Explanation of Script
Exponential Moving Averages (EMAs): The script calculates a fast EMA and a slow EMA to determine the market trend. A bullish trend is identified when the fast EMA is above the slow EMA, and a bearish trend is identified when the fast EMA is below the slow EMA.
Relative Strength Index (RSI): The RSI is used to measure momentum. A buy signal is generated when the RSI is below 30 (indicating oversold conditions) within a bullish trend, and a sell signal is generated when the RSI is above 70 (indicating overbought conditions) within a bearish trend.
Signal Plotting: The script plots buy and sell signals directly on the chart, represented by green and red labels, respectively. It also plots the fast and slow EMAs for visual reference.
Explanation of Script
Exponential Moving Averages (EMAs): The script calculates a fast EMA and a slow EMA to determine the market trend. A bullish trend is identified when the fast EMA is above the slow EMA, and a bearish trend is identified when the fast EMA is below the slow EMA.
Relative Strength Index (RSI): The RSI is used to measure momentum. A buy signal is generated when the RSI is below 30 (indicating oversold conditions) within a bullish trend, and a sell signal is generated when the RSI is above 70 (indicating overbought conditions) within a bearish trend.
Signal Plotting: The script plots buy and sell signals directly on the chart, represented by green and red labels, respectively. It also plots the fast and slow EMAs for visual reference.
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