OPEN-SOURCE SCRIPT
RSItrend
RSItrend is a trend indicator based on the standard RSI.
The logic of building the indicator: We build a channel based on the RSI extremes. The exit of the RSI from the channel up is the beginning of the uptrend, the exit of the RSI from the channel down is the beginning of the downtrend. In the downtrend, the candles are colored blue, in the uptrend - orange.
Possible use of the indicator:
I recommend using it with heiken ashi
On small timeframes, you can trade using extremes that are easy to determine by the indicator, as shown in the example given.
On the higher timeframes above the day, you can simply buy an orange bar, sell a blue one. Add a few money management techniques and make a profit.
The logic of building the indicator: We build a channel based on the RSI extremes. The exit of the RSI from the channel up is the beginning of the uptrend, the exit of the RSI from the channel down is the beginning of the downtrend. In the downtrend, the candles are colored blue, in the uptrend - orange.
Possible use of the indicator:
I recommend using it with heiken ashi
On small timeframes, you can trade using extremes that are easy to determine by the indicator, as shown in the example given.
On the higher timeframes above the day, you can simply buy an orange bar, sell a blue one. Add a few money management techniques and make a profit.
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