OPEN-SOURCE SCRIPT

RSI|The Wave Principle

5 948
The Wave Principle | Modified RSI

30 green | 70 red = Strong Movement (Possible Impulse)
20 cyan | 80 Yellow = Strongest Movement

Support and Resistance Level (Trend Continuation)
Uptrend= 40
Downtrend = 60

Break+Retest = BR
Div = Divergence (Change in trend)

--------------------------------------------

This indicator has been modified from original RSI to fit Wave Principle characteristics:

Uptrend Impulsive Wave over 70 RSI it changes color to red, and > 80 yellow stronger impulse | Usually means continuation, at least once more.

Downtrend Impulsive Wave under 30 RSI it changes color to green, and < 20 cyan stronger impulse | Usually means continuation, at least once more.

Once RSI reached these levels, it doesn't mean trend reversal but a correction is expected. If it shows divergence along with an Ending Diagonal, it's a confirmation for trend reversal.

In a corrective wave, levels 40-60 represents support and resistance levels where price won't go further. Indicating Corrective Waves, not as strong as Impulsives.

Prices can breakout RSI trend lines and retest from the other side before continue the new trend as also described in the Wave Principle.

--------------------------------------------

免責聲明

這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。