RSI Overbought/Oversold [Overlay Highlighter]

2024年4月7日

Indicator to show when the RSI is in oversold(Below 30) or overbought (Above 70) conditions. The background color of the chart changes colors in the areas where the above conditions are met.

Price can often reverse in these areas. However, this depends on the strength of the trend and price may continue higher or lower in the direction of the overall trend.

Divergence has been added to aid the user in timing reversals. Divergences are plotted by circles above or below the candles. Divergence is confirmed so there is a delay of one candle before the signal is given on the previous candle. Again, everything depends on the strength of the trend so use proper risk management.

Once the RSI has entered into oversold/overbought conditions, it is recommended to wait for divergence before entering into the trade near areas of support or resistance. It is recommended to utilize this strategy on the H4 timeframe, however, this particular strategy works on all timeframes.

This indicator is a modified version of seoco's RSI Overbought/Oversold + Divergence Indicator. The user interface has been refined, is now overlayed on the chart, and my own divergence code has been inserted.

2024年5月20日

發行說明

Refined table

• adjusted table locations
  
• adjusted color to change based on oversold/overbought conditions
  

Added lines

• lines will be plotted where rsi divergence signals
  
• alert condition for deviation of lines
  

Cleaned up UI

2024年6月20日

發行說明

• added William's Fractals to allow user to see support/resistance once divergence is triggered
  
• support/resistance dashed line will show at previous fractal; allows user see target to confirm divergence.
  
• support broken = bearish div confirmed; resistance broken = bullish div confirmed
  
• added rsi momentum in table
  
• up triangle = bullish mom; down triangle = bearish mom
  
• added alert functions; ensure you delete alert message when setting them
  

2024年9月15日

發行說明

• Updated alert functions