RSI+ Overbought/Sold Indicator

2017年8月25日

This is a very simple script that plots signals on the chart whenever the RSI crosses the given threshold. Nothing fancy, but it is useful for deciding when to exit trades or prepare for pullbacks or for confirming that the market is currently in the middle of an extremely impulsive move or trend. It has alert functionality and you can set the overbought/sold thresholds and RSI length in the options menu.

Note: I definitely wouldn't recommend using it to enter trades unless you're an experienced counter-trend trader :)

Regards -
Matt.

2017年11月2日

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Removed text labels to make indicator more subtle. Very useful as a background confirmation tool against support & resistance for counter-trend opportunities or for gauging momentum during over-extended pullbacks for trend-continuation opportunities.

2017年11月2日

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2019年2月17日

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Minor improvements

2022年2月1日

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Updated to Pine Script v5