Best scalping toolExplanation:
This script is a comprehensive indicator that combines three essential technical analysis tools: Money Flow Index (MFI), Relative Strength Index (RSI), and Bollinger Bands (Bollinger %B). It provides insights into market conditions related to cross points of mfi,rsi and B%B.
A buy condition is created when the last candle RSI and MFI are under the bollinger bands, and then in the actual candle the RSI cross up the bollinger low band.
A sell condition is created when the last candle RSI and MFI are above the bollinger bands, and then in the actual candle the RSI cross down the bollinger high band.
Key Components:
MFI (Money Flow Index):
Utilizes the MFI indicator based on a specified length.
Overbought and oversold levels (80 and 20, respectively).
RSI (Relative Strength Index): (Adapted to the mfi chart)
Allows selection of different moving average types (SMA, EMA, etc.) for the RSI calculation.
RSI along with upper and lower bands (70 and 30).
Bollinger Bands:
Provides upper and lower Bollinger Bands based on the RSI's standard deviation.
Visualization Options:
Allows the user to choose between show the buy (green arrow) and the sell (red arrow) .
How It Works:
The indicator amalgamates these three powerful technical indicators to help traders identify potential entry or exit points. The green arrow its a buy signal and the red arrow is a sell signal.
By offering configurable settings and clear visual cues, this indicator assists traders in recognizing critical market conditions and potential trading opportunities.
Disclaimer: This indicator should be used as a tool in a broader trading strategy and not solely for making trading decisions. It's recommended to combine it with other technical or fundamental analysis for comprehensive trading decisions.
在腳本中搜尋"Relative"
EUR/USD 45 MIN Strategy - FinexBOTThis strategy uses three indicators:
RSI (Relative Strength Index) - It indicates if a stock is potentially overbought or oversold.
CCI (Commodity Channel Index) - It measures the current price level relative to an average price level over a certain period of time.
Williams %R - It is a momentum indicator that shows whether a stock is at the high or low end of its trading range.
Long (Buy) Trades Open:
When all three indicators suggest that the stock is oversold (RSI is below 25, CCI is below -130, and Williams %R is below -85), the strategy will open a buy position, assuming there is no current open trade.
Short (Sell) Trades Open:
When all three indicators suggest the stock is overbought (RSI is above 75, CCI is above 130, and Williams %R is above -15), the strategy will open a sell position, assuming there is no current open trade.
SL (Stop Loss) and TP (Take Profit):
SL (Stop Loss) is 0.45%.
TP (Take Profit) is 1.2%.
The strategy automatically sets these exit points as a percentage of the entry price for both long and short positions to manage risks and secure profits. You can easily adopt these inputs according to your strategy. However, default settings are recommended.
RSI Divergence SmoothedRSI Divergence Smoothed
This indicator is based on the RSI Divergence indicator by @InvestitoreComune.
The "RSI Divergence Smoothed" is a custom technical indicator designed to highlight divergence between two RSI (Relative Strength Index) lines: a fast RSI and a slow RSI. The divergence is then visualized on the chart, assisting traders in recognizing potential market reversals and trend continuation.
Here's a breakdown of its smoothing options added:
1. **WMA Difference**: The indicator first computes a weighted moving average (WMA) difference, which takes the difference between the WMA of half the input length and the WMA of the full length.
2. **Hull Moving Average (HMA)**: The indicator can use the HMA as a filter. HMA combines the benefits of a simple moving average and a linear weighted moving average, aiming to be faster in response to price changes.
3. **Sine Weighted Moving Average (SWMA)**: Another filter option, SWMA, weighs the data points by the sine of their position in the data set, giving more weight to the central data points.
4. **Kaufman's Adaptive Moving Average (KAMA)**: KAMA adapts to price volatility and can also be used as a filter. It's especially useful in choppy markets, adjusting the smoothing constant based on the relative volatility of the price series.
5. **Gaussian Moving Average (GMA)**: This filter uses a Gaussian kernel to weigh the data points, emphasizing the more recent data while giving lesser importance to older data. It helps smooth out the price data, potentially eliminating some of the noise.
I've personally found the KAMA smoothing to be most helpful but keen to hear of anyone's personal experiences and recommendations.
RSI divergence computations are based on the filtered price (or raw price if no filter is chosen) - the indicator calculates two RSIs:
- Fast RSI: With a default length of 5 periods.
- Slow RSI: With a default length of 14 periods.
The core functionality of this indicator is to compute the divergence between the Fast and Slow RSI. The divergence is plotted on the chart, with the color indicating its direction: white for positive divergence and red for negative.
Bullish Divergence Short-term Long Trade FinderThis script is a Bullish divergence trade finder built to find small periods where Bitcoin will likely rise from. It looks for bullish divergence followed by a higher low as long as the hour RSI value is below the 40 mark, if then it will enter an long. It marks out Buy signals on the RSI if the value dips below 'RSI Bull Condition Minimum' (Default 40) on the current time frame in view. It also marks out Sell signals found when the RSI is above the 'RSI Bearish Condition Minimum' (Default 50). The sell signals are bearish divergence that has occurred recently on the RSI. When a long is in play it will sell if it finds bearish divergence or the time frame in view reaches RSI value higher than the 'RSI Sell Value'(Default 75). You can set your stop loss value with the 'Stop loss Percentage' (default 5).
Available inputs:
RSI Period: relative strength measurement length(Typically 14)
RSI Oversold Level: the bottom bar of the RSI (Typically 30)
RSI Overbought Level: the top bar of the RSI (Typically 70)
RSI Bearish Condition Minimum: The minimum value the script will use to look for a pivot high that starts the Bearish condition to Sell (Default 50)
RSI Bearish Condition Sell Min: the minimum value the script will accept a bearish condition (Default 60)
RSI Bull Condition Minimum: the minimum value it will consider a pivot low value in the RSI to find a divergence buy (Default 40)
Look Back this many candles: the amount of candles thee script will look back to find a low value in the RSI (Default 25)
RSI Sell Value: The RSI value of the exit condition for a long when value is reached (Default 75)
Stop loss Percentage: Percentage value for amount to lose (Default 5)
The formula to enter a long is stated below:
If price finds a lower low and there is a higher low found following a lower low and price has just made another dip and price closes lower than the last divergence and Relative strength index hour value is less than 40 enter a long.
The formula to exit a long is stated below:
If the value drops below the stop loss percentage OR (the RSI value is greater than the value of the parameter 'RSI Sell Value' or bearish divergence is found greater than the parameter 'RSI Bearish Condition Minimum' )
This script was built from much strategy testing on BTC but works with alts (occasionally) also. It is most successful to my knowledge using the 15 min and 7 min time frames with default values. Hope it helps! Follow for further possible updates to this script or other entry or exit strategies.
snapshot:
I only have a Pro trading view account so I cannot share a larger data set about this script because the buy signals happen pretty rarely. The most amount that I could find within a view for me was 40 trades within a viewable time. The suggested/default parameters that I have do not occur very often so it limits the data set. Adjustments can be made to the parameters so that trades can be entered more often. The scripts success is dependent on the values of the parameters set by the user. This script was written to be used for BTC/USD or BTC/USDT trading. I am unable to share a larger dataset without putting out results that are intended to fail or having a premium account so reaching the 100 trade minimum is not possible with my account.
RSI + MA, LinReg, ZZ (HH HL LH LL), Div, Ichi, MACD and TSI HistRelative Strength Index with Moving Average, Linear Regression, Zig Zag (Highs and Lows), Divergence, Ichimoku Cloud, Moving Average Convergence Divergence and True Strength Index Histogram
This script is based on zdmre's RSI script, I revamped a lot of things and added a few indicators from ParkF's RSI script.
Disable Labels in the Style tab and the histogram if you don't enlarge the indicator and it seems too small.
Look to buy in the oversold area and bounce of the support of the linear regression.
Look to sell in the overbought area and bounce of the resistance of the linear regression.
Look for retracement to the moving average or horizontal lines, and divergences for potential reversal.
RSI
The Relative Strength Index (RSI) is a well versed momentum based oscillator which is used to measure the speed (velocity) as well as the change (magnitude) of directional price movements.
Moving Average
Moving Average (MA) is a good way to gauge momentum as well as to confirm trends, and define areas of support and resistance.
Linear Regression
The Linear Regression indicator visualizes the general price trend of a specific part of the chart based on the Linear Regression calculation.
Zig Zag (Highs and Lows)
The Zig Zag indicator is used to identify price trends, and in doing so plots points on the chart to mark whenever prices reverse by a larger percentage point than a predetermined variable or marker.
Divergence
The divergence indicator warns traders and technical analysts of changes in a price trend, oftentimes that it is weakening or changing direction.
Ichimoku Cloud
The Ichimoku Cloud is a package of multiple technical indicators that signal support, resistance, market trend, and market momentum.
MACD and TSI Histogram
MACD can be used to identify aspects of a security's overall trend.
The True Strength Index indicator is a momentum oscillator designed to detect, confirm or visualize the strength of a trend.
Multi Type RSI [Misu]█ This Indicator is based on RSI ( Relative Strength Index ) & multiple type of MA (Moving Average) to show different variations of RSI.
The relative strength index (RSI) is a momentum indicator used in technical analysis to evaluate overvalued or undervalued conditions in the price of that security.
█ Usages:
The purpose of this indicator is to obtain the RSI calculated with different MAs modes instead of the classic RMA.
The red and green zones indicate the oversold and overbought zones.
Buy or sell signals are marked by the green and red circles
We have 2 different signal modes : when the different size RSIs cross and when the fast RSI crosses the extreme bands.
Alerts are setup.
█ Parameters:
Lenght RSI: The lenght of the RSI. (14 by default)
RSI MA Type: The type of MA with which the rsi will be calculated. ("SMA", "EMA", "SMMA (RMA)", "WMA", "VWMA")
Fast Lenght MA: The fast lenght smoothing MA.
Slow Lenght MA: The Slow lenght smoothing MA.
Lower Band: The lenght of the lower band. (25 by default)
Upper Band: The lenght of the upper band. (75 by default)
Signal Type: The mode with which buy and sell signals are triggered. ("Cross 2 Mas", "Cross Ma/Bands")
RAS.V2 Strength Index OscillatorHeavily modified version of my previous "Relative Aggregate Strength Oscillator" -Added high/low lines, alma curves,, lrc bands, changed candle calculations + other small things. Replaces the standard RSI indicator with something a bit more insightful.
Credits to @wolneyyy - 'Mean Deviation Detector - Throw Out All Other Indicators ' And @algomojo - 'Responsive Coppock Curve'
And the default Relative Strength Index
The candles are the average of the MFI ,CCI ,MOM and RSI candles, they seemed similar enough in style to me so I created candles out of each and the took the sum of all the candle's OHLC values and divided by 4 to get an average, same as v1 but with some tweaks. Previous Peaks and Potholes visible with the blue horizontal lines which adjust when a new boundary is established. Toggle alma waves or smalrc curves or both to your liking. This indicator is great for calling out peaks and troughs in realtime, although is best when combined with other trusted indicators to get a consensus.
RSI, Stoch Rsi, EMA, SMA, & ROCThis indicator is simply an enhanced version of the RSI followed up by a few extra indicators that pair strongly with the RSI. This indicator allows the user to interact with various inputs based off the indicators provided. All indicators include moving average, relative strength index, stochastic relative strength index, simple moving average, exponential moving average, and rate of change. This program is unique as it is very versatile allowing the user to use as little or as many indicators as needed interchangeably.
Multi-Timeframe RSI GridThe relative strength index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions. The RSI is normally displayed as an oscillator separately from price and can have a reading from 0 to 100. This indicator displays the current RSI levels at up to 6 timeframes (of your choosing) in a grid. If the RSI levels reach overbought (above 70) or oversold (below 30) conditions, it changes the color to help you see that RSI has reached extreme levels. Note that in TradingView, when the chart is on a higher timeframe, the lower timeframe RSI levels don't calculate properly. If those conditions are met, this indicator will hide those values in the grid. If none of your selected values are available, it hides the table completely. There are configuration options, like:
Position the grid in any corner of the screen
Style customization (color, size)
Customize RSI length
KINSKI RSI/RSX DivergenceThe Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes to analyse overbought or oversold conditions. RSI values range from 0 to 100.
The Relative Strength Index (RSI) is calculated using the following formula: RSI = 100 - 100 / (1 + RS) Where RS = average gain of upward phases during the specified time frame / average loss of downward phases during the specified time frame.
An asset price is considered overbought (due for a correction) if the RSI is above 70 and oversold (due for a recovery) if it is below 30. More extreme values (80/20) are also used to avoid false readings.
In a strong uptrend, the RSI often reaches 70 and above for long periods, and downtrends can remain at 30 or below for long periods.
Divergence detection in RSI is one of the important functions of this indicator. The reason is that an RSI divergence is a more reliable signal than the overbought and oversold indicators themselves. You will get overbought and oversold signals all the time. However, the divergence is a rare event.
In general, RSI divergence means that the RSI indicator is moving in the opposite direction compared to the price. So while the price is moving, the RSI is telling us in advance to expect a change in direction.
Positive RSI divergence
A positive RSI divergence is when the price trend has lower lows and lower highs, while the RSI indicator does the opposite - higher highs and higher lows. The price continues to fall while the RSI indicator begins to rise.
Negative RSI divergence
Negative RSI divergence is the opposite of positive divergence. It applies to uptrends where the price reaches higher highs and higher lows. However, the RSI shows lower highs and lower lows - the price goes up but the RSI goes down. The price closes with higher highs and higher lows, while the RSI indicator does the opposite - lower lows and lower highs, confirming a negative divergence. As a result, there is a sharp decline in the price.
RSX Indicator - Base script: SharkCIA by Jaggedsoft (Linked in the source code)
The RSX is the noise-free variant of the more popular RSI oscillator. Typically, any indicator can be smoothed by applying a moving average. However, a major disadvantage of such a method is that there is a time lag between the indicator and the price. RSX Indicator attempts to do this without signal delay.
What distinguishes this indicator from others of this type?
Display of RSI indicator together/alone with RSX and RSI smoothed
display of the RSI indicator (option: "RSI: On/Off")
display of the RSX indicator (option: "RSX: On/Off")
display of the RSI indicator as smoothed version (option: "RSI Smoothed: On/Off")
offers the possibility to choose between different view variants
many settings for additional information, layout and divergence identification
enables completely new comparison possibilities and insights with the additional RSI variants
RSI Levels, Multi-TimeframeThe relative strength index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions. RSI is normally displayed as an oscillator separately from price and can have a reading from 0 to 100. This indicator takes the RSI and plots the 30 & 70 levels onto the price chart so you can see when price is going to meet the 30 or 70 levels. The reason the 30 & 70 levels are important is because many traders (and bots) use those as signals to buy (at 30 RSI) or sell (at 70 RSI). Additionally, this indicator allows you to display not just the RSI levels of your currently viewed timeframe on the chart, but also shows the RSI levels of up to 6 different timeframes on the same chart. This allows you to quickly see if multiple RSI levels are aligning across different timelines, which is an even stronger indication that price is going to change direction when it meets those levels on the chart. There are a lot of nice configuration options, like:
Style customization (color, thickness, size)
Labels on the chart so you can tell which plots are the RSI levels
Optionally display the plot as a horizontal line if all you care about is the RSI level right now
Toggle overbought (RSI 70) or oversold (RSI 30) on/off completely
RSI Trend LineI took a concept similar to the "Adaptive RSI" to get the RSI overlaid on a price chart. The problem I have with the Adaptive RSI is to me it sticks too closely to price. I wanted something much more visually helpful that can provide actual tradable signals and strategies.
The orange line you are seeing is the "RSI Trend Line"
The further the RSI moves away from a value of 50 (the "zero line"), the more you see this orange line move away from price. This helps visualize the strength of price pushing away from a neutral value to a position of strength or weakness-- if orange is below price then relative strength is high; if orange is above price then relative strength is low. When price is equal to the orange RSI line, the RSI is at a value of 50.
In addition to the trend line, you can enable bands which reflect Overbought and Oversold levels . If you leave the responsiveness to a value of 1.0 and removed any smoothing, these should pretty accurately reflect an actual RSI chart topping the OB and OS lines (default 70 and 30, respectively). (They're still very close with different responsiveness and smoothing values)
The conversion or scaling of RSI value onto price comes with a bit of a quirk which I decided to leave to the user to determine how they want it applied. So the setting "Responsiveness" will impact the sort of aggressiveness of the RSI trend line as well as the the size of the bands. You could think of this in some ways as the OPPOSITE of the multiple setting on a Bollinger or Keltner band-- 1.0 will make for the widest band, 2.0 is the default and my preference, and you can move it up to a value of 5.0.
Here are some examples of how you could use the indicator for trade signals--
And here's my thought on the current state (as of 10/06) on indices with regards to this indicator-
QuickSilver Intraday using RSIThis is a simple intraday strategy using very basic intraday super indicators - RSI & VWAP for working on Stocks . You can modify the values on the stock and see what are your best picks. Comment below if you found something with good returns
Strategy:
Indicators used :
The Relative Strength Index (RSI) is one of the most popular and widely used momentum oscillators.The values of the RSI oscillator, typically measured over a 14-day period, fluctuate between zero and 100. The Relative Strength Index indicates oversold market conditions when below 30 and overbought market conditions when above 70
VWAP identifies the true average price of a stock by factoring the volume of transactions at a specific price point and not based on the closing price. VWAP can add more value than your standard 10, 50, or 200 moving average indicators because VWAP reacts to price movements based on the volume during a given period.
Buying happens at VWAP Breakouts which is then validated with RSI to check for overbought & oversold conditions.
Aggressive trade stop can be employed by using the % for long and shorts in the strategy.
Usage & Best setting :
Choose a good volatile stock and a time frame - 10m.
RSI : 9
Overbought & Oversold - can be varied as per user
There is stop loss and take profit that can be used to optimise your trade
Extending this to,
In general guidelines for RSI :
Short-term intraday traders (day trading) often use lower settings with periods in the range of 9-11.
Medium-term swing traders frequently use the default period setting of 14.
Longer-term position traders often set it at a higher period, in the range of 20-30.
The template also includes daily square off based on your time.
Market Strength ScannerHey traders, this is a table-based market relative strength and true strength scanner, designed to allow the users to get data from multiple pairs without having to go onto that pair for their strength's. This indicator uses functions to fetch data from other pairs so that the code is optimised and prevents slow loading. Furthermore, the indicator is easy to understand and use as there isn't a lot of settings for it, you can adjust the length of the true strength index or the relative strength index through one input box, you can change the data type from RSI to TSI without changing the code, and you can customise what pairs you want to display. Furthermore, the user can set alerts for the pairs that they want to have such as setting alerts for overbought and oversold zones. That's all to this indicator and I hope it is of use to some people :)
CSPDMost Advanced & Accurate CandleStick Pattern Detector
Looking All Over of All Markets for All Important Powerful Reversal | Corrective Patterns (25 type)
Filtering the Results with Optional Features like Oscillator, Bollinger Bands, Volume Confirmation, Prior and Following Candles Confirmation which are Fully Customizable.
With this you can detect:
Hammer | Shooting star
Inverted Hammer | Hanging
Long legged Doji | Dragonfly Doji | Gravestone Doji
Bullish tweezers | Bearish tweezers
Bullish inside bar | Bearish inside bar
Bullish three line strike | Bearish three line strike
Bullish engulfing | Bearish engulfing
Piercing line | Dark cloud cover
Bullish abandoned baby | Bearish abandoned baby
Morning star | Evening star
Three white soldiers | Three black crows
*Bullish kayo | *Bearish kayo
Features:
Prior and Following candles Confirmation
You can set prior and following candle as basic prerequisites for marking candles as pattern to make sure you are at the top or bottom of the trend.
Volume confirmation
You can active volume increasing confirmation for some of pattern with adjustable increase % relative to prior candle | candles.
Oscillator Confirmation
Active oscillator confirmation. Select your approved oscillator from list (Stochastic, RSI, StochRSI, MFI, StochMFI) then enter desired value for marking candles as bullish | bearish pattern.
Bollinger Bands Confirmation
Active BB confirmation. Configure your Bollinger Bands. Now only see the patterns which reached or crossed from Bands. Also you can enable BB clod to have your BB indicator at the same time.
Adjustable Flexibility and Precision
You can set tolerance% for Osc and BB Confirmation - each one separately - for more control.
Self-adaptability
The properties of markets change over time, for example the amplitude of fluctuations and the intensity of movements. The script is designed in such a way that you can examine the price history as a benchmark for changes in market properties to adopt determinants. Also you can control those manually.
Self-regulatory
The user has the ability to change input factors depending on their point of view.
Behind the pattern recognition algorithms, there are relationships and similarities in their appearance that cause them to be influenced by each other. Simultaneously with changing the determining factors of each pattern by you, script automatically adjusts other details in accordance with your changes.
Alerts
You can set for type of pattern or each one of pattern have been detected.
Fully Costumizable
All of these options can be change and adjust.
Note 1.
The patterns are based on extensive study of reference and famous sources and the experience of me and my friends in trading and analysis with price action methods.
Note 2.
Due to the Pine limitations in the number of outputs | plots for each script, our attempt has been made to select the best and most important patterns.
Note 3.
So far, many scripts have been written in this field, but our experience with all of them and even the build in version was not satisfactory, and this was the initial motivation for making the script.
We strive to improve progress and elimination of shortcomings and we will continue to make this better.
Note 4.
Through personal experience and based on the principles of market and candlestick psychology, we discovered a new type of pattern and named it as Kayo.
kayo is a two candle pattern which formed when:
1.We have a pivot point with prior candles as left bars and following candles as right bar. Pivot candle called as second candle.
2.In a bullish kayo, first candle must closed descending and second candle must closed as ascending. For bearish kayo vise versa.
3.In a bullish kayo, second candle's lower wick must be longer then upper wick.
4. A pattern marked as kayo when its conditions do not correspond to any of the other patterns(include the confirmation that user added), ie it has the last naming priority over the other patterns.
Note 5.
When you active confirmation options for patterns like hammer, engulf and etc which they conditions are like kayo in some extent, if they can't pass the confirmation steps, they can be marked as kayo pattern.
Note 6.
If you active volume confirmation for Three white soldiers | Three black crows, the confirmation get passed if the volume of forth or third candle increased as value as entered relative to volume EMA3 of 3 candles.
Note 7.
In a bullish pattern all highs of following candles MUST be higher than prior highs and all lows of following candles MUST be higher than prior lows. For bearish patterns vise versa.
This type of confirmation depends on High and Low NOT close!
Gift to price action lovers!
Support us with your like and comments. let us know your experience, points and idea to make this better together.
Logistic RSI, STOCH, ROC, AO, ... by DGTExperimental attemt of applying Logistic Map Equation for some of widly used indicators.
With this study "Awesome Oscillator (AO)", "Rate of Change (ROC)", "Relative Strength Index (RSI)", "Stochastic (STOCH)" and a custom interpretation of Logistic Map Equation is presented
Calculations with Logistic Map Equation makes sense when the calculated results are iterated many times within the same equation.
Here is the Logistic Map Equation : Xn+1 = r * Xn * (1 - Xn)
Where, the value of r is the key for this equation which changes amazingly the behaviour of the Logistic Map.
The value we have asigned for r is less then 1 and greater than 0 ( 0 < r < 1) and in this case the iterations performed with the maximum number of output series allowed by Pine is quite enough for our purpose and thanks to arrays we can easiliy store them for further processing
What we have as output:
Each iteration result is then plotted (excluding plotting the first iteration), as circles or line based on user preference
Values above and below zero level (0) are coloured differently to emphasis bull and bear power
Finally Standard Deviation of Array's Elements is ploted as line. Users may choose to display this line only
So where it comes the indicators "Awesome Oscillator (AO)", "Rate of Change (ROC)", "Relative Strength Index (RSI)", "Stochastic (STOCH)".
Those are the indicators whose values are assigned to our key varaiable in the Logistic Map equation forulma which is r
Further details regarding Logistic Map can found under the description of “Logistic EMA w/ Signals by DGT” study
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
TRM StrategyThis is a strategy version of the "True Relative Movement" script:
It is virtually identical to the original script, except now you can back test different conditions and parameters.
TRM has 3 different conditions:Buy (Blue Bars), Hold/Take Profit (Gray Bars), and Sell (Pink Bars).
This script is only coded for Long only condition. It will exit the position when there is a sell signal, no take profit parameters are coded.
The example backtest results shown are on $AAPL with a starting Capital of 10k, with each trade investing 10% of capital. I cannot show results vs buy and hold (meaning re-investing 100% of capital) as this is against house rules. However, I HIGHLY encourage you to experiment with different trade parameters, time frames, symbols and settings for TRM. You will find that certain time frames perform better under different TSI and RSI settings. The "Slower paced trader" can use the "Slow settings" for TRM ( Instructions embedded in the settings window). This will produce less signals ect.... I am personally, constantly finding different settings that work for different ETF's, symbols ect...
As a discretionary trader, it is important to have a system that has an "edge". That is what the script is meant for... finding an edge to help you make sound trading decisions and help you manage risk accordingly.
Enjoy, and please DO NOT hesitate to ask me any questions.
Relative VolumeIt is difficult to know how much volume is going on DURING the last bar,
therefore this "Relative Volume" (RV) script, previous bars are as usual, but the last one
adjusts the measured volume by comparing how much time passed and multiplying
this with the volume.
Examples:
Here (5 minute bar) there are 31 sec passed of the 5 minutes
The standard volume show little volume (since there is only 31s passed)
The "RV" multiplies this so you'll see how much this volume would be over 5 minutes,
IF everything goes the same for the rest of the 5'.
1' 5sec passed:
(so relatively more volume)
3' 4sec passed:
(With about 2' to go, you see there is a lot going on with the volime,
while seeing the standard volume, nothing much...)
Little 4' passed:
4,5':
Almost 5' gone:
Important:
This "RV" volume can diminish when during the bar the volume fades.
I think this can help evaluating the volume during the last bar
W example:
M example:
(You can clearly see that during the first 4 days there is a lot going on!)
Stochastic / RSI (Wilder's [RMA] or Arnaud Legoux [ALMA])This script displays the Stochastic and Relative Strength Index ("RSI") indicators. Each indicator can be displayed standalone or shown together. The Stochastic indicator also has functionality to highlight overbought/oversold levels as well as relative placement of K and D. The RSI indicator can also be updated to utilize the Arnaud Legoux Moving Average ("ALMA") (vs. the standard Wilder's Moving Average).
I use based on default settings. ALMA RSI can help indicate extent of drop/rise from Stochastic overbought/oversold levels.
Recognition due to @kurtsmock for the work on validating the ALMA calculation (pinescript built-in function has slight deviation from original design) ---> LINK ().
KINSKI RSI Short/LongExtends the display of the Relative Strength Index (RSI) by shorts and longs from Bitmex and shows them as a diagram.
How to interpret the display?
- blue line is the default Relative Strength Index
- red line means "oversold
- green line "overbought"
- grey dotted line up/down indicates the optimal range for up and down movements 30 to 70
- in general, the reaching or crossing of the thresholds in the direction of the mid-range is seen as a possible buy or sell signal
- RSI values (blue line) of over 70 percent are considered "overbought", values below 30 percent "oversold
Which settings can be made?
- Selection for the "Currency". Default value is "BTCUSD". Currently only the following currencies are supported "BTCUSD", "ETHUSD", "ETCUSD", "OMGUSD", "XLMUSD", "XTZUSD".
- Selection for calculation formula ("Calculation"). The default value is "hlc3".
- Field for the moving average value ("RSI Length"). The default value is 14, but values of 7, 9 or 25 are also common. The shorter the period under consideration, the more volatile the indicator is, but with longer periods, fewer signals are triggered.
- furthermore you can make layout adjustments via the "Style" menu
Relative Volume Strength IndexRVSI is an alternative volume-based indicator that measures the rate of change of average OBV.
How to read a chart using it?
First signal to buy is when you see RVSI is close to green oversold levels.
Once RVSI passes above it's orange EMA, that would be the second alert of accumulation.
Be always cautious when it reaches 50 level as a random statistical correction can be expected because of "market noises".
You know it's a serious uptrend when it reaches above 75 and fluctuates there, grading behind EMA.
The best signal to sell would be a situation where you see RVSI passing below it's EMA when the whole thing is close to Red overbought level
It looks simple, but it's powerful!
I'd use RVSI in combination with price-based indicators.
AJCrows RSIRelative Strength Index with indicator lines at 20, 30, 50, 70 and 80 marks. Use settings to show/hide these lines, and to choose appropriate colors.
Laguerre RSI Multi-Time FrameThe Laguerre RSI Indicator is a modification of the well-known relative strength indicator or RSI. John F. Ehlers, the famous trader who created the Laguerre RSI, tried to avoid whipsaws (noise) and lag produced by smoothing technical indicators by applying a filter and some changes to the original relative strength indicator. The result is a technical indicator that is more responsive and has much less noise than the original RSI indicator.
The multi-time frame LRSI is used to have multiple RSI oscillators on the screen at once that are derived from different intervals. This allows the trader to see setups in multiple time frames.
