OPEN-SOURCE SCRIPT
[EDU] RSI Momentum Bands
Updated
RSI Momentum Bands serve a purpose to find best RSI momentum for entering a trade.
Indicator is built simply:
1st RSI MA is smoothed RSI by little period, 2nd RSI MA is smoothed RSI by a bigger period.
Then we calculate standard deviation from the 2nd MA and make upper and lower band.
The rules for trades are simple:
The indicator is for educational purposes only to present trades a momentum bands concepts, widely used across professionals.
Hope you will find it helpful.
Take your profits!
- Tarasenko Fyodor
Indicator is built simply:
1st RSI MA is smoothed RSI by little period, 2nd RSI MA is smoothed RSI by a bigger period.
Then we calculate standard deviation from the 2nd MA and make upper and lower band.
The rules for trades are simple:
- When RSI is above higher band - Buy;
- When RSI is below lower band - Sell.
The indicator is for educational purposes only to present trades a momentum bands concepts, widely used across professionals.
Hope you will find it helpful.
Take your profits!
- Tarasenko Fyodor
Release Notes
+ Quick color fix.Release Notes
+ Filling.Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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