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RSI Overbought/Oversold + Divergence IndicatorDESCRIPTION: This script combines the Relative Strength Index ( RSI ), Moving Average and Divergence indicator to make a better decision when to enter or exit a trade. - The Moving Average line (MA) has been made hidden by default but enhanced with an RSIMA cloud. - When the RSI is above the selected MA it turns into green and when the RSI is below the select MA it turns into red. - When the RSI is moving into the Overbought or Oversold area, some highlighted areas will appear. - When some divergences or hidden divergences are detected an extra indication will be highlighted. - When the divergence appear in the Overbought or Oversold area the more weight it give to make a decision. - The same color pallet has been used as the default candlestick colors so it looks familiar. HOW TO USE: The prerequisite is that we have some knowledge about the Elliot Wave Theory, the Fibonacci Retracement and the Fibonacci Extension tools. Wave 1 (1) When we receive some buy signals we wait until we receive some extra indications. (2) On the RSI Overbought/Oversold + Divergence Indicator we can see a Bullish Divergence and our RSI is changing from red to green ( RSI is higher then the MA). (3) If we are getting here into the trade then we need to use a stop loss. We put our stop loss 1 a 2 pips just below the lowest wick. We also invest maximum 50% of the total amount we want to invest. Wave 2 (4) Now we wait until we see a clear reversal and here we starting to use the Fibonacci Retracement tool. We draw a line from the lowest point of wave(1) till the highest point of wave (1). When we are retraced till the 0.618 fib also called the golden ratio we check again the RSI Overbought/Oversold + Divergence Indicator. When we see a reversal we do our second buy. We set again a stop loss just below the lowest wick (this is the yellow line on the chart). We also move the stop loss we have set in step (3) to this level. Wave 3 (5) To identify how far the uptrend can go we need to use the Fibonacci Extension tool. We draw a line from the lowest point of wave(1) till the highest point of wave (1) and draw it back to the lowest point of wave (2). Wave (3) is most of the time the longest wave and can go till it has reached the 1.618 or 2.618 fib. On the 1.618 we can take some profit. If we don't want to sell we move our stop loss to the 1 fib line (yellow line on the chart). (6) We wait until we see a clear reversal on the Overbought/Oversold + Divergence Indicator and sell 33% to 50% of our investment. Wave 4 (7) Now we wait again until we see a clear reversal and here we starting to use the Fibonacci Retracement tool. We draw a line from the lowest point of wave(2) till the highest point of wave (3). When we are retraced till the 0.618 fib also called the golden ratio we check again the RSI Overbought/Oversold + Divergence Indicator. When we see a reversal we buy again. We set again a stop loss just below the lowest wick (this is the yellow line on the chart). (8) If we bought at the first reversal ours stop los was triggered (9) and we got out of the trade. (9) If we did not bought at step (7) because our candle did not hit the 0.618 fib or we got stopped out of the trade we buy again at the reversal. Wave 5 (10) To identify how far the uptrend can go we need to use the Fibonacci Extension tool. We draw a line from the lowest point of wave(2) till the highest point of wave (3) and draw it back to the lowest point of wave (4). Most of the time wave 5 goes up till it has reached the 1 fib. And that is the point where we got out of the trade with all of our investment. In this trade we got out of the trade a bit earlier. We received the sell signals and got a reversal on the Overbought/Oversold + Divergence Indicator. We are hoping you learned something so you can make better decisions when to get into or out of a trade. If you have any question just drop it into the comments below. FEATURES: • You can show/hide the RSI . • You can show/hide the MA. • You can show/hide the lRSIMA cloud. • You can show/hide the Stoch RSI cloud. • You can show/hide and adjust the Overbought and Oversold zones. • You can show/hide and adjust the Overbought Extended and Oversold Extended zones. • You can show/hide the Overbought and Oversold highlighted zones. • Etc... HOW TO GET ACCESS TO THE SCRIPT: • Favorite the script and add it to your chart. REMARKS: • This advice is NOT financial advice. • We do not provide personal investment advice and we are not a qualified licensed investment advisor. • All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. • We will not and cannot be held liable for any actions you take as a result of anything you read here. • We only provide this information to help you make a better decision. • While the information provided is believed to be accurate, it may include errors or inaccuracies. Good Luck and have fun, The CryptoSignalScanner Team
Pine Script™ indicator
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Jurik Smoothed Stochastic - TraderHalaiJurik Smoothed Stochastic The stochastic indicator has been long used by traders to identify inflection points in the price and to give a direction on Bullish and Bearish bias. This indicator aims to improve on the plots the %K value smoothed using a Jurik Filter instead of a simple moving average. This allows for a more adaptive K value average price, whilst also providing superior smoothing to traditional moving averages. As the Jurik Filter is a proprietary and non-open-source implementation, this script uses a common filters library implementation of Jurik MA which is a suitable proxy to the actual Jurik MA filter. Big thanks to LastGuru for making his version freely available. You can find his version of the Jurik Filters in the credits section below. %K is the Jurik Smoothed Version of the original Stochastic Formula %D is calculated using the following formula. This idea was borrowed from John Ehler’s stochastic implementation and can be seen below: %D = 0.05 + 0.95 * K Features %K line, Overbought and Oversold level and Mid Line Level Oversold / Overbought reversal indicators and signals - Shown in Red and Green Bullish / Bearish Divergences – Including Hidden divergences to spot reversals and continuations of trend (Big thanks to the developers of the built-in RSI Divergence indicator) - Shown as below: Bullish / Bearish crossover of %K with %D - Shown in Cyan and Fuschia Alerts for all of the above conditions Double Jurik smoothing mode - similar to slow Stochastic Credits : Massive shoutout to the following scripts: LastGuru JurikMA implementation (Common Filters Library) Divergence Indicator – Built into TradingView and coded by TradingView Developers This script is published as open source to allow for criticism, further development of this strategy and use by the community. Feel free to use this indicator/source code as you see fit. Enjoy! :)
Pine Script™ indicator
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Pine Script™ indicator
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Pine Script™ indicator
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Buyer-seller strengthThis is my first attempt to convert my price action trading principles into pine script. As price action trader, we attempt the see the hidden strength of buyer in sellers candle and vice versa. I use simple calculation of candle wick to body -proportion to assess the strength. This script identifies the proportion of buyers and sellers in any given candle in form of %. Sellers are given in positive % and buyers are given as negative %. By moving the cursor to the interested candle the values can be seen. While this will not be useful for decision as sole trading system, I use it as adjunct, whenever I analyze the data. Happy trading
Pine Script™ indicator
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Pine Script™ indicator
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