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Oscillator SignalsOscillator Signals – Smart Trading with RSI & Stochastic Stop waiting for false reversals—trade the confirmed moves! Developed by Marcelo Ulisses Sobreiro Ribeiro Many traders struggle with the Stochastic Oscillator because it can linger in overbought (OB) or oversold (OS) zones for long periods, leading to premature entries. This script solves that problem by only triggering signals when Stochastic exits these zones, combined with RSI crossovers for higher-confidence trades. 🔹 Key Features: ✅ No More False Alerts – Avoids signals inside OB/OS zones—waits for Stochastic to exit (confirming momentum shift). ✅ RSI + Moving Average Crossovers – Adds a second layer of confirmation when RSI crosses its moving average. ✅ Combined Alerts – Strongest signals occur when: Stochastic exits oversold (OS) and RSI crosses above its MA (▲ Bullish). Stochastic exits overbought (OB) and RSI crosses below its MA (▼ Bearish). ✅ Fully Customizable – Adjust lengths, OB/OS levels, and toggle signals. ✅ Built-in Alerts – Never miss a setup. 🔹 Why It Works Better: Traditional Stochastic signals often fail because price can stay stuck in OB/OS for extended periods. This script ignores entries inside the zones and only acts when: Stochastic leaves OS (crosses above 20) + RSI confirms uptrend. Stochastic leaves OB (crosses below 80) + RSI confirms downtrend. Filters out weak reversals, focusing on high-probability breakouts. 🔹 Ideal For: Traders tired of "whipsaws" from premature OB/OS entries. Swing traders seeking confirmed reversals. Combining with support/resistance for precision. 📌 Pro Tip: Pair this with price action (e.g., breakouts from key levels) for even stronger signals! Try it now—trade less, profit more! 🚀 Key Improvements: Problem-Solution Framework: Directly addresses the "Stochastic lingering" issue upfront. Stronger Emphasis on Confirmation: Highlights how the script waits for OB/OS exits to avoid fakeouts. Clearer Value Proposition: Positions the script as a filter for higher-quality signals.
Pine Script® indicator
by musribeiro
SG Multi Entry/Exit IndicatorThis strategy is based on an entry and an exit indicator that can be selected from a range of indicators. The entry / exit indicators are standard Stochastic, MACD, RSI and MA indicators. The graphs for each indicator are normalised to between 0 and 100 and displayed on above the other with buy and sell indicators. The Strategy can be enabled / disabled via the inputs as can the date range as can whether to put a dummy sell signal in for the last trading day to give an accurate Mark to Market performance.
Pine Script® strategy
by Jetb_Alkiadt
Advanced TrackingAdvanced Multi-Asset Tracker Indicator Track trading opportunities across multiple instruments with multiple analysis methods Developed by Marcelo Ulisses Sobreiro Ribeiro Key Features: 1️⃣ Multi-Mode Tracking System Pattern Mode: Detects 5 powerful price patterns (123, Market Strength, Engulfing, PFR, Inside Bar) Stochastic Crossover: Identifies fresh crossovers for potential entries 3-Candle Pattern: Finds classic high/low patterns across 3 candles Oscillator Mode: Monitors overbought/oversold conditions (RSI + Stochastic) 2️⃣ Customizable Asset Groups Pre-loaded with 3 optimized asset tables (Majors, Crosses, Commodities/Indices) Easily switch between groups with one click 3️⃣ Dual Timeframe Analysis Separate timeframes for pattern detection and oscillator analysis Detects higher timeframe conditions while trading on lower timeframes 4️⃣ Visual Alert System Color-coded signals for instant pattern recognition Clear priority system for pattern hierarchy Pattern Detection Includes: ✔ Mark Crisp 123 Pattern (bullish/bearish) ✔ Market Strength Signals (FMA/FMB) ✔ Engulfing Patterns (EA/EB) ✔ Price of Reversal Close (PFR) ✔ Inside Bar (IB) Oscillator Analysis: Customizable RSI (14 period default) Adjustable Stochastic (14,3,3 default) Strong OB/OS alerts when both indicators align Ideal For: Forex traders monitoring multiple currency pairs Multi-asset traders covering commodities and indices Traders who want to scan for setups without watching dozens of charts Systematic traders looking for pattern-based opportunities How It Works: Select your preferred asset group Choose your analysis mode (Patterns, Stoch Cross, etc.) Customize settings as needed The indicator scans all selected assets and displays signals in an easy-to-read table Pro Tip: Combine with your favorite entry/exit strategy - this indicator excels at opportunity detection across markets!
Pine Script® indicator
by musribeiro
Relative Strength Index + Golden Cross + MACDThis script is a high-performance, cleanly visualized indicator designed for swing traders and intraday scalpers. It combines multiple classic and modern techniques to help identify momentum trends, crossover signals, and smart entry zones. 🔧 Key Features: RSI (Relative Strength Index) with gradient bands (overbought/oversold zones) Golden Cross & Death Cross (SMA 50/200) with green/red + markers SMA 50 over 150 (bullish crossover) with a blue + marker MACD Crossover Dots (green for bullish, red for bearish) Supertrend Dots for direction confirmation (lime/fuchsia) Smart Entry Dot when RSI > 50, MACD bullish, and SMA50 > SMA200 (teal triangle) Background Highlight for strong trend momentum using custom ADX + RSI filter 🎯 Ideal For: Scalping with momentum confirmation Swing trading on multi-timeframe alignment Combining traditional indicators with clean visuals 🧪 Suggested Use: Use this indicator in combination with support/resistance or price action. Filter out low-probability trades by focusing on: Smart Entry signals during momentum backgrounds Cross-check with Supertrend direction and RSI slope
Pine Script® indicator
by junocipher
NEIROCTO Impulse Watcher (Alert Ready)//@version=5 indicator("NEIROCTO Trap Watcher (Downside Alert)", overlay=true) // === Условия === rsi = ta.rsi(close, 14) rsi_down = rsi < ta.sma(rsi, 5) volatility = math.abs(close - close ) / close * 100 volatility_trigger = volatility > 3 volume_sma = ta.sma(volume, 20) volume_up = volume > volume_sma // === Сигнал === condition = rsi < 40 and rsi_down and volatility_trigger and volume_up // === Графика === bgcolor(condition ? color.new(color.red, 85) : na) plotshape(condition, title="DROP Signal", location=location.abovebar, color=color.red, style=shape.labeldown, text=⚠️") // === Алерт === alertcondition(condition, title="⚠️ NEIROCTO: Возможен откат!", message="⚠️ NEIROCTO: RSI ↓, Волатильность >3%, объёмы растут. Возможен откат!")
Pine Script® indicator
by babcinetchi268
Stochastic Money Flow IndexThe Stochastic Money Flow Index (or Stochastic MFI ), is a momentum indicator that combines the Money Flow Index (MFI) and the Stochastic Oscillator to identify overbought and oversold conditions in a market. It is a variation of the classic Stochastic RSI that uses the MFI rather than the Relative Strength Index (RSI) in its calculation. While the RSI focuses solely on price momentum, the MFI is a volume-weighted indicator, meaning it incorporates both price and volume data. The Stochastic MFI is intended to provide a more precise and sensitive reading of the MFI by measuring the level of the MFI relative to its range over a specific period. Settings Stochastic Settings %K Length : The number of periods used to calculate the Stochastic. (Default: 14) %K Smoothing : The SMA length used to 'smooth' the %K line. (Default: 3) %D Smoothing : The SMA length used to 'smooth' the %D line. (Default: 1) Money Flow Index Settings MFI Length : The number of periods used to calculate the Money Flow Index. (Default: 14) MFI Source : The source used to calculate the Money Flow Index. (Default: close) Additional Settings Show Overbought/Oversold Gradients? : Toggle the display of overbought/oversold gradients. (Default: true)
Pine Script® indicator
by iambrennanwalsh
1
Beep Boop Enhanced - ENEXSLBeep Boop Enhanced - ENEXSL A MACD-based momentum oscillator with trend filtering that displays signal strength in oscillating bands. Uses EMA trend confirmation to distinguish between strong and weak signals. Strong signals require complete price action alignment with the 50-period EMA trend, while weak signals indicate momentum without full trend confirmation. Includes overlay signal lines on the main chart for real-time trade signal visualization.
Pine Script® indicator
by ENEXSL
Simple Multi-Timeframe Trends with RSI (Realtime)Simple Multi-Timeframe Trends with RSI Realtime Updates Overview The Simple Multi-Timeframe Trends with RSI Realtime Updates indicator is a comprehensive dashboard designed to give you an at-a-glance understanding of market trends across nine key timeframes, from one minute (M1) to one month (M). It moves beyond simple moving average crossovers by calculating a sophisticated Trend Score for each timeframe. This score is then intelligently combined into a single, weighted Confluence Signal , which adapts to your personal trading style. With integrated RSI and divergence detection, SMTT provides a powerful, all-in-one tool to confirm your trade ideas and stay on the right side of the market. Key Features Automatic Trading Presets: The most powerful feature of the script. Simply select your trading style, and the indicator will automatically adjust all internal parameters for you: Intraday: Uses shorter moving averages and higher sensitivity, focusing on lower timeframe alignment for quick moves. Swing Trading: A balanced preset using medium-term moving averages, ideal for capturing trends that last several days or weeks. Investment: Uses long-term moving averages and lower sensitivity, prioritizing the major trends on high timeframes. Advanced Trend Scoring: The trend for each timeframe isn't just "up" or "down". The score is calculated based on a combination of: Price vs. Moving Average: Is the price above or below the MA? MA Slope: Is the trend accelerating or decelerating? A steep slope indicates a strong trend. Price Momentum: How quickly has the price moved recently? Volatility Adjustment: The score's quality is adjusted based on current market volatility (using ATR) to filter out choppy conditions. Weighted Confluence Score: The script synthesizes the trend scores from all nine timeframes into a single, actionable signal. The weights are dynamically adjusted based on your selected Trading Style , ensuring the most relevant timeframes have the most impact on the final result. Integrated RSI & Divergence: Each timeframe includes a smoothed RSI value to help you spot overbought/oversold conditions. It also flags potential bullish (price lower, RSI higher) and bearish (price higher, RSI lower) divergences, which can be early warnings of a trend reversal. Clean & Customizable Dashboard: The entire analysis is presented in a clean, easy-to-read table on your chart. You can choose its position and optionally display the raw numerical scores for a deeper analysis. How to Use It 1. Add to Chart: Apply the "Simple Multi-Timeframe Trends" indicator to your chart. 2. Select Your Style: This is the most important step. Go to the indicator settings and choose the Trading Style that best fits your strategy (Intraday, Swing Trading, or Investment). All calculations will instantly adapt. 3. Analyze the Dashboard: Look at the Trend row to see the direction and strength of the trend on individual timeframes. Strong alignment (e.g., all green or all red) indicates a powerful, market-wide move. Check the RSI row. Is the trend overextended (RSI > 60) or is there room to run? Look for the fuchsia color, which signals a divergence and warrants caution. Focus on the Signal row. This is your summary. A "STRONG SIGNAL" with high alignment suggests a high-probability setup. A "NEUTRAL" or "Weak" signal suggests waiting for a better opportunity. 4. Confirm Your Trades: Use the SMTT dashboard as a confirmation tool. For example, if you are looking for a long entry, wait for the dashboard to show a "BULLISH" or "STRONG SIGNAL" to confirm that the broader market structure supports your trade. Dashboard Legend Trend Row This row shows the trend direction and strength for each timeframe. ⬆⬆ (Dark Green): Ultra Bullish - Very strong, established uptrend. ⬆ (Green): Strong Bullish - Confident uptrend. ▲ (Light Green): Bullish - The beginning of an uptrend or a weak uptrend. ━ (Orange): Neutral - Sideways or consolidating market. ▼ (Light Red): Bearish - The beginning of a downtrend or a weak downtrend. ⬇ (Red): Strong Bearish - Confident downtrend. ⬇⬇ (Dark Red): Ultra Bearish - Very strong, established downtrend. RSI Row This row displays the smoothed RSI value and its condition. Green Text: Oversold (RSI < 40). Potential for a bounce or reversal upwards. Red Text: Overbought (RSI > 60). Potential for a pullback or reversal downwards. Fuchsia (Pink) Text: Divergence Detected! A potential reversal is forming. White Text: Neutral (RSI between 40 and 60). Signal Row This is the final, weighted confluence of all timeframes. Label: 🚀 STRONG SIGNAL / 💥 STRONG SIGNAL: High confluence and strong momentum. 🟢 BULLISH / 🔴 BEARISH: Clear directional bias across relevant timeframes. 🟡 Weak + / 🟠 Weak -: Minor directional bias, suggests caution. ⚪ NEUTRAL: No clear directional trend; market is likely choppy or undecided. Numerical Score: The raw weighted confluence score. The further from zero, the stronger the signal. Alignment %: The percentage of timeframes (out of 9) that are showing a clear bullish or bearish trend. Higher percentages indicate a more unified market.
Pine Script® indicator
by igaudette
1
Mongoose EMA Ribbon — Pro EditionMongoose EMA Ribbon — Pro Edition The Mongoose EMA Ribbon is a precision tool designed to support directional bias, trend integrity, and momentum alignment through a structured multi-EMA system. It is built for traders seeking clarity across high-timeframe trend conditions without sacrificing speed or simplicity. Key Features: Five customizable EMAs optimized for layered ribbon analysis Configurable color logic for clean visual separation Built-in ribbon compression and expansion visibility Support for ribbon-based trend continuation zones Optional label and visual tag for real-time trend state Applications: Identify trend strength and reversals with ribbon alignment Detect compression zones that precede directional moves Support discretionary or system-based trading strategies Integrates well with price structure and macro overlays This script is part of the Mongoose Capital toolkit and was developed to meet internal standards for clarity, execution readiness, and cross-asset compatibility. Version: Pro Edition Timeframes: Optimized for 1H, 4H, Daily, Weekly
Pine Script® indicator
by TheRealMongoose
Market Regime Detector (1D RSI/ATR/MA) - Weekly ConsensusMarket Regime Detector (1D RSI/ATR/MA) — Weekly Consensus © Łukasz Wędel 🎯 Purpose This indicator analyzes daily (1D) price data to determine the current market regime — Bullish , Bearish , or Choppy — and displays it on an intraday chart (e.g., 1H). It acts as a higher‑timeframe trend filter, making trend‑following or range‑trading strategies more robust. ⚡️ How It Works RSI + ATR Method: Bullish if RSI > Bull Threshold and ATR > Threshold; Bearish if RSI < Bear Threshold and ATR > Threshold; Choppy if RSI is between thresholds and ATR <= Threshold Moving Averages Method: Bullish if Short‑term MA > Long‑term MA, Bearish if Short‑term MA < Long‑term MA, Choppy if MAs are neutral Final Regime Decision: Final regime is confirmed if the same state occurs in 5 out of the last 7 daily bars 🕓 Timeframe Compatibility Works best when applied to a 1H chart (or any intraday timeframe). RSI, ATR, and MA calculations are sourced from the 1D timeframe . 🎨 Visual Output Green background: Final regime is Bullish Red background: Final regime is Bearish Yellow background: Final regime is Choppy 🚨 Alerts Three alert conditions available: Final Bull Regime Final Bear Regime Final Chop Regime ✅ Why Use This? Provides a higher‑level trend context for lower‑timeframe trading Reduces noise by focusing only on confirmed trend regimes Supports trend‑following and range‑trading strategies 🔥 Ideal For Swing traders relying on trend and volatility confirmation Day traders seeking trend context from higher timeframes Algorithmic strategies that benefit from higher‑level trend filtering
Pine Script® indicator
by lukasz.wedel
Bitcoin Momentum Strategy RSI(5) > 70This script implements a momentum-based Bitcoin strategy using a single indicator: RSI (Relative Strength Index). The logic is simple yet powerful: it enters a long trade when RSI crosses above a certain threshold, signaling strength, and exits when momentum weakens. 🔍 How It Works Buy Entry: RSI crosses above the Overbought Level (default: 70) and no position is open. Exit: RSI drops back below the Overbought Level. This strategy is designed to ride short-term bullish momentum on the 1D timeframe for BTCUSD. All logic is handled using Pine Script v5 with fully adjustable input parameters. 🛠 Customizable Inputs RSI Period: default 5 Overbought Level: default 70 (entry/exit trigger) Oversold Level: default 30 (used for visual cues) 📊 Visual Enhancements RSI line is green above Overbought (bullish), red below Oversold (bearish), and yellow in between. Overbought/Oversold zones are marked with dotted lines and subtle background fill for easy chart reading. ⚠️ This strategy only takes long trades. It does not use any stop-loss or profit target logic and should be combined with sound risk management.
Pine Script® strategy
by MetaDuro
Uptrick: Fusion Trend Reversion SystemOverview The Uptrick: Fusion Trend Reversion System is a multi-layered indicator designed to identify potential price reversals during intraday movement while keeping traders informed of the dominant short-term trend. It blends a composite fair value model with deviation logic and a refined momentum filter using the Relative Strength Index (RSI). This tool was created with scalpers and short-term traders in mind and is especially effective on lower timeframes such as 1-minute, 5-minute, and 15-minute charts where price dislocations and quick momentum shifts are frequent. Introduction This indicator is built around the fusion of two classic concepts in technical trading: identifying trend direction and spotting potential reversion points. These are often handled separately, but this system merges them into one process. It starts by computing a fair value price using five moving averages, each with its own mathematical structure and strengths. These include the exponential moving average (EMA), which gives more weight to recent data; the simple moving average (SMA), which gives equal weight to all periods; the weighted moving average (WMA), which progressively increases weight with recency; the Arnaud Legoux moving average (ALMA), known for smoothing without lag; and the volume-weighted average price (VWAP), which factors in volume at each price level. All five are averaged into a single value — the raw fusion line. This fusion acts as a dynamically balanced centerline that adapts to price conditions with both smoothing and responsiveness. Two additional exponential moving averages are applied to the raw fusion line. One is slower, giving a stable trend reference, and the other is faster, used to define momentum and cloud behavior. These two lines — the fusion slow and fusion fast — form the backbone of trend and signal logic. Purpose This system is meant for traders who want to trade reversals without losing sight of the underlying directional bias. Many reversal indicators fail because they act too early or signal too frequently in choppy markets. This script filters out noise through two conditions: price deviation and RSI confirmation. Reversion trades are considered only when the price moves a significant distance from fair value and RSI suggests a legitimate shift in momentum. That filtering process gives the trader a cleaner, higher-quality signal and reduces false entries. The indicator also visually supports the trader through colored bars, up/down labels, and a filled cloud between the fast and slow fusion lines. These features make the market context immediately visible: whether the trend is up or down, whether a reversal just occurred, and whether price is currently in a high-risk reversion zone. Originality and Uniqueness What makes this script different from most reversal systems is the way it combines layers of logic — not just to detect signals, but to qualify and structure them. Rather than relying on a single MA or a raw RSI level, it uses a five-MA fusion to create a baseline fair value that incorporates speed, stability, and volume-awareness. On top of that, the system introduces a dual-smoothing mechanism. It doesn’t just smooth price once — it creates two layers: one to follow the general trend and another to track faster deviations. This structure lets the script distinguish between continuation moves and possible turning points more effectively than a single-line or single-metric system. It also uses RSI in a more refined way. Instead of just checking if RSI is overbought or oversold, the script smooths RSI and requires directional confirmation. Beyond that, it includes signal memory. Once a signal is generated, a new one will not appear unless the RSI becomes even more extreme and curls back again. This memory-based gating reduces signal clutter and prevents repetition, a rare feature in similar scripts. Why these indicators were merged Each moving average in the fusion serves a specific role. EMA reacts quickly to recent price changes and is often favored in fast-trading strategies. SMA acts as a long-term filter and smooths erratic behavior. WMA blends responsiveness with smoothing in a more balanced way. ALMA focuses on minimizing lag without losing detail, which is helpful in fast markets. VWAP anchors price to real trade volume, giving a sense of where actual positioning is happening. By combining all five, the script creates a fair value model that doesn’t lean too heavily on one logic type. This fusion is then smoothed into two separate EMAs: one slower (trend layer), one faster (signal layer). The difference between these forms the basis of the trend cloud, which can be toggled on or off visually. RSI is then used to confirm whether price is reversing with enough force to warrant a trade. The RSI is calculated over a 14-period window and smoothed with a 7-period EMA. The reason for smoothing RSI is to cut down on noise and avoid reacting to short, insignificant spikes. A signal is only considered if price is stretched away from the trend line and the smoothed RSI is in a reversal state — below 30 and rising for bullish setups, above 70 and falling for bearish ones. Calculations The script follows this structure: Calculate EMA, SMA, WMA, ALMA, and VWAP using the same base length Average the five values to form the raw fusion line Smooth the raw fusion line with an EMA using sens1 to create the fusion slow line Smooth the raw fusion line with another EMA using sens2 to create the fusion fast line If fusion slow is rising and price is above it, trend is bullish If fusion slow is falling and price is below it, trend is bearish Calculate RSI over 14 periods Smooth RSI using a 7-period EMA Determine deviation as the absolute difference between current price and fusion slow A raw signal is flagged if deviation exceeds the threshold A raw signal is flagged if RSI EMA is under 30 and rising (bullish setup) A raw signal is flagged if RSI EMA is over 70 and falling (bearish setup) A final signal is confirmed for a bullish setup if RSI EMA is lower than the last bullish signal’s RSI A final signal is confirmed for a bearish setup if RSI EMA is higher than the last bearish signal’s RSI Reset the bullish RSI memory if RSI EMA rises above 30 Reset the bearish RSI memory if RSI EMA falls below 70 Store last signal direction and use it for optional bar coloring Draw the trend cloud between fusion fast and fusion slow using fill() Show signal labels only if showSignals is enabled Bar and candle colors reflect either trend slope or last signal direction depending on mode selected How it works Once the script is loaded, it builds a fusion line by averaging five different types of moving averages. That line is smoothed twice into a fast and slow version. These two fusion lines form the structure for identifying trend direction and signal areas. Trend bias is defined by the slope of the slow line. If the slow line is rising and price is above it, the market is considered bullish. If the slow line is falling and price is below it, it’s considered bearish. Meanwhile, the script monitors how far price has moved from that slow line. If price is stretched beyond a certain distance (set by the threshold), and RSI confirms that momentum is reversing, a raw reversion signal is created. But the script only allows that signal to show if RSI has moved further into oversold or overbought territory than it did at the last signal. This blocks repetitive, weak entries. The memory is cleared only if RSI exits the zone — above 30 for bullish, below 70 for bearish. Once a signal is accepted, a label is drawn. If the signal toggle is off, no label will be shown regardless of conditions. Bar colors are controlled separately — you can color them based on trend slope or last signal, depending on your selected mode. Inputs You can adjust the following settings: MA Length: Sets the period for all moving averages used in the fusion. Show Reversion Signals: Turns on the plotting of “Up” and “Down” labels when a reversal is confirmed. Bar Coloring: Enables or disables colored bars based on trend or signal direction. Show Trend Cloud: Fills the space between the fusion fast and slow lines to reflect trend bias. Bar Color Mode: Lets you choose whether bars follow trend logic or last signal direction. Sens 1: Smoothing speed for the slow fusion line — higher values = slower trend. Sens 2: Smoothing speed for the fast line — lower values = faster signal response. Deviation Threshold: Minimum distance price must move from fair value to trigger a signal check. Features This indicator offers: A composite fair value model using five moving average types. Dual smoothing system with user-defined sensitivity. Slope-based trend definition tied to price position. Deviation-triggered signal logic filtered by RSI reversal. RSI memory system that blocks repetitive signals and resets only when RSI exits overbought or oversold zones. Real-time tracking of the last signal’s direction for optional bar coloring. Up/Down labels at signal points, visible only when enabled. Optional trend cloud between fusion layers, visualizing current market bias. Full user control over smoothing, threshold, color modes, and visibility. Conclusion The Fusion Trend-Reversion System is a tool for short-term traders looking to fade price extremes without ignoring trend bias. It calculates fair value using five diverse moving averages, smooths this into two dynamic layers, and applies strict reversal logic based on RSI deviation and momentum strength. Signals are triggered only when price is stretched and momentum confirms it with increasingly strong behavior. This combination makes the tool suitable for scalping, intraday entries, and fast market environments where precision matters. Disclaimer This indicator is for informational and educational purposes only. It does not constitute financial advice. All trading involves risk, and no tool can predict market behavior with certainty. Use proper risk management and do your own research before making trading decisions.
Pine Script® indicator
by Uptrick
1
Rifle LONG Rifle Shooter Long Indicator Provides buy/sell signals on DOW symbols including YM, MYM, and US30. Algorithm monitors price action for a drop of price of X points within N minutes. On achieving this drop, the algorithm waits for the price action to drop below one of three levels. Levels end in 23/43/73. For example, 42223 or 42273. Once dropping below the level the algorithm is considered setup if the RSI is below 30. Once setup, it will remain setup until the RSI exceeds 30 or a buy signal is triggered. A buy signal triggers when setup and the following conditions are achieved: 1) price action rises above the level, change in RSI indicates an end/exhaustion of the price drop, and the bar has positive upward momentum. After signal entry a customizable stop loss and take profit are plotted on the chart adjusting to price action. It will signal exit accordingly. Requirements for use: 1) 30 second chart 2) Dow symbol The script has a matching indicator for the SHORT entry. Both indicators rely on common cod within the RifleShooterLib library. Additionally, the BackTesterLib library is used to provide backtesting statistics and presentation.
Pine Script® indicator
by BlueMagicTrading