OPEN-SOURCE SCRIPT

Relative Strength Exponential Moving Average [CC]

The Relative Strength Exponential Moving Average was created by Vitali Apirine (Stocks and Commodities Jan 2022 pgs 22-25) and this is a handy moving average that combines a typical overbought/oversold mechanic with an overall trend indicator. Even though the typical length is so large it reacts extremely quickly when the stock becomes overbought or oversold. Because of this the indicator by itself doesn't work as well during choppy periods so Vitali recommends using a moving average crossover system during choppy so do one indicator with the default length of 50 and use a different length of 10 so when the shorter length crosses over the longer length then buy and vice versa you would sell. Generally speaking buy when the line turns green and sell when it turns red. I have used strong buy and sell signals in addition to normal signals so strong signals are darker in color and normal signals are lighter in color.

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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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