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OPEN-SOURCE SCRIPT

Dragon Double RSI Overbought-Oversold With Label

By Dragon_trader95
Updated
This indicator consist of tow RSI length that user can customize it. like length, overbought, oversold. like length, overbought, oversold. also it has one moving average where the user can select from different types of moving averages, price sources, lookback periods and resolutions
Release Notes
Modify Logic
Release Notes
remove bug
Release Notes
add label size option
Release Notes
improve the logic
Release Notes
bug fix
Release Notes
This Pine Script is a version 5 indicator for TradingView, designed to display and analyze market conditions on price charts. It's named "Dragon Double RSI Overbought-Oversold With Label" and has the short title "D-DRO2." Here are the key features of this indicator:

1. **Indicator Settings**:
- This indicator is named "Dragon Double RSI Overbought-Oversold With Label" and has a short title "D-DRO2."
- It is overlaid on the price chart and allows you to set a maximum number of labels (max_labels_count).

2. **Moving Average (MA1)**:
- This indicator offers the option to display a customizable moving average (MA1).
- You can configure the period, type (SMA, EMA, etc.), data source, and resolution for MA1.
- MA1 is calculated based on your chosen settings and displayed on the chart.

3. **Fast RSI**:
- You can configure the period and data source for the Fast RSI and set overbought and oversold levels.
- The Fast RSI is calculated using the specified settings.
- Labels are added when the Fast RSI crosses overbought or oversold levels, and you can adjust the label size.

4. **Slow RSI**:
- You can configure the period and data source for the Slow RSI and set overbought and oversold levels.
- The Slow RSI is calculated based on your specified settings.
- Labels are added when the Slow RSI crosses overbought or oversold levels, with customizable label size.

5. **Alerts**:
- Alerts are generated for both Fast RSI and Slow RSI, separately and in combination (overbought and oversold).
- Alert messages are created when the conditions for these alerts are met.

This script offers the flexibility to visualize and receive alerts for both Fast and Slow RSI indicators, as well as providing control over various settings like label size, RSI period, and source. Traders can use this indicator to identify potential buy or sell opportunities based on RSI conditions and moving averages.

Please note that this script is written in Pine Script version 5, which is used in TradingView. You can customize the settings and use it on the TradingView platform to analyze price charts and receive alerts based on RSI conditions.
Release Notes
improve logic
alertalertconditionlabeloverboughtoversoldRelative Strength Index (RSI)rsi_overboughtrsi_oversold

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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Dragon_trader95

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.