RSI BGCOLOR indicatorHi
This is a standard RSI indicator.
It changes the background color to green if the RSI reading is greater than the RSI bullish value and it changes to red if the RSI is below the RSI bearish value.
It will turn black for values between RSI bullish value and RSI bearish value.
You can tweak it to your liking, for example if you'd like to detect long only trades that are above 30 then you set RSI bearish value to 0 and RSI bullish value to 30 and it will only get long signals.
P.S More confirmation indicators will be necessary
Jse_top40
JSE Market Breadth Stocks>MAThis indicator is for the Johannesburg Stock Exchange (JSE) and indicates the number of stocks in the Top 40 Index above its selected Smooth Moving Average (SMA). Typically the 200SMA is used to see the longer term health of the market and the 50SMA for a short term view. Currently the market has reached a point that less than 2% of stocks were above their 200SMA which is the lowest since 2013.
JSEINDEX StrengthJSE:J200
JSE:J210
JSE:J211
JSE:J212
This script shows all three major indecies on JSE and compare their strength.
RED = TOP 40
BLUE = RESI 10
YELLOW = INDI 25
GREEN = FIN 15
Current state of the indicator points that strongest index is FIN15 weakest is RESI10 and that INDI25 is closely following TOP40
Idea is to be short weakest index or member of the index currently RESI10
