Get started

Oversold

Spiky Iguana Multi RSI Bands (Reverse RSI for the Price) by RRBSpiky Iguana Multi RSI Bands by RagingRocketBull 2018 Version 1.0 This indicator shows multiple RSI Bands with prices corresponding to specified overbought/oversold RSI levels. It is used to extrapolate the exact price levels currently matching a given set of RSI levels based on prior price/RSI levels action. You can think of it as a reverse RSI where RSI levels are moving dynamically around the price instead of price bouncing between straight lines. Features: - 6+6 = 12 customizable Overbought(R)/Oversold(S) RSI Levels + 6 Mean(M) lines - Multicolor levels/fill ranges - Show/Hide specific S/R/M levels and fill ranges 1. uses plot*, fill and is based on RSIBANDS_LB Good Luck! Feel free to explore and learn from the code
Pine Script™ indicator
by RagingRocketBull
9
RSI Multi Time Frame - Spot Panic Sell Moments and profit!Union of three RSI indicators: 1h, 4h and daily. In order to show 1h RSI, you have to set it as active time frame on the chart. Purpose: spot "triple oversold" moments, where all the three RSI are under the threshold, which is 30 by default but editable. Target Market: Cryptocurrencies. Didn't try it on other ones, may work as well. Fits Crypto well as, by experience, I can tell it usually doesn't stay oversold for long. When the market panics and triple oversold occurs, the spot is highlighted by a green vertical bar on the indicator. The indicator highlights triple overbought conditions as well (usually indicating strong FOMO), but I usually don't use it as a signal. I suggest to edit the oversold threshold in order to make it fit the coin you're studying, minimizing false positives. Special thanks to Heavy91, a Discord user, for inspiring me in this indicator. Any editing proposal is welcome! I reposted this script, as the first time I wrote it in Italian. Sorry for that.
Pine Script™ indicator
by lukescream
4
Ichimoku Fibonacci HybridHey guys, this is a variation of Ichimoku using Fibonacci principles. Overview As you may know, Ichimoku uses in its calculations (high + low)/2 to calculate Tenkan-sen (Conversion line) and Kijun-sen (Base line) for different periods: Tenkan is a shorter period, so it reacts faster to reversals, while Kijun is slower, so it reacts slower, and it is contextually more reliable due to how conservative it is. Why does the Ichimoku Cloud works? My theory that inspired this indicator is that it works because it looks at 50% retracements from highest point to the lowest point. In other words, Tenkan plots the 50% line between the peak and the trough from the recent period, which has proven to often be a good estimation for retracements. Similarly, Kijun applies the same, but for a longer period*. However, if we look at Fibonacci retracement, it is often the case that price retracts to those magical percentages: 23.6%, 38.2%, 50%, 61.8%, and sometimes even 88.6% and 78.6%. Why this happens is largely unknown to the academic community, but, empirically, it often seems that these numbers just work. Therefore, I wanted to apply this principle to Ichimoku calculations, and instead of calculating (high + low)/2, I calculated both (high + low) * 0.382 and (high + low) * 0.618. These lines should provide pessimistic/bearish estimations, and optimistic/bullish estimations, respectively. Naturally, these results in 4 extra lines: a bearish Tenkan/Kijun pair and a bullish Tenkan/Kijun pair. Therefore, applying this indicator will crowd the chart quite a bit: you have 6 lines on the chart among which 2 of them are the original Tenkan and Kijun lines, and the other 4 are Fib-inspired Tenkan/Kijun lines. Usage As with most indicators, usage is subjective to the user and relative to the chart. However, some ways in which this indicator can be used are as follows: In a strong uptrend, price is typically above both Ichi Kijun and Tenkan. In this case, you can use this indicator to provide you with a new pair of bullish Kijun/Tenkan that provide the same usage as before. Similarly, in a downtrend, the bearish Kijun/Tenkan apply. Using the new lines, one can apply R/S levels, crossover signals, overbought/oversold areas, price channels, retracement levels, and trend indications. One may simply use it out of convenience, as it automatically computes potential areas of interest without having to perform manual work. Please note that because the indicator was so full, I did not keep the Cloud, nor did I keep the Chikou span (Lagging span.) These can be easily implemented, but it would crowd the chart to an extent that it would be difficult to gauge much information. However, I did consider adding them as optional indicators that are disabled by default, and I may potentially do so in the future. For reference, this would help by simply disabling everything else besides the "bullish Ichi" in an uptrend. Footnotes * I have heard people referring to Ichimoku Cloud as "a glorified average mean," but, mathematically, I don't believe there is much relationship between MAs and Ichimoku Cloud. However, I acknowledge the visual similarity between the two and the potential to use both in a similar fashion, so one may interpret this indicator as such if they please.
Pine Script™ indicator
by lostkauze
5