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RSI-PLUS

RSI 𝝙RSI 𝝙 is a full study system of several RSI analysis that can be used on different timeframes and adapt strategy to trending markets or trading ranges. Identify better divergences/convergences, alerts for *potential* entry, flat and exit signals. Adapt personal strategy according to the market pace, behaviour and timeframe. Default Settings: RSI: 13 Linear Regression of RSI: 34 Signal RSI: 5 Long RSI: 55 RSI 𝝙 Histogram: Delta between RSI and Long RSI based on Signal RS 0.31% Length. Activate Vertical Bar Highlights and/or Signal Flags for: - RSI Oversold/Overbought. (Default: Highlight Bar) - Signal RSI Oversold/Overbought. (Default: Highlight Bar) - RSI crossing its Linear Regression . (Default: Signal Flag) - RSI crossing its Long RSI . (Default: Off) - Signal RSI crossing its RSI . (Default: Off) - Signal RSI crossing its Long RSI . (Default: Off) - RSI 𝝙 Histogram crossing baseline. (Default: Off) Users can also do extra tunning in Style Section of Format options. Typical use case for Daily timeframe: RSI cross its Linear Regression produce a close signal of the on-going trend. RSI 𝝙 Histogram crossing could also provide early an signal or a confirmation. Then look RSI or RSI 𝝙 Histogram is forming a Divergence. If divergence is confirmed after candle close you can look into Signal RSI crossing RSI/Long RSI or RSI breaking the support/resistance horizontal/trendlines OR if you are more conservative wait until RSI cross Long RSI . The different markets will show slightly diff behaviours but with this indicator, we can capture its essence independently of timeframe. RSI being above/bellow Long RSI establishes the relatively long-term bias in trending markets. This is also valid for Weekly and Monthly timeframes. This is just a guideline suggestion. The reality is users of this indicator need to observe the market's behaviour and identify which signals will provide more reliable entries, exits and/or remain until next signals before the next round of trades. The market behaves differently when pacing changes, volatility changes, when it trends or when it ranges. Develop an understanding of it with the help of this study. Avoid risking more than 1% per trade. Be responsible for always making a priority about protecting capital and risk management. Develop emotional control and use this RSI study to develop a more complete trading system without any need for extra indicators other than Price and Volume . 👆active signals: RSI crossing Linear Regression RSI crossing Long RSI 👆active signals: Signal RSI Long RSI 👆active signals: RSI crossing Linear Regression Also note that RSI 𝝙 Histogram divergences/convergences flag very often significant momentum changes. This important information is extremely useful when also looking to volume anomalies and help deciding to close a position (or enter next) before flash crash occur where a signal might come slightly late on higher timeframes.
Pine Script™ indicator
by D7R
38