We have seen many indicators for trading, But I was looking for indicator which can be use for long term investment, which gives less trade and yet result in profit.
1) We know trend is our friend. And best way to be in trend is to follow trend indicator. I have picked RSI to find out trend. 2) It’s difficult to handle volatility of stocks and hence I choose to make indicator which works only on Index. Especially Nifty, BankNifty and Nifty Junior.
Logic is simple Bullish when RSI level > 55 Bearish when RSI level < 45
In this indicator you can change RSI look back period as per your convenience. Also, you can check back testing output by selecting “Back Testing” option.
General guideline to use this study 1) Use only on Nifty, Bank Nifty, Junior Nifty 2) ‘Daily’ period gives good result.
Please note this study may not be useful for Trading purpose. Kindly request to check RSI related others study on Trading View.
Thanks for the indicator and would like to know the source code of the indicator to make any changes in script as needed for my self if you dont have any issue.
Thanks for the indicator and would like to know the source code of the indicator to make any changes in script as needed for my self if you dont have any issue.