OPEN-SOURCE SCRIPT
GainzAlgo Standard
// © GainzAlgo
//version=5
indicator('GainzAlgo Standard', overlay=true, max_labels_count=500)
stable_candle = math.abs(close - open) / ta.tr > .5
rsi = ta.rsi(close, 14)
bullish_engulfing = close[1] < open[1] and close > open and close > open[1]
rsi_below_50 = rsi < 50
decrease_over_5 = close < close[5]
bull = bullish_engulfing and stable_candle and rsi_below_50 and decrease_over_5
bearish_engulfing = close[1] > open[1] and close < open and close < open[1]
rsi_above_50 = rsi > 50
increase_over_5 = close > close[5]
bear = bearish_engulfing and stable_candle and rsi_above_50 and increase_over_5
label.new(bull ? bar_index : na, low, 'BUY', color=color.rgb(0, 255, 8), style=label.style_label_up, textcolor=color.white, size=size.large)
label.new(bear ? bar_index : na, high, 'SELL', color=color.rgb(255, 0, 0), style=label.style_label_down, textcolor=color.white, size=size.large)
//version=5
indicator('GainzAlgo Standard', overlay=true, max_labels_count=500)
stable_candle = math.abs(close - open) / ta.tr > .5
rsi = ta.rsi(close, 14)
bullish_engulfing = close[1] < open[1] and close > open and close > open[1]
rsi_below_50 = rsi < 50
decrease_over_5 = close < close[5]
bull = bullish_engulfing and stable_candle and rsi_below_50 and decrease_over_5
bearish_engulfing = close[1] > open[1] and close < open and close < open[1]
rsi_above_50 = rsi > 50
increase_over_5 = close > close[5]
bear = bearish_engulfing and stable_candle and rsi_above_50 and increase_over_5
label.new(bull ? bar_index : na, low, 'BUY', color=color.rgb(0, 255, 8), style=label.style_label_up, textcolor=color.white, size=size.large)
label.new(bear ? bar_index : na, high, 'SELL', color=color.rgb(255, 0, 0), style=label.style_label_down, textcolor=color.white, size=size.large)
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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