OPEN-SOURCE SCRIPT
Updated Loro Vola Stop with RSI
This script shows the trend of an underlying based on a variation of the „Chandelier Stop" script from pipCharlie on TradingView.
Within the trend possible entry/exit zones are shown based on RSI2 overbought/oversold condition.
This type of trading setup is heavily used in the community of LoroTrader in Internet.
*Input Indicators:
- Trend Indicator:
VolaStop: Lookback Period, Multiplikator
- Oscillator Indicator:
RSI, RSI Upper-/Lowerlimit
- Display Control:
Display RSI Exit y/n ... Display ExitZone with green/red circles
Display RSI Confirmed Exit y/n ... Display EntrySignals after RSI hook from extrem with red/green arrows
*Output:
- Trend Indicator:
Green/red cross: VolaStop level
- Oscillator Zones:
Yellow cross: Pullback within trend
Green/red circles: Overbought/Sold zones
- Entry Signals:
Hook from extrem in trend direction
Within the trend possible entry/exit zones are shown based on RSI2 overbought/oversold condition.
This type of trading setup is heavily used in the community of LoroTrader in Internet.
*Input Indicators:
- Trend Indicator:
VolaStop: Lookback Period, Multiplikator
- Oscillator Indicator:
RSI, RSI Upper-/Lowerlimit
- Display Control:
Display RSI Exit y/n ... Display ExitZone with green/red circles
Display RSI Confirmed Exit y/n ... Display EntrySignals after RSI hook from extrem with red/green arrows
*Output:
- Trend Indicator:
Green/red cross: VolaStop level
- Oscillator Zones:
Yellow cross: Pullback within trend
Green/red circles: Overbought/Sold zones
- Entry Signals:
Hook from extrem in trend direction
Release Notes
Change ExitZone colorAdd warning color orange
Release Notes
Use close instead of high/low for stop calculationOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.