OPEN-SOURCE SCRIPT
RSI Swing Indicator with 200 EMA
This indicator combines a custom RSI-based swing indicator with a 200-period Exponential Moving Average (EMA) to help identify potential reversal points and confirm trend direction.
RSI Swing Indicator: It uses RSI to detect overbought and oversold conditions. When RSI reaches these extreme levels, the indicator marks "swing points" on the chart, with labels showing "HH" (Higher High) or "LH" (Lower High) for overbought and "LL" (Lower Low) or "HL" (Higher Low) for oversold, based on recent price action.
200 EMA: The 200 EMA provides a long-term trend filter. Generally, prices above the 200 EMA suggest an uptrend, while prices below indicate a downtrend. This helps traders decide whether to take trades in the direction of the larger trend.
RSI Swing Indicator: It uses RSI to detect overbought and oversold conditions. When RSI reaches these extreme levels, the indicator marks "swing points" on the chart, with labels showing "HH" (Higher High) or "LH" (Lower High) for overbought and "LL" (Lower Low) or "HL" (Higher Low) for oversold, based on recent price action.
200 EMA: The 200 EMA provides a long-term trend filter. Generally, prices above the 200 EMA suggest an uptrend, while prices below indicate a downtrend. This helps traders decide whether to take trades in the direction of the larger trend.
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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