fhenry0331

Edge of Momentum

The script was designed for the purpose of catching the rocket portion of a move (the edge of momentum).

Long

--When RSI closes over 60, take long order 1 tick above that bar. The closed bar above RSI 60 will be colored "green" or whatever color the user chooses. ( RSI > 60)

--On a long position, exit will be a closed bar below the ema (low, 10) . The closed bar below the ema will be colored "yellow." (Price < ema )

--Note: On a long position there is no need to exit when a closed bar is colored "purple." RSI is just below 60 but above 40 . Pullback or chop

Short

--When RSI closes below 40 , take a short order 1 tick below that bar. The closed bar below RSI 40 will be colored "red." RSI<40)

--On a short position, exit will be a closed bar above the ema (low, 10). The closed bar above the ema will be colored "purple." (Price > ema )

--Note: On a short position there is no need to exit when a closed bar is colored "yellow."


Note: You may see a series of purple and yellow bars, that is simply chop. I define chop as RSI moving between 60 and 40 .
Trade should only be taken above green colored candle(long) and below red colored candle (short). No position should be taken off yellow or purple candle (chop)

Again this is designed to catch the momentum part of a move, and to help reduce some entries during chop. It is a simple systems that beginning traders can use and profit from.

Note: I don't no shit about coding scripts I just learn from reading others.

Enjoy. If you decide to use please drop me a line...suggestions/comments, etc.

Best of luck in all you do.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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Comments

The line for the RSI doesn't show up on my chart :(
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fhenry0331 Chris45985
@Chris45985, the color of the line could be conflicted with your background color. change the line color
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Great script, thanks for sharing!
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