PROTECTED SOURCE SCRIPT
Shooting Range by tradingcoach.dk
Updated
Explanation of the Script
This script is a tool designed to identify bullish trading opportunities by analyzing the Relative Strength Index (RSI) on two customizable timeframes. It highlights areas where RSI values fall below specified thresholds on both timeframes, signaling potential oversold conditions. These signals can help traders identify potential market reversals, making the script particularly suitable for scalping strategies.
Key Features:
1. Customizable RSI Timeframes and Thresholds:
• You can select separate timeframes for the lower and higher RSI calculations.
• RSI thresholds are adjustable to match your preferred trading style and market conditions.
2. Multi-Timeframe Analysis:
• The script calculates RSI for two timeframes simultaneously, allowing for a confluence of signals.
• A bullish signal is generated when RSI values on both timeframes fall below their respective thresholds, indicating oversold conditions.
3. Visual Feedback:
• The background of the chart is highlighted green when a signal occurs, making it easy to identify potential setups without extra chart clutter.
This script is a tool designed to identify bullish trading opportunities by analyzing the Relative Strength Index (RSI) on two customizable timeframes. It highlights areas where RSI values fall below specified thresholds on both timeframes, signaling potential oversold conditions. These signals can help traders identify potential market reversals, making the script particularly suitable for scalping strategies.
Key Features:
1. Customizable RSI Timeframes and Thresholds:
• You can select separate timeframes for the lower and higher RSI calculations.
• RSI thresholds are adjustable to match your preferred trading style and market conditions.
2. Multi-Timeframe Analysis:
• The script calculates RSI for two timeframes simultaneously, allowing for a confluence of signals.
• A bullish signal is generated when RSI values on both timeframes fall below their respective thresholds, indicating oversold conditions.
3. Visual Feedback:
• The background of the chart is highlighted green when a signal occurs, making it easy to identify potential setups without extra chart clutter.
Release Notes
Explanation of the ScriptThis script is a tool designed to identify bullish trading opportunities by analyzing the Relative Strength Index (RSI) on two customizable timeframes. It highlights areas where RSI values fall below specified thresholds on both timeframes, signaling potential oversold conditions. These signals can help traders identify potential market reversals, making the script particularly suitable for scalping strategies.
Key Features:
1. Customizable RSI Timeframes and Thresholds:
• You can select separate timeframes for the lower and higher RSI calculations.
• RSI thresholds are adjustable to match your preferred trading style and market conditions.
2. Multi-Timeframe Analysis:
• The script calculates RSI for two timeframes simultaneously, allowing for a confluence of signals.
• A bullish signal is generated when RSI values on both timeframes fall below their respective thresholds, indicating oversold conditions.
3. Visual Feedback:
• The background of the chart is highlighted green when a signal occurs, making it easy to identify potential setups without extra chart clutter.
Release Notes
Explanation of the ScriptThis script is a tool designed to identify bullish trading opportunities by analyzing the Relative Strength Index (RSI) on two customizable timeframes. It highlights areas where RSI values fall below specified thresholds on both timeframes, signaling potential oversold conditions. These signals can help traders identify potential market reversals, making the script particularly suitable for scalping strategies.
ey Features:
1. Customizable RSI Timeframes and Thresholds:
• You can select separate timeframes for the lower and higher RSI calculations.
• RSI thresholds are adjustable to match your preferred trading style and market conditions.
2. Multi-Timeframe Analysis:
• The script calculates RSI for two timeframes simultaneously, allowing for a confluence of signals.
• A bullish signal is generated when RSI values on both timeframes fall below their respective thresholds, indicating oversold conditions.
3. Visual Feedback:
• The background of the chart is highlighted green when a signal occurs, making it easy to identify potential setups without extra chart clutter.
Protected script
This script is published closed-source and you may privately use it freely.
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Disclaimer
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