script siulates the strategy given by very polite and veteran trader from Patna ( NK Stock Talk ) . according to him, one can predict the market movement in any timeframe by applying some correlations of and price on top of strength.
He recommends to apply weighted moving avergage ( to predict factor ) on top of and to predict price ( on top of again ) along with . i could not include here in script but it can be added separatly by just striking "/" on chart.
for more information and understanding on the strategy, one can refer the channel of NK Stock talk
search "Hilega To Milega (Hilbe_milbe ) Trading & Investing super System" on youtube.
Hopefully this will be usefull for all those who are using basic serverice of trading view and could not do indicator on top of indicator.
Disclaimer : I am just publishing for public use and nothing is recommendation. please understand it first before applying to trading. purpose of this script is solely on giving example how pine can be used to solved indicator on indicator problems. all credit to person who created this strategy.
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.
i remember someone asked me to code this earlier and i remember that oversold and overbought levels were included in the strategy if i am not wrong
plot(input(80, 'RSI Overboght Threshold', minval=50, maxval=100), 'Overboght Threshold', color.red, 2) plot(input(20, 'RSI Oversold Threshold' , minval=1 , maxval=50 ), 'Oversold Threshold', color.green, 2)