OPEN-SOURCE SCRIPT
Double Basics - Identify Overbought & Oversold - Multitimeframe
I believe that everyone should monitor the basic indicators; EMA/SMA cross, BB and RSI on at least TWO timeframes before making any trading decisions. And because that is only possible on paid subscriptions, I created this indicator for people just getting started.
It allows you to plot all of the mentioned AND 2 weeklies of your choice on 1 chart INCLUDING a higher timeframe, using only 1 indicator.
The EMA's are plotted as ORANGE and the SMA's as BLACK, you can distinguish them by the line size, thin is current chart, thick is higher timeframe.
Same for the Bollinger Bands, Upper lines are red (overbought = sell signal) and bottom lines are green (oversold = buy signal)
The RSI, normally plotted in its own window, are plotted on the scale of the BB of the 2nd timeframe, where the bottom line = 0, upper line = 100 and middle (think black) line = 50. The thin purple line is the RSI of the chart resolution, the thicker purple line is the RSI of the 2nd timeframe.
Finally, the two weeklies are plotted as thick black lines.
Enjoy, and let me know your feedback!
It allows you to plot all of the mentioned AND 2 weeklies of your choice on 1 chart INCLUDING a higher timeframe, using only 1 indicator.
The EMA's are plotted as ORANGE and the SMA's as BLACK, you can distinguish them by the line size, thin is current chart, thick is higher timeframe.
Same for the Bollinger Bands, Upper lines are red (overbought = sell signal) and bottom lines are green (oversold = buy signal)
The RSI, normally plotted in its own window, are plotted on the scale of the BB of the 2nd timeframe, where the bottom line = 0, upper line = 100 and middle (think black) line = 50. The thin purple line is the RSI of the chart resolution, the thicker purple line is the RSI of the 2nd timeframe.
Finally, the two weeklies are plotted as thick black lines.
Enjoy, and let me know your feedback!
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.
Want to use this script on a chart?
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.