OPEN-SOURCE SCRIPT
Market side catcher
Updated
A tool that helps with Identifying whether the market is a bullish market, bearish market or consolidating.
This tools consist of simple moving average and RSI calculation.
Green color means is a bearish market, gray color means the market is consolidating and red color means is a bearish market
This tools consist of simple moving average and RSI calculation.
Green color means is a bearish market, gray color means the market is consolidating and red color means is a bearish market
Release Notes
The tool is updated to keep plotting on 1 to fit the axis perfectly but the color still indicates whether the market is bullish, bearish or consolidating.The tool still uses RSI and Moving averages.
If the color its green it means its a bullish market, you can take a buy position, if the color its red it means its a bearish market you can take the sell position and if the color its gray it means the market is consolidating, don't trade.
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.
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.