OPEN-SOURCE SCRIPT
RSI Oversold Indicator
The RSI Signal indicator is designed to help traders quickly identify oversold conditions in the market based on the Relative Strength Index (RSI). It highlights points where the RSI falls below 30, signaling potential reversal zones or buying opportunities.
Features:
Green Triangles: A green triangle is plotted below the candle whenever the RSI drops below the 30 level, indicating oversold conditions.
Customization: Allows adjustment of RSI length and data source (e.g., close, open).
Simple and Intuitive: Perfect for traders who use trend reversal strategies.
Recommended Use:
Combine this indicator with other tools, such as support and resistance levels or moving averages, to confirm signals.
Best suited for volatile markets where quick reversals are common.
This indicator is ideal for traders seeking a visually clear and efficient way to spot entry opportunities. 🚀
Features:
Green Triangles: A green triangle is plotted below the candle whenever the RSI drops below the 30 level, indicating oversold conditions.
Customization: Allows adjustment of RSI length and data source (e.g., close, open).
Simple and Intuitive: Perfect for traders who use trend reversal strategies.
Recommended Use:
Combine this indicator with other tools, such as support and resistance levels or moving averages, to confirm signals.
Best suited for volatile markets where quick reversals are common.
This indicator is ideal for traders seeking a visually clear and efficient way to spot entry opportunities. 🚀
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.