OPEN-SOURCE SCRIPT
Smart RSI & Volume Surge
How to Use Signals
🔵 Buy Signal (Blue): When RSI is below 12 and volume surges significantly at the same time.
🔴 Sell Signal (Red): When RSI is above 85, but volume decreases.
🟡 Trend Continuation Alert (Yellow): When RSI is above 85 and volume remains high.
Entry and Exit Strategy
✅ Entering a Buy Trade:
Enter a long position (Buy) when a buy signal (blue) appears.
Set the Stop Loss at 1.5 times the ATR below the entry price.
❌ Exiting a Trade:
Close the position when a sell signal (red) appears.
If a yellow alert appears, you can confirm the trend continuation or adjust the Stop Loss.
Customization Settings
Adjust the RSI Overbought/Oversold level to fine-tune signal sensitivity.
Modify the Volume Surge Multiplier to set the sensitivity to volume increase.
🔵 Buy Signal (Blue): When RSI is below 12 and volume surges significantly at the same time.
🔴 Sell Signal (Red): When RSI is above 85, but volume decreases.
🟡 Trend Continuation Alert (Yellow): When RSI is above 85 and volume remains high.
Entry and Exit Strategy
✅ Entering a Buy Trade:
Enter a long position (Buy) when a buy signal (blue) appears.
Set the Stop Loss at 1.5 times the ATR below the entry price.
❌ Exiting a Trade:
Close the position when a sell signal (red) appears.
If a yellow alert appears, you can confirm the trend continuation or adjust the Stop Loss.
Customization Settings
Adjust the RSI Overbought/Oversold level to fine-tune signal sensitivity.
Modify the Volume Surge Multiplier to set the sensitivity to volume increase.
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 publications is governed by House rules. You can favorite it to use it on a chart.
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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.