Stochastic RSI
It is generally used to generate signals when crossings are made in overbought or oversold areas,
but it is important to take advantage of these signals according to the general trend, in this way we avoid false signals.
Overbought doesn't necessarily mean the price will reverse lower, just like oversold doesn't mean the price will reverse higher.
Rather the overbought and oversold conditions simply alert traders that the RSI is near the extremes of its recent readings.
So the main idea will be to use the signals as long as we are trending in the same direction,
the other crosses will be used as signals to take profits or as warning signs to check our trades.
Extra functions in this indicator:
- Trend background.
- Long and Short Labels base on trend and take profit warnings.
- Alerts for long and short entries and take profit warnings.
Take Profit / Warning Labels enable (Orange)
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Author's instructions
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Disclaimer
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact Vertical-X directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Warning: please read our guide for invite-only scripts before requesting access.