OPEN-SOURCE SCRIPT

Relative Strength Index; expert

Updated

How to use
Uptrend
Buy or Long on dip when RSI>50 or similar, RSI>Signal line and Divergence.
Downtrend
Short on dip(for a downtrend) when RSI<50 or similar, RSI<Signal line and Divergence(for a downtrend).

And you can use RSI to see if the trend has been braked yet. By drawing trend lines on RSI.

Sorry, I'm not good at English. But I am studying to be able to communicate better.

Good luck :)

Firstssk,

Release Notes

Hello
I've made some minor adjustments to the conditions to help reduce signal errors. The colors used have also been improved and color tabs have been added to aid observation.
The different color tabs can be interpreted as follows.
Pastel Green : Consider buying
Pastel Red : Consider selling
Pastel Blue: Prepare to buy as the price has moved too deeply. and may be adjusted soon
Pastel Yellow : Prepare to sell as the price has gone too high in no time. There may be a profitable sell-off.

This should be considered in various parts to reduce the risks that may occur.

Finally, we would like to thank you for your interest. If you want to suggest anything, you can let me know. And we will consider for further improvement. Thank you.

Release Notes

Update!!
1.Improved script.
2.improve signal conditions.
3.Add color to make it easier to spot.

Hope it will be helpful to you.

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?

Firstssk

Disclaimer

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