This indicator is mainly based on Overbought and Oversold. Indicator for short-term trading. This way you can get small but acceptable signals. The main basis of the indicator is as follows: To buy, the indicator is waiting for the instrument to be oversold from the RSI point of view. Then, if the chart crosses the bottom line of the Envelope indicator from the bottom to the top, a buy signal is issued. For sell, the indicator waits for the instrument to be overbought from the RSI perspective. Then, if the chart crosses the top line of the Envelope indicator from top to bottom, a sell signal is issued. The general basis is the consonance of the price and the RSI indicator. The best settings I came up with myself:
Time frame: 15 minutes
Overbought: 80
Oversell: 25
RSI Length: 8
It can be done on different instruments. But always set your profit and loss limits.
(Profit to loss ratio in this indicator can be 1: 1.)
Disclaimer: This information and trading indicators and tools provided neither is, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities. You shall be fully responsible for any investment decision you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs. I am not liable for any profit, financial improvement, losses or damages, monetary or other that may result from the application of information contained within this indicator. Individual traders must use their own due diligence in analyzing featured trading indicators, other trading tools, webinars and other educational materials to determine if they represent suitable and useable features and capabilities for the individual trader.
Release Notes
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V2.0 - I have added buying and selling alerts to the script. I hope it is according to the wishes of the users of this indicator. Please let me know if there is still a problem with this part.
Does the buy and sell indicator repatints? Can you please add alerts. Thank you.
Saleh_Toodarvari
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@anuragg1996, In the candle we are in, sometimes yes. But not in the next candles. Yes, I will add it soon.
Saleh_Toodarvari
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@anuragg1996, I updated the script now. Did your problem with the absence of alerts be resolved?
anuragg1996
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@Saleh_Toodarvari, yes it works for me. Thank you so much. Any other strategy you recommend to follow with this to have a better confluence brother?
Saleh_Toodarvari
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@anuragg1996, you're welcome. Good luck. Since the idea of oversold is used in the basis of this indicator, you can use my Envelope RSI indicator to get entry points (of course, you can use this indicator alone, keeping in mind reasonable profit and loss limits. ). Besides that, I suggest trend indicators such as MACD in long-term time frames and stochastic in short time frames.
@nuraihanputra, Hello, you may have chosen a large time frame (day or week) and the indicators have not reached the desired conditions. When the indicators reach the desired conditions, a buy or sell label is displayed on the chart.
gatuspatro
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it worked perfectly . amazing. just need strategy entries.
Can you please add alerts.
Thank you.