OPEN-SOURCE SCRIPT
Fukuiz Trend
Updated
This indicator base on RSI of 2 different periond.
#A brief introduction to RSI #
The relative strength index (RSI) is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. The RSI is displayed as an oscillator (a line graph that moves between two extremes) and can have a reading from 0 to 100. The indicator was originally developed by J. Welles Wilder Jr. and introduced in his seminal 1978 book, “New Concepts in Technical Trading Systems.”
Traditional interpretation and usage of the RSI are that values of 70 or above indicate that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective pullback in price. An RSI reading of 30 or below indicates an oversold or undervalued condition.
#In this indicator#
I see that you can use 2 RSI with different periond to suggest Bullish trend and Bearish trend.
#Conditions between short and long RSI crossing#
Crossover = Bullish trend (blue zone)
Crossunder = Bearish trend (red zone)
#A brief introduction to RSI #
The relative strength index (RSI) is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. The RSI is displayed as an oscillator (a line graph that moves between two extremes) and can have a reading from 0 to 100. The indicator was originally developed by J. Welles Wilder Jr. and introduced in his seminal 1978 book, “New Concepts in Technical Trading Systems.”
Traditional interpretation and usage of the RSI are that values of 70 or above indicate that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective pullback in price. An RSI reading of 30 or below indicates an oversold or undervalued condition.
#In this indicator#
I see that you can use 2 RSI with different periond to suggest Bullish trend and Bearish trend.
#Conditions between short and long RSI crossing#
Crossover = Bullish trend (blue zone)
Crossunder = Bearish trend (red zone)
Release Notes
Minor fixRelease Notes
Update-Add Bullish/Bearish Divergence Signal.
Release Notes
:Update-Convert Pine Script to V.5
-Edit Default Setting
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.
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