RSI Moving Average with Signal Line — Indicator by Riester

Oscillators Relative Strength Index (RSI)

Default values:
RSI = white
RSI Prime ( RSI of RSI ) = yellow
EMA 34 = blue
EMA 55 = red

They are listed in order of reactiveness to price changes. Think of them like the Williams Alligator...

White and yellow work the fastest, with WHITE being signal and YELLOW being trigger. Great for LTF
Blue and red work the slowest, with BLUE being frequently testing RED as support/resistance. Great for HTF

Long Entry:
RSIs both > SMAS (signal)
RSI > RSI Prime (confirmation)

Long Exit:
RSI < RSI Prime (signal)
RSIs both < SMAs (confirmation)

Short Entry:
RSIs both < SMAS (signal)
RSI < RSI Prime (confirmation)

Short Exit:
RSI > RSI Prime (signal)
RSIs both > SMAS (confirmation)

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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