OPEN-SOURCE SCRIPT
RSI Swing Trading Setup (2-Period)
A simple script that adjusts the RSI visibly in order to better accommodate swing trading and certain swing trading setups/strategies.
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Best used in conjunction with "Linear Regression Channel by LonesomeTheBlue" with 2.2σ (std.dev) and Show Fib Levels.
https://www.tradingview.com/script/efXI515C-Linear-Regression-Channel/
^Click image for a redirect to that script.
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In certain price action patterns:
(USE THE LINEAR REGRESSION CHANNEL TO VALIDIFY THE RETRACEMENTS)
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(1)
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(2)
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Best used in conjunction with "Linear Regression Channel by LonesomeTheBlue" with 2.2σ (std.dev) and Show Fib Levels.
https://www.tradingview.com/script/efXI515C-Linear-Regression-Channel/
^Click image for a redirect to that script.
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In certain price action patterns:
- A bearish reversal from a previously bullish move can indicate tops of a rally if the RSI moves from 0-40 to 60 (1)
- A bullish reversal from a previously bearish move can indicate bottoms of a pullback if the RSI moves from 60-100 to 40 (2)
(USE THE LINEAR REGRESSION CHANNEL TO VALIDIFY THE RETRACEMENTS)
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(1)
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(2)
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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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