This version of RSI shows the proper levels of how to trade price action.
RSI is more than a reversal tool. It is also a trend following tool.
I've added bands to show Overbought/Oversold.
Above 55 is bullish. Below 45 is bearish.
Do not make any transactions in the 45-55 gray band area.
Coupled with a 50/200 EMA strategy this is more than enough to make a...
For those who like to trade with the trend instead of against it. This little script shows you what side of the daily/weekly/monthly timeframe open, price is currently trading at so that you dont accidentally trade against the higher timeframe momentum. Timeframes are customizable through the indicator settings panel.
