This indicator enhances the RSI with support and resistance zones and an EMA.
RSI: a regular RSI (default: orange / 14 period)
EMA: an EMA on the RSI (default: light gray / 10 period)
RSI support/resistance zones SR-Zones for bull markets: In a bull market the price tends to find resistance between 80 and 90 and support between 40 and 50 RSI. SR-Zones for bear markets: In a bear market the price tends to find resistance between 55 and 65 and support between 20 and 30 RSI. The concept of these support and resistance zones has been popularized by Constance Brown in her book Technical Analysis for the Trading Professional. The SR zones are described in the first chapter which is available in the preview section on Amazon.
RSI-EMA The EMA on the RSI can also be used as support and resistance. For example, you can be use it for a simple strategy such as the following: In an uptrend after a significant correction during which the RSI has been below the EMA for some time, wait for the RSI to cross above the EMA to go long and exit (partially) after the RSI crossed down the EMA.
Hint: All visual elements (RSI, EMA, support zones) can be enabled/disabled and adjusted individually.
Great work. I have been searching for this indicator for the last year, lastly founded what I want. Work awesome on stocks and indices. Congratulations dear. All the best for your future endeavor. Do make such great indicators. Appreciable work. God bless.
HodlerReloaded
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@skumardas13, I appreciate your kind words! I'm glad this indicator is useful to you. All the best to you too!
huseyinyavuzeu
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thanks
Shail143
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Sir i am big fan of you but add super trand indicater on chart that will give extra edge to trade
romje
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Best I've seen here, thanks!
PEreraEm
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I also searching for such indicator. Thank you very much