This indicator is a tool designed to be used with Steven Hart's RSI Exhaustion strategy. For more information google TheTradingChannel or look him up on YouTube :)
The default RSI settings for this strategy are:
RSI Overbought: 80 RSI Oversold: 20 Length: 7
When the RSI gets above 80, the line will turn red and the script will begin looking for a specific type of engulfing candle to go short. The same is true when the RSI gets below 20, but the line will turn green and look for longs. It is best used as a back-testing aid, but it can also be used to send emails or SMS alerts whenever the conditions are met. It can also be used as an alternative colored RSI indicator by removing the signals in the settings menu and changing the RSI parameters to whatever you normally use. This can aid in RSI divergence and overbought/sold strategies.
Entries:
The bright green and bright red lines represent the first type of engulfing candle. The dark green and red lines represent the second type of engulfing candle.
Some pairs perform best with only one of these entries, while others work fine with both.
This is a counter-trend or consolidation strategy, and is best used in combination with trend-continuation or trend-following strategies. As always, make sure you back-test it before you use it to trade as it works better on some pairs than others.
Informacje o Wersji
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Fixed script picking up some invalid engulfing candles.
Informacje o Wersji
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Added alert functionality.
Informacje o Wersji
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Added strategy back-testing results.
Informacje o Wersji
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Here is a companion indicator I made for this oscillator which plots your entry, SL and TP to the chart:
Hello do you have a list of pairs where it works better? thank you so much for sharing the indicator
FlyAngler
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any way to create alerts based on this?
ZenAndTheArtOfTrading
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@FlyAngler, Yes :) if you click the Add Alert button and select the script name (RSI Swing Signal) in the condition box, you will get alerts whenever a long or short signal is detected :) hope you enjoy using the script!
azeemshazli
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One of the best and great indicator on tradingview.....
use following setting for best result
@alechi91, Hi! Yes unfortunately all pine script indicators that calculate their values based on closing prices repaint. This is only an issue if you trade based on tick data instead of candle close data. All my scripts are intended to be traded systematically and rules-based so this shouldn't be an issue. Here's an article explaining how repainting affects indicators and what to look out for: backtest-rookies.com/2017/11/29/tradingview-indicator-repainting/
I've personally never had an issue with repainting except for when I've tried to create indicators that rely on other timeframe data. Let me know if you run into any issues and I'll look into it :)
Thanks for your kindness with such amazing indicator! I really love it. But would it be even more amazing if we have all kinds of divergence signals on the chart as well !? I think it will be the best of the best indicator ever made! Thank You!
stockplan
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thanks for sharing and i will testing out, thanks
RobertLC
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Whoop-whoop, awesomeness, thanks for sharing this man 🙏
(I will look to convert to use it in the Strategy Tester
so I can optimize settings for different markets)