RSI Multi Time Frame - Spot Panic Sell Moments and profit!

Union of three RSI indicators: 1h, 4h and daily. In order to show 1h RSI , you have to set it as active time frame on the chart.

Purpose: spot "triple oversold" moments, where all the three RSI are under the threshold, which is 30 by default but editable.

Target Market: Cryptocurrencies. Didn't try it on other ones, may work as well. Fits Crypto well as, by experience, I can tell it usually doesn't stay oversold for long.

When the market panics and triple oversold occurs, the spot is highlighted by a green vertical bar on the indicator.

The indicator highlights triple overbought conditions as well (usually indicating strong FOMO), but I usually don't use it as a signal.

I suggest to edit the oversold threshold in order to make it fit the coin you're studying, minimizing false positives.

Special thanks to Heavy91, a Discord user, for inspiring me in this indicator.

Any editing proposal is welcome!

I reposted this script, as the first time I wrote it in Italian. Sorry for that.

Skrypt open-source

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.

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