OPEN-SOURCE SCRIPT
Supertrend with RSI OB/OS Arrows @ClearTradingMind
https://t.me/cleartradingmind
Supertrend with RSI OB/OS Arrows
Credit: KingForex2022 (ClearTradingMind)
Overview:
This indicator combines the power of Supertrend and RSI to help traders identify potential trend reversals and overbought/oversold conditions in the market. The Supertrend component highlights the prevailing trend direction, while RSI (Relative Strength Index) signals potential reversal points based on overbought and oversold levels.
Parameters:
- Supertrend Settings:
- ATR Length: 50
- Factor: 10.0
- RSI Settings:
- Period: 14
- Oversold Level: 30
- Overbought Level: 70
How to Use:
- Supertrend: The colored line indicates the current trend direction. Green for an uptrend and red for a downtrend.
- RSI Arrows:
- Buy Arrow: Plots when the Supertrend is in a downtrend (red) and RSI crosses below the oversold level (30).
- Sell Arrow: Plots when the Supertrend is in an uptrend (green) and RSI crosses above the overbought level (70).
Note: This indicator is best used in conjunction with other analysis tools for comprehensive trade decision-making. Always consider risk management principles when trading.
*Disclaimer: Trading involves risk, and past performance is not indicative of future results. Use this indicator responsibly and perform your own analysis before making trading decisions.*
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Supertrend with RSI OB/OS Arrows
Credit: KingForex2022 (ClearTradingMind)
Overview:
This indicator combines the power of Supertrend and RSI to help traders identify potential trend reversals and overbought/oversold conditions in the market. The Supertrend component highlights the prevailing trend direction, while RSI (Relative Strength Index) signals potential reversal points based on overbought and oversold levels.
Parameters:
- Supertrend Settings:
- ATR Length: 50
- Factor: 10.0
- RSI Settings:
- Period: 14
- Oversold Level: 30
- Overbought Level: 70
How to Use:
- Supertrend: The colored line indicates the current trend direction. Green for an uptrend and red for a downtrend.
- RSI Arrows:
- Buy Arrow: Plots when the Supertrend is in a downtrend (red) and RSI crosses below the oversold level (30).
- Sell Arrow: Plots when the Supertrend is in an uptrend (green) and RSI crosses above the overbought level (70).
Note: This indicator is best used in conjunction with other analysis tools for comprehensive trade decision-making. Always consider risk management principles when trading.
*Disclaimer: Trading involves risk, and past performance is not indicative of future results. Use this indicator responsibly and perform your own analysis before making trading decisions.*
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