RSI, Range, and Key Level Support Tool v2.1

2021년 3월 6일

This indicator is actually 3 different indicators combined to be able to watch key levels such as daily/weekly/monthly opens, previous days and week range highs and lows, as well as see Oversold and Overbought conditions relating to the Relative Strength Index (RSI).

-RSI DOTS SYSTEM
The first part is a custom Relative Strength Index indicator that shows RSI dots above in Red and Below in Green of the bars.
As the RSI Dots go from dark and barely visible to bright and Red For Oversold or Green for Overbought it gives a direct representation above the bar chart of Overbought or Oversold conditions. The brighter the color, the closer to 100 (Overbought and Red) or 0 (Oversold and Green) the current RSI is.
As the Overbought and Oversold conditions reverse this will show a bright Yellow Dot over the bar if it crosses a value from Overbought conditions to not Overbought conditions and the same if it crosses from Oversold conditions to not oversold conditions. To put it simply, it shows RSI reversal.

-KEY LEVELS OPENS - Daily, Weekly, Monthly Opens
This is a simple line indicator that shows 3 key levels: Daily Open, Weekly Open, and Monthly Open.
These higher time frame key levels show precisely at what price that time frame opened based on 0 UTC.

-PREVIOUS HIGHS/LOWS
This part of the indicator will show the previous day and even week highs and lows. This will help the user establish a functional range of the previous days and weeks.
The highs and lows for the daily are rows of circles above and below the high and low for that specific day and the previous weekly range are rows of crosses above and below the high and low for the past week.

How to Best use the indicator:
The RSI dots will help the user find the tops and bottoms where the Key Levels Opens and Previous Highs and Lows will help the user establish the range.
Knowing where the local top/bottom is in correlation to the potential range tops and bottoms allows the user to effectively time trend reversals and potential tops/bottoms.

2021년 3월 10일

릴리즈 노트

New Version removes RSI Dots and focuses on Key Levels Only

2021년 7월 29일

릴리즈 노트

This indicator is broken down into 2 parts - Key levels and Ranges
- The Key Levels toggled on show the Daily, Weekly, and Monthly Opens on any timeframe.
- The Ranges can be adjusted to show the previous Daily Ranges and the previous Weekly Ranges. These values can be adjust to whichever number of days and ranges you want to look back upon.

*This is a simple but effective indicator because these key "Opens" and "Ranges" are often retested and Price potentially reacts on these levels as Support or Resistance.
*We recommend using this indicator with Support and Resistance backed Technical Analysis to build "Confluence" at specific levels when multiple levels, retracements, S/R, etc. react at the same level.