Advanced CME Indicator with Alerts (BTCUSD) + RSI

2023년 3월 21일

This script is an Advanced CME (Chicago Mercantile Exchange) Indicator that provides alerts for potential gaps in the BTCUSD market. It also includes a Relative Strength Index (RSI) indicator for additional analysis.

The script uses a user-defined gap size threshold to identify gaps between the opening and closing prices of the BTCUSD market.
If the gap size exceeds the threshold, it plots the gap on the chart and triggers an alert.
The script also draws a dashed line between the candles to show the gap's extent visually.
The script also includes a Simple Moving Average (SMA) indicator to help traders identify trends.
The user can adjust the SMA length parameter to customize the indicator's sensitivity.
In addition to the gap and SMA indicators, the script calculates the RSI for the BTCUSD market.
The user can adjust the RSI period, overbought and oversold levels to customize the indicator's sensitivity.
The RSI provides a measure of the market's momentum, which can help traders identify potential trend reversals.

Originality and usefulness
Based on a search of the TradingView Community Scripts, it appears that there are other CME gap and RSI indicators available.
However, this particular script is unique in that it combines these two indicators into one tool, allowing traders to analyze the market from multiple angles.
Furthermore, the script includes customizable parameters for the gap size threshold, SMA length, RSI period, and overbought and oversold levels.
This allows traders to tailor the indicators to their individual trading strategy and preferences.
In terms of usefulness, the script provides valuable insights into potential gaps in the BTCUSD market, which can indicate shifts in market sentiment and provide trading opportunities.
The SMA and RSI indicators also provide additional analysis tools for identifying trends and momentum.
While the individual components of this script may not be entirely original, the combination of these indicators into a single, customizable tool provides a unique and valuable offering to TradingView users.

Overall, this script provides a comprehensive toolset for BTCUSD traders to analyze market trends, identify potential gaps, and receive alerts when new gaps form.
The user can customize the parameters to tailor the indicators to their trading strategy. By incorporating multiple indicators, the script provides a more complete picture of the market's behavior than any single indicator alone.

Adjust The RSI Period

The RSI (Relative Strength Index) indicator measures the strength of the price action in a market by comparing the average gains and losses over a specified time period. It typically oscillates between 0 and 100, with levels above 70 considered overbought and levels below 30 considered oversold.

In this script, the user can adjust the RSI period parameter to customize the time period over which the RSI is calculated.
A longer period will result in a smoother, less sensitive RSI line, while a shorter period will result in a more volatile, sensitive line.

The user can also adjust the overbought and oversold levels to customize the sensitivity of the RSI indicator.
A higher overbought level will result in fewer overbought signals, while a lower overbought level will result in more overbought signals.
Similarly, a higher oversold level will result in fewer oversold signals, while a lower oversold level will result in more oversold signals.

Overall, by allowing the user to adjust the RSI period, overbought and oversold levels, the script provides a customizable and sensitive tool for traders to analyze market momentum and potential trend reversals.