For drawing the line we need to first determine the demand and supply.
We are using too-familiar indicator to determine when the script is oversold and overbought.
Now oversold (in ) is not a point, it’s a zone. The indicator comes below 30, stays there and goes up above 30. Similarly for overbought.
Now if you carefully look at the oversold region – the lowest point of the oversold region is the place where the demand came (for surety) and push the indicator (and price) up.
Similarly: the highest point of overbought is the place where (for surety) the supply came and push the indicator (and price) down.
So that’ the supply / demand line (for surety).
In this indicator, based on the we are just drawing lines in the chat. That’s all.
What is unique ?
Trendline concept is not new. is not new. overbought/oversold is not new.
There are indicators exist to draw . Some of them works beautifully.
However, none of these, we are aware of, uses to determine it. And, we believe, the most logical way to determine is .
Note: We are not responsible for any trading/investment decision you are taking out of the outcome of this indicator.
In this version of the script, we are adding two features:
- Multiple RSI period Support/Resistance (e.g. 7, 14, 21, 28). You can turn off also through a boolean switch.
- The slanted trendlines. Often in trading, only horizontal support/resistance lines are not enough, you may also need a slanted trendlines. It's for that.
The Logic of creating slanted trendlines are simple: Just follow the RSI path. The way RSI goes through from overbought to oversold (or vice versa), just draw a line following these two price points in the chart. Simple, but works!
So now, by default, turned off the slanted trendlines (blue colored).
User can, of course, turn it ON if user wishes so. (Please check the last toggle control on the indicator's settings).
Showing a table besides the chart to show the Support/Resistance levels for easiler consumption.
Also the same table data is available in an alert, if someone wants to use it.
We just added an alert of Daily levels (in Daily timeframe).
User can potentially sets up the alert to keep the chart in the Daily timeframe to receive the alerts.
이 스크립트의 오써는 참된 트레이딩뷰의 스피릿으로 이 스크립트를 오픈소스로 퍼블리쉬하여 트레이더들로 하여금 이해 및 검증할 수 있도록 하였습니다. 오써를 응원합니다! 스크립트를 무료로 쓸 수 있지만, 다른 퍼블리케이션에서 이 코드를 재사용하는 것은 하우스룰을 따릅니다. 님은 즐겨찾기로 이 스크립트를 차트에서 쓸 수 있습니다.
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