Machine Learning RSI Bands

"Machine Learning RSI Bands" Indicator

The "Machine Learning RSI Bands" (MLRSIB) indicator leverages advanced algorithmic analysis to enhance traditional RSI strategies:

RSI Customization: Users can customize the RSI settings including source, length, and thresholds for overbought/oversold conditions.

Innovative Machine Learning Application: The script uses a proprietary function FOUNDATION_400x10x2 from the 'FOUNDATION' library, which analyzes the last 400 occurrences of data points, considering various market dynamics like volume changes or RSI movements based on the selected sampling method. Outputs four optimal outcomes for both upper and lower band conditions, representing the most statistically significant patterns or predictions.

Dynamic Band Visualization: Plots the average of these four outcomes as colored lines (red for the upper band, green for the lower band) on the chart, serving as dynamic support and resistance or overbought/oversold levels.

Signal Plotting: Displays triangles above or below the bars to signal potential short or long entries when the RSI crosses these machine learning-adjusted bands under certain confidence conditions.

Market Volatility Indicator: Adjusts the chart's background color based on volatility, using an average deviation analysis to gauge market calmness or agitation.

Alert System: Provides alert conditions for when these sophisticated signals are triggered, allowing for timely trading actions.

This indicator is designed for traders interested in combining traditional technical analysis with machine learning to refine their market entry and exit strategies, focusing on patterns identified from recent market behavior.

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Input Reorder

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Updated Confidence Reasoning