Duyck

RSI-Histo-Entry_JD

This indicator shows a histogram of the RSI in relation to an ema of the RSI .
The histogram is then smoothed to give early reversal/entry signals.

The actual RSI line with oversold/overbought indication can be displayed or omitted, as preferred.
In addiction to the RSI line or as an alternative to it, the background colour can be set to change folowing the RSI signals.

JD .
릴리즈 노트: This indicator is designed to show give early entry signals as well as to follow trend moves, according to different settings.

The indicator shows a histogram of the RSI in relation to an ema of the RSI.
The histogram is then smoothed to give early reversal/entry signals.
The actual RSI line with oversold/overbought indication can be displayed or omitted, as preferred.
in addition to the RSI line or as an alternative to it, the background colour can be set to change folowing the RSI signals.
The timeframe can be chosen. Higher timeframes (eg. 3h) tend to give less false signals.

version 4.
added support for custom Multiple Time Frame selection.

added option for price bar coloring according to the indicator. (deselecting "borders" in the "style" tab is recommended)
price bar coloring can be adjusted for different strategies:
1. following the slope of the histogram (for faster entry/exit signals)
2. according to positive or negative histogram (for longer moves)
3. according to pos. or neg. RSI (for longer term trend holds)
4. uptrend: biased towards faster buy signals and slower sell signals to stay in the uptrend
5. downtrend: biased towards faster sell signals and slower buy signals to stay in the downtrend

A longer timeframe (eg. 3x) is recommended for following trend moves.

JD.
릴리즈 노트: version 5.

Added option for choice of RSI or MFI as base indicator.

Try different strategies to see what works best for RSI or MFI.

JD.
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Disclaimer.
I AM NOT A FINANCIAL ADVISOR.
THESE IDEAS ARE NOT ADVICE AND ARE FOR EDUCATION PURPOSES ONLY.
ALWAYS DO YOUR OWN RESEARCH!
JD.
A little tip is always nice!
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http://paypal.me/jorisduyck
THIS IS AN A_OLD VERSION OF THE INDICATOR!! (but Tradingview doens't allow for deletion of old/outdated or renamed scripts)

THE LATEST VERSION CAN BE FOUND AT THIS LINK:

응답
Wonderful indicator, thanks :)
응답
Duyck DreamsDefined
@DreamsDefined

Thank you,

I've found that the indicator also works great for drawing trendlines and finding reversals.


+1 응답
@Duyck, That looks very interesting. Would you mind explaining the method behind it?
응답
Duyck DreamsDefined
@DreamsDefined,

The indicator is similar to the histogram in the macd but instead of giving the difference (or the rate of change) between a fast and a slow ma it gives the differnce between the rsi-line and an ma of the rsi (a smoothed rsi-line).

The histogram gives an indication to the momentum with which the rsi changes, as a trend weakens the tops or the bottoms in the histogram get smaller and show a divergence to the price action.

The method is to connect the last two (or more in some cases) tops or bottoms in the histogram (and price), as soon as this trendline is broken this indicates an new increase in upwards or downwards momentum.
If the last top or bottom is a big peak, you just draw a trendline along the slope of the histogram of the last top/bottom.

In an uptrend, you connect the bottoms in a downtrend the lats tops.

As you see in the red line 2018-02-05 to 2018-03-07 the trendlines often act as support or resistance in the future for either tops or bottoms.


Hope this helps.

JD.
응답
@Duyck, Thanks for the reply, much appreciated.

You're right, it works remarkably well. Can imagine it's a great confirmation signal for many setups.

:)
응답
Duyck DreamsDefined
@DreamsDefined,


Hi, just to let you know, I uploaded a new version, with custom Multi Time Frame support and the choice between RSI and MFI as the base-indicator.

I also added an option to color the price bars according to various strategies based on the indicator to stay in a trend for as long as possible or to detect early reversals. (very interesting results!)


JD.


+1 응답
Duyck DreamsDefined
@DreamsDefined,

This is a snapshot with only the RSI/MFI indicator.
the other one had my ADX indicator as well ;-)

+1 응답
@Duyck, Thanks heaps :) Seriously great work - I've been looking at implementing a MTF aspect as testing showed that made a big difference to performance, and you've done it before I can even ask. Legend :)
응답
Duyck DreamsDefined
@DreamsDefined,

Thanks for the appreciation.
I've found that it saves a lot of time to be able to quickly change to see where something is going on a lager timescale but still have the benefit of timing entries more accurately on the faster scale, without having to open several charts or constatly switching them.

At the moment I'm trying to find a way to automaticelly draw trendlines from the previous highs and lows, to find likely reversal points (like I did manually in the screenshot above) but that's still very "work in progress",...
응답
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