RSI Go long

2019년 7월 5일Giving all credit to celena at WarriorTrading for the idea behind this script.

The script is pretty basic and self-explanatory. We will use certain RSI levels both on 5min and 1min to determine the strength/momentum of a stock.

The idea is to monitor 5m and 1m timeframes at once. if the RSI starts to test the initial level, we will see a plot on the graph ( default color is orange ). If we reach our target level and above, bar colors will change to default color green. If this happens in both 1min and 5 min timeframe it is an indicator of the strength of the stock. This indicator coupled with our own strategy helps us reinforce the idea for long entries.