This experimental study attempts to translate Relative Strength Index ( ) threshold levels of oversold/overbought and bull/bear zones as probable Price levels
- Support & Resistance Levels, the main aim of the study. Level calculations are based on Relative Strength Index ( ) threshold levels of oversold/overbought and bull/bear zones, where all threshold values are customizable through the user dialog box. Background of the levels can be colored optionally
- RSI Weighted Colored Bars and/or Mark Overbought/Oversold Bars , Bar colors can be painted to better emphasis values. Darker colors when the oscillator is in oversold/overbought zones, light colors when oscillator readings are below/above the bull/bear zone respectively, and remain unchanged otherwise. Besides the colors, with “Display Overbought/Oversold Price Bars” option little triangle shapes can be plotted on top or bottom of the bars when is in oversold/overbought zones
Example usage of the study with explanations
More regarding concept (definition, identifying levels, trading S&R, etc) you are kindly invited to check my previous publication
Price Action - by DGT
More regarding Relative Strength Index ( ) and Relative Strength of Indicators, please check Relative Strength of Indicators by DGT
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
* Organized Script Inputs in Sections
* Added Alerts
* Changed study code to look programmatically nicer (no functionality change)
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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