This experimental study attempts to translate Relative Strength Index (RSI) threshold levels of oversold/overbought and bull/bear zones as probable Price Support and Resistance levels
- Support & Resistance Levels, the main aim of the study. Level calculations are based on Relative Strength Index (RSI) 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 RSI 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 RSI Overbought/Oversold Price Bars” option little triangle shapes can be plotted on top or bottom of the bars when RSI is in oversold/overbought zones
Example usage of the study with explanations
More regarding Support & Resistance concept (definition, identifying levels, trading S&R, etc) you are kindly invited to check my previous publication
Price Action - Support & Resistance by DGT
More regarding Relative Strength Index (RSI) and Relative Strength of Volume Indicators, please check Relative Strength of Volume 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
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* Organized Script Inputs in Sections
* Added Alerts
* Changed study code to look programmatically nicer (no functionality change)
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