DB Zero Lag Smoothed Tops & Bottoms RSI (No Repaint)
The DB ZPS RSI indicator is a designed to detect tops and bottoms using a zero lag smoothed RSI. This indicator has been specifically designed not to repaint by default. Which means the value at the opening of the bar will not change and can be used at the start of the period to make trading choices.
The RSI line has 4 different colors:
- Red = Sell Zone
- Maroon = Bear Zone
- Aqua = Trend Changing Upward
- Lime = Bull Zone
The indicator comes with zones outlined with horizontal lines. Typically when the ZPS RSI is above 90 the top is near. Typically when the ZPS RSI is below 10 the local bottom is near. However, at times the ZPS RSI may treat the 50 as the top depending on the amount of market momentum.
Since this indicator (by default) does not repaint, this means traders can use this to make market entry or exit choices at the start of the period.
For example, trader may decide to enter a long when the ZPS RSI is below 2 and the ZPS RSI color is aqua or lime at the OPEN of the bar period. A trader may choose exit a trade when the ZPS RSI is above 95 or the ZPS RSI color is maroon at the OPEN of the bar period. No waiting. Remember it does not repaint.
For example, trader may decide to enter a short when the ZPS RSI crosses under 95 on the OPEN of the bar period. The trader may then choose to close the short when the ZPS RSI color turn aqua at the OPEN of the bar period.
For those traders who live on the wild side. You may disable the no-repaint mode in the settings (not recommended). With no repaint disabled, the ZPS RSI will be subject to change as the price changes during the current period. However, for those who are willing to take this risk, you could take the example above and then enter/exit (or short) in the current bar as the example conditions are present (not recommended).
The indicator includes a simple threshold buy/sell setting and the ability to display buy sell signals (triangles, disabled by default). Additionally, the indicator has alerts for threshold levels and the different ZPS RSI color changes.
The default ZPS RSI length in the settings is 10 but can be changed.
Hope you enjoy!
p.s. ZPS RSI stands for Zero Lag Percent Change Smoothed Sum RSI
The RSI line has 4 different colors:
- Red = Sell Zone
- Maroon = Bear Zone
- Aqua = Trend Changing Upward
- Lime = Bull Zone
The indicator comes with zones outlined with horizontal lines. Typically when the ZPS RSI is above 90 the top is near. Typically when the ZPS RSI is below 10 the local bottom is near. However, at times the ZPS RSI may treat the 50 as the top depending on the amount of market momentum.
Since this indicator (by default) does not repaint, this means traders can use this to make market entry or exit choices at the start of the period.
For example, trader may decide to enter a long when the ZPS RSI is below 2 and the ZPS RSI color is aqua or lime at the OPEN of the bar period. A trader may choose exit a trade when the ZPS RSI is above 95 or the ZPS RSI color is maroon at the OPEN of the bar period. No waiting. Remember it does not repaint.
For example, trader may decide to enter a short when the ZPS RSI crosses under 95 on the OPEN of the bar period. The trader may then choose to close the short when the ZPS RSI color turn aqua at the OPEN of the bar period.
For those traders who live on the wild side. You may disable the no-repaint mode in the settings (not recommended). With no repaint disabled, the ZPS RSI will be subject to change as the price changes during the current period. However, for those who are willing to take this risk, you could take the example above and then enter/exit (or short) in the current bar as the example conditions are present (not recommended).
The indicator includes a simple threshold buy/sell setting and the ability to display buy sell signals (triangles, disabled by default). Additionally, the indicator has alerts for threshold levels and the different ZPS RSI color changes.
The default ZPS RSI length in the settings is 10 but can be changed.
Hope you enjoy!
p.s. ZPS RSI stands for Zero Lag Percent Change Smoothed Sum RSI