Statistical RSI Pivot Reversal Indicator [UAlgo]

🔶 Idea

The "Statistical RSI Pivot Reversal Indicator " is designed to enhance traditional RSI analysis by incorporating statistical methods to identify potential reversal points more accurately. The core concept is to detect frequently occurring pivot points in the RSI data, which can indicate strong support or resistance levels. By analyzing the most frequent RSI values at these pivots, the script provides traders with clearer signals for potential market reversals, helping to improve the timing of entry and exit points in their trading strategies.

🔶 Key Features

Enhanced RSI Analysis:

This script calculates the Relative Strength Index (RSI) based on user-defined parameters and identifies pivot points in the RSI data. By analyzing these pivots, it detects the most frequently occurring RSI values at support and resistance levels.

Signal Filtering Options:

Filter buy and sell signals based on whether the RSI is in overbought (above 70) or oversold (below 30) conditions, enhancing the reliability of signals.

Visual and Alert Features:

Visual Signals: The script plots the RSI, the most frequent high and low RSI values, and buy/sell signals on the chart.

Alerts: Set up custom alerts for buy and sell conditions, ensuring you never miss a trading opportunity.

🔶 Disclaimer

The "Statistical RSI Pivot Reversal Indicator " script is intended for educational and informational purposes only.

It does not constitute financial advice or investment recommendations.

Trading financial instruments involves risk, and it is possible to lose more than your initial investment. Past performance is not indicative of future results.

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