PROTECTED SOURCE SCRIPT
[PS] Mini-Meter psRSI
This single oscillator, the cyclic RSI, is being measured for weakness in the underlying trend over a period of time and will identify divergences in price and the oscillator.
Two lines are drawn on the oscillator when a potential correction is detected.
Crossing the red line signifies invalidation of the potential correction and trend continuation.
Crossing the green line signals the potential counter-trend move.
Three symbols also appear on the oscillator.
Dots indicate the beginning of the diverging period.
X's indicate invalidation and trend continuation.
Triangles indicate the confirmation of the counter-trend move.
Alerts are integrated for each condition and are available to select individually as needed.
I will typically use alerts on a Bullish Setup to notify me of a chart preparing for a bullish correction.
I'll look at the chart and identify relevant support and resistance levels.
Upon a Bullish Trigger alert I'll return to the chart and evaluate my risk according to the current price level in relation to support/resistance.
I'll also look for a confirming price action signal for entry into a bullish trade.
Sometimes Bullish Triggers at support and Bearish Triggers at resistance can show those price levels potentially holding up.
In open positions triggers can be used as market-dictated take profit points as they are showing weakness in the directionality of price.
This script does not make use of the pivot function to identify lower/higher lows/highs, but there IS a 5 bar buffer in pivot points. Backtesting of methods show this has more statistical validity in the signal.
@theprivacysmurf
*The [PS] MM psRSI is a constituent of the PrivacySmurf Correction Strength Meter*
Two lines are drawn on the oscillator when a potential correction is detected.
Crossing the red line signifies invalidation of the potential correction and trend continuation.
Crossing the green line signals the potential counter-trend move.
Three symbols also appear on the oscillator.
Dots indicate the beginning of the diverging period.
X's indicate invalidation and trend continuation.
Triangles indicate the confirmation of the counter-trend move.
Alerts are integrated for each condition and are available to select individually as needed.
I will typically use alerts on a Bullish Setup to notify me of a chart preparing for a bullish correction.
I'll look at the chart and identify relevant support and resistance levels.
Upon a Bullish Trigger alert I'll return to the chart and evaluate my risk according to the current price level in relation to support/resistance.
I'll also look for a confirming price action signal for entry into a bullish trade.
Sometimes Bullish Triggers at support and Bearish Triggers at resistance can show those price levels potentially holding up.
In open positions triggers can be used as market-dictated take profit points as they are showing weakness in the directionality of price.
This script does not make use of the pivot function to identify lower/higher lows/highs, but there IS a 5 bar buffer in pivot points. Backtesting of methods show this has more statistical validity in the signal.
@theprivacysmurf
*The [PS] MM psRSI is a constituent of the PrivacySmurf Correction Strength Meter*
نص برمجي محمي
تم نشر هذا النص البرمجي بمصدر غير مفتوح ويمكنك استخدامه بحرية. يمكنك جعله مفضلاً لاستخدامه على الرسم البياني. لا يمكنك مشاهدة أو تعديل كود المصدر الخاص به.
هل تريد استخدام هذا النص البرمجي على الرسم البياني؟
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