This indicator uses multiple RSI signals to find stress points and consequently a shift in trend strength and momentum. The signals are processed and then displayed as actionable bars:
Dark Green = Early Buy Signal
Dark Red = Early Sell Signal
Light Green = Buy Confirmation Signal (Consider Long Entry) / Exit Shorts
Pink = Sell Confirmation Signal (Consider Short Entry) / Exit Longs
Grey = Entry Invalidated, consider exit or use a tight trailing stop loss
Dark Blue & Magenta = Pullback Imminent
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Defparam CalculateonLastBars = 10000 RSI1 = RSI[Period1](close) RSI2 = RSI[Period2](close) RSI3 = RSI[Period3](close) RSI4 = RSI[Period4](close) RSI5 = RSI[Period5](close) CS = ConfirmationSensitivity + 1 once LastColor = 0 If (RSI1[1] > RSI2[1] and RSI2[1] > RSI3[1] and RSI3[1] > RSI4[1] and RSI4[1] > RSI5[1]) and (RSI1 < RSI2 and RSI2 < RSI3 and RSI3 < RSI4 and RSI4 < RSI5) and round(RSI1[1]) <= BullishX1 Then R = 220 G = 20 B = 60 LastColor = -1 ElsIf (RSI1[1] < RSI2[1] and RSI2[1] < RSI3[1] and RSI3[1] < RSI4[1] and RSI4[1] < RSI5[1]) and (RSI1 > RSI2 and RSI2 > RSI3 and RSI3 > RSI4 and RSI4 > RSI5) and round(RSI1[1]) >= BearishX1 Then R = 0 G = 128 B = 0 LastColor = 1 ElsIf (RSI1[2] > RSI2[CS] and RSI2[CS] > RSI3[CS] and RSI3[CS] > RSI4[CS] and RSI4[CS] > RSI5[CS]) and (RSI1 < RSI2 and RSI2 < RSI3 and RSI3 < RSI4 and RSI4 < RSI5) Then R = 255 G = 204 B = 229 If LastColor = 1 Then LastColor = 0 EndIf ElsIf (RSI1[CS] < RSI2[CS] and RSI2[CS] < RSI3[CS] and RSI3[CS] < RSI4[CS] and RSI4[CS] < RSI5[CS]) and (RSI1 > RSI2 and RSI2 > RSI3 and RSI3 > RSI4 and RSI4 > RSI5) Then R = 205 G = 255 B = 153 If LastColor = -1 Then LastColor = 0 EndIf ElsIf (LastColor = -1 and min(RSI1,min(RSI2,min(RSI3,min(RSI4,RSI5)))) > 50) or (LastColor = 1 and max(RSI1,max(RSI2,max(RSI3,max(RSI4,RSI5)))) < 50) Then R = 160 G = 160 B = 160 LastColor = 0 Else R = 0 G = 0 B = 0 EndIf If EnableTakeProfit Then If round(RSI1) >= BullishX1 and round(RSI2) >= BullishX2 and LastColor > 0 Then R = 0 G = 0 B = 204 ElsIf round(RSI1) <= BearishX1 and round(RSI2) <= BearishX2 and LastColor < 0 Then R = 153 G = 0 B = 153 EndIf endIf BACKGROUNDCOLOR(R,G,B) Return RSI1 coloured(164,66,220) as "RSI1", RSI2 coloured(150,0,205) as "RSI2", RSI3 coloured(185,76,225) as "RSI3", RSI4 coloured(132,49,215) as "RSI4", RSI5 coloured(84,32,180) as "RSI5", BullishX1 coloured(50,205,50) Style(Line,2), BullishX2 coloured(0,255,127) Style(Line,1), BearishX1 coloured(220,20,60) Style(Line,2), BearishX2 coloured(255,0,0) Style(Line,1), 50 coloured(255,255,255) |
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I would just like to point out that this is a very basic version of this indicator but still provides plenty of functionality. I have however since created a premium version with much more powerful functionality including ZeroLag RSI, RSI Divergence Signals and Consolidation Detection. I have also created a fully functioning automated strategy based on this indicator. For more information on these do not leave a comment but rather visit my profile page.
I Have not see a fully functioning automated strategy on your site?? Really have you???
Hi Madrosat, why would it be on my site? I have developed it for my personal use and also to test the efficacy of the indicator. If however you are interested in obtaining the enhanced premium version of the indicator you can contact me by visiting my webpage. (see the info on my profile page)
ok I understood you are using prorealcode to hack the fish