Long Bar Reversal Using RSI

• 11/25/2019 at 3:23 PM #113553
  skrochey

  I am trying to get an alert by having arrows highlighted on the chart indicating a reversal with a long bar using the RSI(14) indicator.

  The condition for a BUY signal is:

  RSI(14) < 50 and

  Current Day RSI(14)   –   Previous Day RSI = 7.5

  If this condition is met, an Arrow ( Black in colour ) is highlighted below the Candle Bar

  The condition for a SELL signal is:

  RSI(14) > 50 and
  Previous Day RSI(14) – Current Day RSI = 7.5
  If this condition is met, an Arrow ( Black in colour ) is highlighted above the Candle Bar

  The attached chart will indicate what I require…

  

  skrochey

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  11/25/2019 at 4:53 PM #113569
  Vonasi

  It is unlikely that todays RSI minus yesterdays RSI will ever exactly equal 7.5

  Do you mean (less than or equal to 7.5) or (greater than or equal to 7.5)?

  Plus your arrow positions and colours in the description do not match those in your image.

  

  Vonasi

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  11/25/2019 at 5:03 PM #113570
  Vonasi

  Perhaps this is what you mean:

  a = rsi[14](close) - rsi[14](close[1]) b = rsi[14](close[1]) - rsi[14](close) if rsi[14] < 50 and a <= 7.5 then drawarrowup(barindex,low) coloured(0,0,255) endif if rsi[14] > 50 and b <= 7.5 then drawarrowdown(barindex,high) coloured(0,0,0) endif return

  1 2 3 4 5 6 7 8 9 10 11 12

  a = rsi[14](close) - rsi[14](close[1]) b = rsi[14](close[1]) - rsi[14](close)   if rsi[14] < 50 and a <= 7.5 then drawarrowup(barindex,low) coloured(0,0,255) endif   if rsi[14] > 50 and b <= 7.5 then drawarrowdown(barindex,high) coloured(0,0,0) endif   return

   

  

  Vonasi

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  11/26/2019 at 12:28 PM #113622
  skrochey

  Thanks for the reply and coding. I made a few changes which tells me that if RSI is lower than 50 and a> 7.5, there will be an Arrow pointing upwards below the candlestick. Interpretation would be that at market bottom, a long candle spiking up would indicate some sort of interest in the financial instrument.

  Vice versa for market tops. Please see the chart as an example….  Than you very much for the coding help.

   

  a = rsi[14](close) - rsi[14](close[1]) b = rsi[14](close[1]) - rsi[14](close) if rsi[14] > 50 and a > 7.5 then drawarrowup(barindex,low) coloured(0,0,255) endif if rsi[14] ><50 and b > 7.5 then drawarrowdown(barindex,high) coloured(0,0,0) endif return

  1 2 3 4 5 6 7 8 9 10 11 12

  a = rsi[14](close) - rsi[14](close[1]) b = rsi[14](close[1]) - rsi[14](close)   if rsi[14] > 50 and a > 7.5 then drawarrowup(barindex,low) coloured(0,0,255) endif   if rsi[14] ><50 and b > 7.5 then drawarrowdown(barindex,high) coloured(0,0,0) endif   return

   

  

  skrochey

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  11/26/2019 at 12:36 PM #113624
  Vonasi

  Glad to be of assistance. I was assuming that you were looking for a market top or bottom with a slowing of momentum which is why I chose < 7.5 but it did give an awful lot of arrows!

  Please use the ‘Insert PRT Code’ button when posting code in future posts. I’ve tidied up your last post for you. 🙂

  

  Vonasi

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