OPEN-SOURCE SCRIPT
RSI|The Wave Principle
The Wave Principle | Modified RSI
30 green | 70 red = Strong Movement (Possible Impulse)
20 cyan | 80 Yellow = Strongest Movement
Support and Resistance Level (Trend Continuation)
Uptrend= 40
Downtrend = 60
Break+Retest = BR
Div = Divergence (Change in trend)
--------------------------------------------
This indicator has been modified from original RSI to fit Wave Principle characteristics:
Uptrend Impulsive Wave over 70 RSI it changes color to red, and > 80 yellow stronger impulse | Usually means continuation, at least once more.
Downtrend Impulsive Wave under 30 RSI it changes color to green, and < 20 cyan stronger impulse | Usually means continuation, at least once more.
Once RSI reached these levels, it doesn't mean trend reversal but a correction is expected. If it shows divergence along with an Ending Diagonal, it's a confirmation for trend reversal.
In a corrective wave, levels 40-60 represents support and resistance levels where price won't go further. Indicating Corrective Waves, not as strong as Impulsives.
Prices can breakout RSI trend lines and retest from the other side before continue the new trend as also described in the Wave Principle.
--------------------------------------------
30 green | 70 red = Strong Movement (Possible Impulse)
20 cyan | 80 Yellow = Strongest Movement
Support and Resistance Level (Trend Continuation)
Uptrend= 40
Downtrend = 60
Break+Retest = BR
Div = Divergence (Change in trend)
--------------------------------------------
This indicator has been modified from original RSI to fit Wave Principle characteristics:
Uptrend Impulsive Wave over 70 RSI it changes color to red, and > 80 yellow stronger impulse | Usually means continuation, at least once more.
Downtrend Impulsive Wave under 30 RSI it changes color to green, and < 20 cyan stronger impulse | Usually means continuation, at least once more.
Once RSI reached these levels, it doesn't mean trend reversal but a correction is expected. If it shows divergence along with an Ending Diagonal, it's a confirmation for trend reversal.
In a corrective wave, levels 40-60 represents support and resistance levels where price won't go further. Indicating Corrective Waves, not as strong as Impulsives.
Prices can breakout RSI trend lines and retest from the other side before continue the new trend as also described in the Wave Principle.
--------------------------------------------
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.