- This indicator is not guaranteed to work every time. Use it at your own discretion and perform your own due diligence. None of this is financial advice.
- The main idea behind this is that when the reaches such extremes that it often moves in a favorable direction.
- K = momentum or the blue line of the indicator.
- Don't have to look away from and measure RSI's K level.
- Simple visual indication of what to do.
- Don't have to stare at your chart all day waiting for things to get exciting.
(Above the current on any timeframe)
1. When K is greater than or equal to 99.5, it shows a sell signal. This is to indicate a short entry.
2. When K is less than or equal to 0.5, it shows a buy signal. This is to indicate a long entry.
3. If neither the conditions for a short/long entry are present, it shows a circle that is like a traffic light.
- Red Light: When K is between 99.5 and 95, a red circle is shown to indicate that a short entry may be available soon.
- Yellow Light: When K is between 95 and 5, a yellow circle is shown to indicate that neither a long nor short entry may be available soon.
- Green Light: When K is between 5 and 0.5, a green circle is shown to indicate that a long entry may be available soon.
Set an alert on the ticker you trade to notify you when either the green or red light is present so that you have time to prepare to make an entry either long/short.
The PineScript is open-source and annotated to explain different parts of the script for ease of understanding.
@Credit to Kingson1 for this strategy and his feedback on its creation/implementation.
2. The K can now be seen right next to the candlestick, removing the need to have the stochastic RSI on your chart if you so desired.
3. The indicator is now created via labels instead of plot shapes to facilitate #2.
4. The styling and positioning of the indicator relative to the candlestick have been changed to make it more intuitive towards whether it's moving towards a long/short signal. e.g. Whether the indicator is above or below the current candlestick to be more specific.
5. Red Light and Green Light have been changed to arrows pointing either up or down to make "anticipated" price action clearer.
6. I tried to make the color scheme function on both light/dark TradingView themes.
Disclaimer: This isn't advice, guaranteed, or something that you should utilize without performing your own due diligence and judgment. Thank you and enjoy.
In the style section of the settings, you can display the 10/50 EMAs if you want to. The alerts and candlesticks work regardless. I also updated the settings to be more transparent and make it easier to understand what each setting affects.
There are prebuilt alerts, 8 and 9, respectively, that can be used for Kriss/Kross.
This is an addition to the strategies as another potential alert for entry into positions, similar to how Traplight functions, so confluence between the two is good. I am currently working on incorporating a more refined version of my HHLC/LLHC candlesticks indicator to Traplight. However, it is still currently in the works. The WIP code is at the bottom of the script's code.
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