π This indicator clearly shows the overbought and oversold zones directly on the chart of any instrument!
The RSI settings are standard. In the settings menu, the RSI length and data type are set. In addition, the lower and upper boundaries are set. The values of the boundaries and the RSI index are automatically adapted to the price of the instrument. Thus, the boundaries of UP and DN form a kind of price channel and are displayed on the chart with a red and green line. The RSI value is the yellow line. The colors of the lines can be changed in the Style menu.
The exit of the RSI line above the upper limit (UP) indicates the entry of the price into the overbought zone (here you should look for a sale), the exit below the lower limit (DN) indicates the entry into the oversold zone (here you should look for purchases). The return of the RSI from the overbought zone or from the oversold zone into the trading channel is marked on the chart with triangles and has a built-in alert. When the price is fixed beyond the upper limit of UP, an uptrend is activated, and when fixed beyond the lower limit of DN, a downtrend is activated. The trend direction is highlighted by filling the channel (Show TREND in the settings menu). The trend change also has a built-in alert.
π I wish everyone a profit and be sure to follow risk management in trading!
For any questions, you can write to me in private messages or by the contacts in my signature.
Added a function to display a good profit point. If the Take level control marker is set in the settings, then the chart displays a take on a potential position with a size of the percentage you specified (default = 1), or the price crossing the opposite border line UP after the price leaves the oversold zone and DN after the price leaves the overbought zone . If the Take level control marker is not set in the settings, then the chart displays the price crossing the opposite UP border line after the price exits the oversold zone and DN after the price exits the overbought zone. It is displayed on the chart as a blue square.
π I wish everyone a profit and be sure to follow risk management in trading!
For any questions, you can write to me in private messages or by the contacts in my signature.