rsier1m2_v1
Download script
This tool is designed to act as a visual signaling system on your trading charts, helping to identify specific price action moments based on momentum shifts. Rather than providing a continuous line, it marks the chart with distinct arrows to highlight potential areas of interest where the market sentiment may be changing.
How the Logic Works
The script operates by monitoring a specific technical momentum indicator (the RSI) across different timeframes. It looks for two primary "overextended" conditions to determine when to place a signal on your screen:
1. Identifying Potential Buy Opportunities (Support) The tool constantly monitors whether the momentum is moving back up from an oversold state. Specifically, it looks for a moment where the momentum value was previously at or below 30 and has now crossed above that 30-point threshold. When this "rebound" occurs, the script places a Light Blue arrow just below the candle's low price to alert you to a potential upward move.
2. Identifying Potential Sell Opportunities (Resistance) Conversely, the tool looks for signs that the market is becoming overbought and may be ready to pull back. It tracks whether the momentum value was previously at or above 70 and has now crossed below that 70-point threshold. When this "drop" occurs, the script places a Red arrow just above the candle's high price, signaling a potential downward move.
Key Features for the User
- Customizable Timeframes: You can adjust the timeframe in minutes to decide how sensitive or broad you want the signals to be (e.g., looking at 15-minute trends versus shorter periods).
- Visual Clarity: Instead of cluttering your chart with data points, the script uses clean arrows positioned slightly away from the candles, ensuring that your primary price action remains easy to read.
- Automated Monitoring: The script automatically scans the previous 250 bars of price history to plot these signals, allowing you to see historical patterns and current live signals simultaneously.
In summary, this tool serves as a "momentum filter." It ignores the market noise and only highlights specific moments where the momentum suggests the price is rotating from an extreme high or low back toward the center.
/*-----------------------------+
| |
| Shared by www.Aptrafx.com |
| |
+------------------------------*/
//+------------------------------------------------------------------+
//| ADX Crossing.mq4
//| Amir
//+------------------------------------------------------------------+
#property copyright "Author - Amir"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 LightBlue
#property indicator_color2 Red
//---- input parameters
extern int Timeframe_in_Minutes=15;
extern int RSIperiod=14;
extern int CountBars=350;
//---- buffers
double val1[];
double val2[];
double rsib4,rsinow;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string short_name;
//---- indicator line
IndicatorBuffers(2);
SetIndexStyle(0,DRAW_ARROW);
SetIndexArrow(0,108);
SetIndexStyle(1,DRAW_ARROW);
SetIndexArrow(1,108);
SetIndexBuffer(0,val1);
SetIndexBuffer(1,val2);
//----
return(0);
}
//+------------------------------------------------------------------+
//| AltrTrend_Signal_v2_2 |
//+------------------------------------------------------------------+
int start()
{
// if (CountBars>=500) CountBars=500;
// SetIndexDrawBegin(0,500-CountBars);
// SetIndexDrawBegin(1,500-CountBars);
int i,shift,counted_bars=IndicatorCounted();
//---- check for possible errors
// if(counted_bars<0) return(-1);
//---- initial zero
// if(counted_bars<1)
// {
// for(i=1;i<=CountBars;i++) val1[CountBars-i]=0.0;
// for(i=1;i<=CountBars;i++) val2[CountBars-i]=0.0;
// }
for ( shift = 250; shift>=0; shift--)
{
rsib4=iCustom(NULL,0,"#MTF_RSI",Timeframe_in_Minutes,14,0,shift+1) ;
rsinow=iCustom(NULL,0,"#MTF_RSI",Timeframe_in_Minutes,14,0,shift);
Comment (rsib4," ",rsinow);
val1[shift]=0;
val2[shift]=0;
if (rsinow>=30.00 && rsib4<= 30.00)
{
val1[shift]=Low[shift]-5*Point;
}
if (rsib4>=70.00 && rsinow<=70.00)
{
val2[shift]=High[shift]+5*Point;
}
}
return(0);
}
//+------------------------------------------------------------------+
Comments