Long Bar Reversal Using RSI
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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 BarThe attached chart will indicate what I require…
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
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6 years, 2 months ago.
Topic Details
| Forum: | ProBuilder: Indicators & Custom Tools |
| Language: | English |
| Started: | 11/25/2019 |
| Status: | Active |
| Attachments: | 2 files |
