aaahopper

strategy of RSI with trendlines and S/R

Before I go through this chart I want to acknowledge the great programmers who spent much of their time and effort to assist many TV users and traders.

Thank you to LunaOwl for the RSI American lines her script made me realize the need to have trendlines , supports, and resistance on RSI charts.
Also, a copy of Lij_MC code from was taken which had been credited to Duyck. Thank you Duyck.
The BB was copied from morpheus747
As I researched different strategies one strategy seemed to assist the trader for entry and exits. It was the combination of Support and resistance on the RSI . In addition, diagonal lines (Recently introduced in pine script V4) assists in the direction and reversals that may occur. What is supplied is only a graphical representation and no trade entry or exit points are selected.

On the chart you can use;
RSI line or bar;
Bollinger High / Low support line;
• Diagonal trend lines . A primary and a secondary group of trendlines ; and
Trendline candle highlighter.

I am hoping people with great skills could assist to develop this to the next level.
I hope this graphical strategy may help until further development. Enjoy.

Favori Komutlardan Çıkart Favori Komutlara Ekle
Hey @aaahopper nice work here! I've been trying it manually but would love to automate so I can get alerts instead of checking all the time.

Just an idea... since you have the equation of the trend line (using 2 points), can you use that to calculate the projection/extension to the current bar using y=mx+c (where x is the distance away from the initial point and m = (Ay - By / Ax - Bx))? If it's a positive gradient (m) then check if RSI closes below it then alert a break of that up trend line. If it's a negative gradient (m) then check if RSI closes above it then alert a break of that down trend line.
Cevap Gönder
Hi aaahopper. I have evaluated several ways to get useful server-side alerts from your indicator. We got both trendlines and the support or resistance of RSI. In fact, the calculated trendlines (primary and secondary) are not only trendlines they are as well able to detect divergence between the RSI and the price. I noticed several alterations to the code that might be potential issues to create alerts. One is that you remove the filter of support and resistance. Now the Bollinger Band S or R can appear everywhere instead of only above the define overbought level or oversold level. The use of the Bollinger band is better than only a fixed RSI value but still, the RSI value is important to make better alerts. The second is about the trendline. All detection to identify an RSI breakout is also disabled. You can PM me if you want to elaborate. Thanks for your answers
Cevap Gönder
aaahopper parisseine
Hi parisseine, Sorry for the late delay.
I would love to hear your suggestions and also if you have been using it and the success rate.
I have posted the potential entry and exit trades for Overbought/Oversold areas, and Support and resistance locations.
It could be located https://pastebin.com/EiJzs0WW.
If you could assist with improving trade entry and exit points, I would love to get a reply and have a chat.
Thank you
Cevap Gönder
I've been using this for the past few weeks, it's absolutely amazing- great job.
Cevap Gönder
aaahopper anotherskid
@anotherskid, Thank you. Are you using it manually?
Cevap Gönder
I see a lot of information that can be used to trigger alerts in your indicator. In order to increase the quality of these alerts I suggest to use candle patten recognition to identify entries on the extremum, an extension of the divergence detection already implemented.
Cevap Gönder
parisseine parisseine
Here is a first implementation of a fractal recognition combined with the RSI candles. The recognition is filtered with a Bill Williams method and calculated on the close . Fractal red for topside and green for bottom side
Cevap Gönder
Thanks, really a good all-in-one indicator. I modify it adding the possibiltiy to choose between RSI and Stochastic RSI:
Cevap Gönder
aaahopper 03.freeman
@03.freeman, Excellent. It looks like it works well based on the image
Cevap Gönder
Man you don’t know what you’ve created! You can make someone seriously rich with this! By first impression i think this is awesome awesome script, would hope to get alerts added soon and also more precision (early trendline plots etc.) thank you for helping out the trading community, you are a hero!
+1 Cevap Gönder