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.
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.
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!
aaahopper
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@cxd222, Thanks alot. Really appreciated it.
I checked the best strategies and this came out one of the best, as far as I am concerned :)
I'm hoping someone could assist in the alerts on the trendlines. The rest is easy.
Also, for early trendlines plots, just extend the trendlines out they are pretty close.
Enjoy :)
Maxilla_
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@aaahopper, dear, is there any improvement in doing alerts on trendlines?
mrgr888n
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@cxd222, I agree with U that it has some very good features coded in, but how do U entering the trade before trendlines are plotted?
mrgr888n
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@cxd222, especially, I'm very interested in how to predict that moment when rsi candles are breaking trendlines (usually in the end of a trend)
cxd222
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@mrgr888n, just do some basic S/R analysis and you can predict where it can plot a trendline, if not there’s always a chance for 3rd entry upon rejecting or bouncing off the RSI trendline. In regards to breaking you have to watch price action for wicks to see if it’s a fakeout or not, if the candle is bullish or bearish engulfing it’s usually a good sign of a clean break etc.
aaahopper
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@cxd222, A little trick. My previous indicator is also an rsi based indicator. If you combine both and some slight modifications you will get interesting entries.
cxd222
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@aaahopper, cheers man, which previous indicator are we talking about?
aaahopper
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@cxd222, I have just put something up simple but effective with the indicators I had mentioned. Check it out.
It may or might not suit you but I find them helpful in finding the highest and lowest points.
cxd222
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@aaahopper, thanks again! Continue the great work, i will be following you closely!