RSI Trends

14 Apr

This TradingView script combines RSI trend analysis with FVG (Fair Value Gap) detection to identify potential buy and sell opportunities in financial markets. The script is customizable and provides extensive visual feedback directly on the chart, enhancing both strategic entry and exit points for traders. Raw code of FVG was taken from LuxAlgo

Features

1. FVG Detection: Identifies Fair Value Gaps (FVG), and provides options to display these gaps based on user settings.
   
2. RSI Trend Bars: Utilizes the Relative Strength Index (RSI) to paint bars indicating overbought and oversold conditions. This helps traders understand current market sentiment and potential reversal points.
   
3. Customizable Settings: Users can customize the timeframe, FVG types, and RSI thresholds. This flexibility allows the script to be adapted to various trading styles and timeframes.
   
4. Historical Analysis: Option to display or hide historical FVGs, helping users analyze past market behavior without cluttering the chart.
   
5. Alert System: Integrated alerts for detected buy and sell signals based on RSI conditions and the presence or absence of FVGs. This feature notifies traders of potential trading opportunities.
   

Trading Signals

• Buy, Buy+, and Buy++ Signals: These signals are triggered based on overbought conditions without corresponding bearish FVG presence, with increasing stringency for higher tiers of buy signals.
  
• Sell, Sell+, and Sell++ Signals: These signals are based on oversold conditions devoid of bullish FVG presence, with each subsequent plus sign indicating a higher level of confirmation required to trigger the signal.
  

Use Case
Ideal for traders who rely on technical analysis and are looking for an automated way to spot potential buy and sell points using both price action gaps and momentum indicators.

Customization
All input parameters are adjustable directly from the indicator's settings panel, making it easy to tailor the tool to your trading needs and preferences.