RSI Fractal Energy with Signal Line

22 Jun 2023

Here is my second script.

Introducing the RSI Fractal Energy Indicator.

This incorporates the Relative-Strength Index and Fractal Energy as the name implies.

This will help the trader identify:
1. Trend Strength: The higher the value of the indicator can indicate the strength of the trend and vice versa.
2. Reversal points: If the indicator is showing weakness and the market is making higher highs and lower lows this can indicate a reversal is possible.
3. Overbought and Oversold conditions: This indicator is currently set to 30(Oversold) and 70(Overbought), but this can be changed in the source code.

I also added a signal line to provide bullish/bearish crossovers.

I use this indicator on the 1 hr chart, but it can be used on any time frame.

Please let me know if you have any questions, comments, or concerns. Always open to learning more.

I will also provide updates as I continue to use my indicators.

Happy trading!