Estrategia de Monitor - RSI/EMA

17 Apr 2020

This indicator, competes the signals of two of the most important and reliable indicators for monitoring price trends, the Squeeze Monitor and the RSI.

For a better visualization of the relationship of the indicators with the price, the Squeeze Monitor is presented in colored bars that represent the trend of the indicator. The RSI is combined with the EMA of the RSI that supports its directionality.

As additional support for decision making, the ADX is also plotted, as an element to project the force of the next movement.

The indicator settings are presented in the configuration of the indicator. The following parameters can be adjusted there:

** Monitor Parameters **
Monitor Length Squeeze -> "Long. Monitor"

** ADX parameters **
ADX Longitug -> "Long. ADX"
ADX Smoother -> "Suavizador ADX"
ADX Variation Factor -> "Factor Var. ADX"
                     This parameter defines the minimum variation for the
                     ADX address highlighting

** RSI parameters **
RSI Length -> "Long. RSI"
RSI Smoothing -> "Suavizador RSI"
RSI EMA Length -> "Long. EMA del RSI"

Finally, the Script consolidates the information, based on the trends of the indicators, and changes the color of the candle body. The color code considers Green for the uptrend, Red for the Downtrend and Yellow in transition processes (not operable).