OPEN-SOURCE SCRIPT
Double Basics - Identify Overbought & Oversold - Multitimeframe
I believe that everyone should monitor the basic indicators; EMA/SMA cross, BB and RSI on at least TWO timeframes before making any trading decisions. And because that is only possible on paid subscriptions, I created this indicator for people just getting started.
It allows you to plot all of the mentioned AND 2 weeklies of your choice on 1 chart INCLUDING a higher timeframe, using only 1 indicator.
The EMA's are plotted as ORANGE and the SMA's as BLACK, you can distinguish them by the line size, thin is current chart, thick is higher timeframe.
Same for the Bollinger Bands, Upper lines are red (overbought = sell signal) and bottom lines are green (oversold = buy signal)
The RSI, normally plotted in its own window, are plotted on the scale of the BB of the 2nd timeframe, where the bottom line = 0, upper line = 100 and middle (think black) line = 50. The thin purple line is the RSI of the chart resolution, the thicker purple line is the RSI of the 2nd timeframe.
Finally, the two weeklies are plotted as thick black lines.
Enjoy, and let me know your feedback!
It allows you to plot all of the mentioned AND 2 weeklies of your choice on 1 chart INCLUDING a higher timeframe, using only 1 indicator.
The EMA's are plotted as ORANGE and the SMA's as BLACK, you can distinguish them by the line size, thin is current chart, thick is higher timeframe.
Same for the Bollinger Bands, Upper lines are red (overbought = sell signal) and bottom lines are green (oversold = buy signal)
The RSI, normally plotted in its own window, are plotted on the scale of the BB of the 2nd timeframe, where the bottom line = 0, upper line = 100 and middle (think black) line = 50. The thin purple line is the RSI of the chart resolution, the thicker purple line is the RSI of the 2nd timeframe.
Finally, the two weeklies are plotted as thick black lines.
Enjoy, and let me know your feedback!
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun das Script auch andere Trader verstehen und prüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden. Die Nutzung dieses Codes in einer Veröffentlichung wird in unseren Hausregeln reguliert. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.
Möchten Sie dieses Skript auf einem Chart verwenden?
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.