shtcoinr

RSI Based Automatic Supply and Demand

A script that draws supply and demand zones based on the RSI indicator. For example if RSI is under 30 a supply zone is drawn on the chart and extended for as long as there isn't a new crossunder 30. Same goes for above 70. The threshold which by default is set to 30, which means 30 is added to 0 and subtracted from 100 to give us the classic 30/70 threshold on RSI , can be set in the indicator settings.

By only plotting the Demand Below Supply Above indicator you get automatic SD level that is updated every time RSI reaches either 30 or 70. If you plot the Resistance Zone / Support Zone you get an indicator that extends the zone instead of overwrite the earlier zone. Due to the zone being extended the chart can get a bit messy if there isn't a clear range going on.

There is also a "confirmation bars" setting where you can tell the script how many bars under over 30 / 70 you want before a zone is drawn.

Here is an image of only using the "Demand Below / Supply Above" plot.


As you can see, this could be useful "Price Flow" indicator, where we would only short if a zone appears below another zone, or long if two zones in a row are going up, like stairs.
Open-source Skript

Ganz im Sinne von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es verstehen und überprüfen können. Ein Hoch auf den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Publikation unterliegt den Hausregeln. Sie können das Skript den Favoriten hinzufügen, um es auf dem Chart zu verwenden.

Möchten Sie dieses Skript auf einem Chart verwenden?

Kommentare

is this is reliable on all timeframes
+12 Antworten
shtcoinr goureeshmudebile11453
@goureeshmudebile11453, It uses the RSI to paint levels so its as reliable as an RSI
Antworten
Sir, if possible explain these.. thanks
+6 Antworten
this greatly helps to identify Wyckoff accumulation or distribution zones.

really great.
+5 Antworten
Thanks for sharing mate. Really loved it
+2 Antworten
shtcoinr kodwanis
@kodwanis, thanks!
Antworten
Good job.. Can You For Automatic Supply and Demand do ?
+2 Antworten
Heroturk Heroturk
@Heroturk, MACD
+1 Antworten
shtcoinr Heroturk
@Heroturk, Im sorry, I dont know what you are asking.
Antworten
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