This script works with two 50 exponential moving averages and a 20 exponential moving average. The 50 ema high and low work like a channel in combination with the 20 ema to idenifty a trend in the 15 min chart. Once the trend is identified the script waits until the stochastic crosses over 20 (oversold) in a uptrend to buy and 80 (overbought) to short. It is a...
Simple Overbought/Oversold indicator
You can change long to short in the Input Settings
WARNING:
- For purpose educate only
- This script to change bars colors.
A simple strategy that use EMAs convergence/divergence and RSI peeks to take position. Fractals are really useful to positioning your stop loss.
It works well on commodities and forex markets.