I was tired of constantly having to add my own horizontals/MAs to the default so I decided to make this modification.
The default settings include channels from 40-80 (green horizontals) for a range, and 20-60 (red horizontals) for the range.
Also includes white line at 50 level, and blue horizontals at extremes (90 and 10).
If stays in one of the red or green range that can signify the trend direction, as directed by Andrew Cardwell (inventor of the ).
If you wish for other levels to be included, just let me know! Comment on here or dm me on twitter @boss_charts and I can add the settings for you, so all you have to do is click a button and it will set it to your desired config. I want this to be a tool that is useful for heavy traders to save them time.
Additionally, in order to tell the level of the and how overextended it might be, I added the setting for the to change color depending on its level. Current settings are as follows:
Normal (30-70) = PURPLE
Conventional Overbought/Oversold (30-20 + 70-80) = RED
1st extended (20-15 + 80-85) = PINK
2nd extended (15-10 + 85-90) = ORANGE
VERY EXTENDED (<10 + >90) = YELLOW
That way you can get an idea of how drastic a move is by the color alone. According to Dr . Cardwell, a drastic move to over/under extended can be a sign of strength.
Finally, there are the default MAs added that Mr. Cardwell defines as useful for defining the trend. These being the 9 MA and 45 / .
The strategy with these is to have the MAs on both price and . If the 9MA is above the 45 MA on both price and , then this is and you can look for longs.
Conversely, if the 9 is below the 45 on both and price that is , and you can look for shorts.
I added the background color change for the points where the MAs cross each other, so you do not have to have the MAs fogging up your charts to know where they are relative to one another. This is similar to my MA cross indicator which contains the same functionality.
Never financial advice. Backtest it for yourself and find MA configurations that work for you.
Enjoy! Feel free to send feedback/requests whenever.