OPEN-SOURCE SCRIPT
DAVID AKONJANG FROM TIKO CAMEROON 2
This Pine Script (version 5) is a technical analysis indicator for TradingView, created by "David Akonjang from Tiko, Cameroon." Here's a brief description:
1. **Indicator Settings**:
- The indicator is applied directly on the price chart (`overlay=true`).
- It uses the **Relative Strength Index (RSI)** to generate buy and sell signals.
2. **Inputs**:
- `rsi_length`: The RSI calculation period, which defaults to 14 but can be adjusted by the user.
- `source`: The data source for the RSI calculation, defaulting to the closing price.
3. **RSI Calculation**:
- The RSI is calculated using the `ta.rsi` function with the specified period (`rsi_length`) and data source.
4. **Signal Conditions**:
- **Buy Condition**: A "Buy" signal is triggered when the RSI crosses above 70 (indicating a potential overbought condition being breached).
- **Sell Condition**: A "Sell" signal is triggered when the RSI crosses below 30 (indicating a potential oversold condition being breached).
5. **Plotting Signals**:
- **Buy Signals**: Displayed as green upward labels below the price bars where the buy condition is met.
- **Sell Signals**: Displayed as red downward labels above the price bars where the sell condition is met.
### Key Usage:
- This script helps traders identify potential reversal points based on RSI thresholds (overbought and oversold regions).
1. **Indicator Settings**:
- The indicator is applied directly on the price chart (`overlay=true`).
- It uses the **Relative Strength Index (RSI)** to generate buy and sell signals.
2. **Inputs**:
- `rsi_length`: The RSI calculation period, which defaults to 14 but can be adjusted by the user.
- `source`: The data source for the RSI calculation, defaulting to the closing price.
3. **RSI Calculation**:
- The RSI is calculated using the `ta.rsi` function with the specified period (`rsi_length`) and data source.
4. **Signal Conditions**:
- **Buy Condition**: A "Buy" signal is triggered when the RSI crosses above 70 (indicating a potential overbought condition being breached).
- **Sell Condition**: A "Sell" signal is triggered when the RSI crosses below 30 (indicating a potential oversold condition being breached).
5. **Plotting Signals**:
- **Buy Signals**: Displayed as green upward labels below the price bars where the buy condition is met.
- **Sell Signals**: Displayed as red downward labels above the price bars where the sell condition is met.
### Key Usage:
- This script helps traders identify potential reversal points based on RSI thresholds (overbought and oversold regions).
סקריפט קוד פתוח
ברוח TradingView אמיתית, מחבר הסקריפט הזה פרסם אותו בקוד פתוח, כך שסוחרים יוכלו להבין ולאמת אותו. כל הכבוד למחבר! אתה יכול להשתמש בו בחינם, אבל השימוש החוזר בקוד זה בפרסום כפוף לכללי הבית. אתה יכול להכניס אותו למועדפים כדי להשתמש בו בגרף.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.