Sto RSI and kijun-sen line to determine and follow the trend

10 ביוני 2020

This script uses 25-75 treshold of stochastic RSI with the help of kijun-sen as confirmation, to find entry points to any trend either newly developed or an established one. I just realized it on the 1 hour SPX chart. Sure it can be used on other symbols. Crossing above/below 25/75 line of sto RSI is considered as buy/sell signal. Signals are evaluated whether price be above/below kijun-sen line. If a sell signal below kijun-sen is generated it is a continuation signal for downtrend, otherwise it is a countertrend signal (maybe a signal for a new downtrend). A countertrend signal must be evaluated carefully and only accepted in the right side of kijun-sen. e.g entering a sell signal generated above kijun-sen should be accepted only below the kijun-sen, vice-versa.