I wanted to create an indicator which resembles price movement, aside to volume movement.
MARSI (= MA RSI(close)) = "yellow-blue" line which is the MA(5) of the RSI (9) of closing price. VRSI (= MA RSI(Volume)) = "orange" line which is the MA(5) of the RSI (9) of Volume .
(Default plot of RSI and VRSI is not visible but can be made visible ("Settings" > "Style" > set "Opacity" of "RSI & VRSI"))
Because it still is a RSI indicator, the midline (50), and Oversold/Overbought area's (20-30 & 70-80) are important to watch, especially the MARSI!
Comparing the price movement with the "orange" Volume VRSI line helps to spot a possible trend change, for example when price goes up and an ascending Volume VRSI line starts to flatten or starts descending, this could be a sign that the Bullish trend is weakening, predicting a possible trend change. Or, when for example a downwards price movement is accompanied with a rising Volume VRSI line, this can be a sign of large Bearish power.
This study comes with Bollinger Bands as an assisting tool, it is default made not visible but can be made visible ("settings" > "style" > Set "Opacity" of "basis, upper & lower") You can see where the MARSI ("yellow-blue" line) crosses the "basis", or bounces off the bands, ...
All this is seen in "VRSI-MARSI B"
"VRSI-MARSI A" contains the alerts:
1) Long/Short = "Triangle UP/DOWN", color: lime/red Condition: Movement of MA(5) of RSI (9) of price (close ) 2) Long2/Short2 = ">", color: lime/red Condition: Long/Short condition is true for 2 or more bars (= continuation) 3) Long3/Short3 = "•", color: lime/red Condition: MA RSI (Close) crosses MA RSI ( Volume )
1 or more alerts can easily be disabled if desired (settings > inputs)
There are 2 different styles of Plots, just switch the checkbox "Switch_Plot" (settings > inputs) on/of to switch between 2 kind of plots.
הערות שחרור
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Hi!
- Added my "Divergences (Pivots)" (PivDiv 3)
Different options for Divergences: - 'Long Period', default checks 25 bars to the Left (="History") and 1 bar to the Right (="Future") - 'Medium Period', default checks 15 bars to the Left (="History") and 1 bar to the Right (="Future") - 'Short Period', default checks 5 bars to the Left (="History") and 1 bar to the Right (="Future")
Each Bar checks an amount of Bars at the Left (="History") and Bars to the Right (="Future"), insuring this particular Bar is the Highest or Lowest of them all at "close", this is compared to the or or and so we have our Divergences. There is always a slight delay (number of Bar(s) at the Right side (="Future")
> You can alter both sides in a way that suits you best
If you like a setting, where the amount of “RightBars” equals the ”LeftBars” you can enable the " > Only change 'LeftBars'" button. Then you only have to adjust the amount of “LeftBars” and the amount of “RightBars” automatically will be the same.
- Sensitivity Divergences, default x = '5' x ⩾ 2 compares the value with ⩾ 2 previous values instead of 1, making the sensitivity higher
There are no alerts built in for:
// Plots
plotchar(long, char="◻︎︎", location=location.belowbar, color=color.yellow, size=size.tiny, transp=0, offset=0, title="Alert long")
plotchar(short, char="◻︎︎︎", location=location.abovebar, color=color.aqua, size=size.tiny, transp=0, offset=0, title="Alert short")
just for divergencies, what is the reason for that?
fikira
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@acid8282, I wouldn't know :)
I made this a while ago, apparently did't bother to do this... Will add it!
Odin82
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@fikira, oh ok I thought that was particular reason for that. lol. Anyway great work, cant believe its not getting more attention here
fikira
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@acid8282, :) Thanks!
Yeah, me neither, I had really excellent results with this ;)
nunu1234590
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repaint?
fikira
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@nunu1234590, No, I do understand that you think that but that is because the div's check at least 1 bar at the right, this means during that bar results can change until it closes, but that is with every indicator, sma, ema,... the result is only final if the bar closes
nunu1234590
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@fikira, Only change 'LeftBars'" button. What i don't understand
fikira
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@nunu1234590, If you enable "only change leftbars" the leftbar setting will be the same than rightbars, so in normal settings, for example rightbars 1, leftbars 20, each is set differently, when enabling the "only change leftbars" and you change "leftbars" to for example 3, rightbars will be 3 as well
// Plots
plotchar(long, char="◻︎︎", location=location.belowbar, color=color.yellow, size=size.tiny, transp=0, offset=0, title="Alert long")
plotchar(short, char="◻︎︎︎", location=location.abovebar, color=color.aqua, size=size.tiny, transp=0, offset=0, title="Alert short")
just for divergencies, what is the reason for that?