This indicator show higher high + higher low and lower high + lower low -> based on RSI modification.
HOW I USE On a longsetup I set a buyorder on the high, if the RSI swings show red the first time. My stoploss I choose on the lowest price from the red swing before. After every ending bar without tradeentry I move the buyorder step by step on the last high till the price move up and the longtrade start. The same game I use for sellorder with the green swings, if I want a shortsetup. Best times for this are retracements from a trendchannel i.e.
HOW I PYRAMIDING From swing to swing with the same color I move my stoploss. If my risk are 100 USD and with the next moving stoploss are only 60 USD in risk, then I have 40 USD for my next pyramiding trade in the same trendsetup.
WHEN I MOVE MY STOPLOSS If I have choose a stoploss, than this is fixed till the last highest/lowest price from the other swing is broken.
@PREM1Z, thanks a lot. Ya the RSIEW I build for counting Elliott Waves. I think I hadn't publish this anytime before... but no Problem, I send you a message if I publish.