OPEN-SOURCE SCRIPT
Updated
This indicator is designed for scalping strategies on a 5-minute timeframe. It generates signals based on two RSI crossovers and incorporates moving averages to identify trends. Additionally, a Bollinger Band is included to eliminate the need for an additional Bollinger Band on the chart. Please note that this indicator does not guarantee 100% accurate signals and may produce false signals. It is recommended to use this indicator in conjunction with other indicators such as Stochastic, MACD, SuperTrend, or any other suitable indicators to enhance the accuracy of trading decisions. 1) Signal Generation: The indicator generates buy and sell signals based on two RSI crossovers. A buy signal is generated when the fast RSI crosses above the slow RSI, indicating potential bullish momentum. Conversely, a sell signal is generated when the fast RSI crosses below the slow RSI, suggesting potential bearish momentum. 2) To adjust the indicator to your specific chart and trading preferences, you have the flexibility to modify the RSI and moving average (MA) values. By changing the RSI values (slow RSI length and fast RSI length), you can fine-tune the sensitivity of the RSI crossovers to suit different timeframes and market conditions. Similarly, adjusting the MA values (slow MA period and fast MA period) allows you to adapt the indicator to the desired trend identification and short-term trend confirmation. 3) Pay attention to trades that are confirmed by the short-term moving average (MA) aligning with the desired direction. For buy signals, ensure that the short MA is tending upward, indicating a potential uptrend. For sell signals, confirm that the short MA is trending downward, suggesting a potential downtrend. 4) Moving Averages: The indicator uses a 200-period moving average (MA) to identify the overall trend and a short-term MA for additional confirmation. 5) Bollinger Band: The included Bollinger Band is not directly used in the indicator's calculations. However, it is provided for convenience so that users don't need to add another Bollinger Band to their chart separately. 6) Exercise caution when the short MA is below the 200-period MA but showing signs of attempting an upward move. These situations may indicate a potential reversal or consolidation, and it is advisable to avoid taking trades solely based on the 200-period MA crossover in such cases.
Remember that these guidelines are intended to provide additional insights and should be used in combination with your trading judgment and analysis.
Release Notes
The PRP indicator is a simple tool for identifying potential reversal points in the market. It uses the Relative Strength Index (RSI) and the Commodity Channel Index (CCI) to measure the strength and the direction of the market. The PRP indicator is a simple and effective way to spot potential reversal points in the market. It can help you to enter and exit the market at the right time and improve your trading performance.
This indicator generates buy and sell signals when the RSI and the CCI cross certain levels, indicating a possible change in the trend. You can use the input settings to adjust the values of the RSI and the CCI.
This indicator is suitable for any market and timeframe, but it is recommended to use it on higher timeframes to avoid false signals. You should also not rely on the indicator alone, but use it in combination with other indicators and strategies to confirm the signals.
Release Notes
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Release Notes
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Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
