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Custom RSI Overbought Oversold Levels



Custom RSI Overbought Oversold Levels
Custom RSI Overbought Oversold Levels


//www.aflcode.com
_SECTION_BEGIN("Custom RSI");
/*
Based on the book "Technical Analysis for the Trading Professional

...
*/
Version(5.00);
SetChartBkGradientFill( ParamColor("Backgroud Top Color",
colorSeaGreen),ParamColor("Background Bottom Color", colorSeaGreen));

periods = Param( "Periods", 14, 1, 200);

Plot( RSI( periods), _DEFAULT_NAME(), ParamColor( "Color", colorDarkBlue ),
ParamStyle("Style") );

ShowMarket = ParamToggle("Bull Or Bear Market", "Bear|Bull");

Plot(40,"",colorRed,styleLine|styleNoLabel);
Plot(65,"",colorRed,styleLine|styleNoLabel);

_SECTION_END();
r = RSI(14); 
Plot( r, "RSI", colorBlack ); 
PlotOHLC( r,r,50,r, "", IIf( r > 65, colorGreen, IIf (r < 40, colorRed, colorBlack )), styleCloud | styleClipMinMax, 40, 65 );


// ********************************************

// ********************************************

// --------------------------------------------

// --------------------------------------------

// Adjust the following parameters to suit your needs
period = 5;
numChg = 0.001;

// --------------------------------------------
// Divergence for LONG
// --------------------------------------------

trendMom = RSI(14);
trendZig = Zig(L, numChg);

f = trendZig > Ref(trendZig, -1) AND Ref(trendZig, -1) < Ref(trendZig, -2);

p1 = ValueWhen(f, Ref(trendZig, -1), 1);
p2 = ValueWhen(f, Ref(trendZig, -1), 2);
r1 = ValueWhen(f, Ref(trendMom,-1), 1);
r2 = ValueWhen(f, Ref(trendMom,-1), 2);

f = r1 > r2 AND p1 < p2;

sig = f AND NOT Ref(f, -1) AND trendMom > Ref(trendMom, -1); 

_N(str = "(" + period + ")");
Plot(trendMom, "RSI" + str, colorWhite);
Plot(sig * 100, "Sig", colorGreen, styleHistogram + styleThick +
styleNoLabel);

// --------------------------------------------
// Divergence for SHORT
// --------------------------------------------

trendZig2 = Zig(H, numChg);

f = trendZig2 < Ref(trendZig2, -1) AND Ref(trendZig2, -1) > Ref(trendZig2,
-2);

p1 = ValueWhen(f, Ref(trendZig2, -1), 1);
p2 = ValueWhen(f, Ref(trendZig2, -1), 2);
r1 = ValueWhen(f, Ref(trendMom,-1), 1);
r2 = ValueWhen(f, Ref(trendMom,-1), 2);

f = r1 < r2 AND p1 > p2;

sig = f AND NOT Ref(f, -1) AND trendMom < Ref(trendMom, -1); 

_N(str = "(" + period + ")");
Plot(sig * 100, "Sig", colorRed, styleHistogram + styleThick + styleNoLabel);

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