OPEN-SOURCE SCRIPT
RSI SMA Inflection Alert
For trading a 1-min chart, the alert triggers when the SMA (smooth line) of the RSI turns up (bullish) in the oversold zones and turns down (bearish) in the overbought zones.
This largely fires as trends show weakness and/or divergences are forming in overbought or oversold territory, suggesting a reversal may be near. It acts as confirmation, rather than entering a trade before true divergences/weakness has formed.
It also helps define an extremely clear and tight stop (local high/low) often providing good R:R (very often 2+) even in relatively choppy PA.
This largely fires as trends show weakness and/or divergences are forming in overbought or oversold territory, suggesting a reversal may be near. It acts as confirmation, rather than entering a trade before true divergences/weakness has formed.
It also helps define an extremely clear and tight stop (local high/low) often providing good R:R (very often 2+) even in relatively choppy PA.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.