OPEN-SOURCE SCRIPT
Buy/Sell Signals(Mastersinnifty)
Description
This script generates simple Buy/Sell signals based on the Relative Strength Index (RSI) crossing the midpoint level of 50. It's designed for traders who prefer clear, rule-based entries and exits derived from momentum shifts.
How It Works
Inputs
Use Case
Disclaimer
This indicator is intended for educational and informational purposes only. It does not constitute financial advice. Always perform your own due diligence and consult a financial advisor before making trading decisions.
This script generates simple Buy/Sell signals based on the Relative Strength Index (RSI) crossing the midpoint level of 50. It's designed for traders who prefer clear, rule-based entries and exits derived from momentum shifts.
How It Works
- Calculates RSI using the closing price and a 14-period length.
- Generates a Buy signal when RSI crosses above 50, indicating potential bullish momentum.
- Generates a Sell signal when RSI crosses below 50, indicating potential bearish momentum.
- Plots the signals as labels directly on the price chart.
Inputs
- RSI Source: Close (fixed in the script)
- RSI Length: 14 (standard default)
Use Case
- Useful for identifying momentum shifts and trend confirmations.
- Can be combined with other technical tools like support/resistance or volume for enhanced decision-making.
- Best suited for intraday or swing trading strategies that use momentum-based entry signals.
Disclaimer
This indicator is intended for educational and informational purposes only. It does not constitute financial advice. Always perform your own due diligence and consult a financial advisor before making trading decisions.
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.