Zig Zag High-Low + RSI

This indicator adds to the functionality of Tr0sT's Zig Zag High Low Indicator by adding the RSI value above the higher-high to eyeball whether the current trend (signified by consecutive higher-highs and higher lows or consecutive lower highs and lower lows) is strengthening or weakening.

THEORY / METHODOLOGY:

If the uptrend is strong, the later pivot high will have a greater RSI number than the previous pivot high indicating an opportunity to go long. In a downtrend the lower high should have a lower RSI than the previous lower high indicating an opportunity to go short. If it does not, it is an indication that the trend is weakening.

ACTION:

If the ZigZag has higher highs and Higher lows and a strengthening RSI, look for Long opportunities on the lower time frame. If the ZigZag has lower highs and lower lows and a weakening RSI, look for Short opportunities on the lower time frame.

USAGE:

This methodology works best and produces the most opportunities when the markets are active, i.e. between 6AM-11AM EST

Thanks to Tr0sT for the original ZigZag High-Low indicator.
Tr0sT: tradingview.com/u/Tr0sT/
Zig Zag High Low Indicator:

Release Notes

Fixed an error where sometimes a RSI Value level would not print if there was a minor swing high between the major swing highs

Updated the Screenshot to adhere more to community standards (oops!)

Fixed a few typos in the comments

Release Notes

- Increased Decimal accuracy
- Changed default Zig Zag length to '1'

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.

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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

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