Thanks in advance!
I use the relative volume strength indicator (RVSI). The indicators Y axis shows a value from 0 to 100 just like RSI. It also colors the line either green, red or orange depending on if it's bullish, bearish, or neutral.
I can set up a scan to find stocks where the indicator goes above or below a certain numeric value on the Y axis but I also want to scan for stocks whose RVSI indicator is green - how can I do that?
So for instance I'll set up a scan where the RVSI crosses above 20 on the daily timeframe for instance (and therefore certainly green) - This I know how to do....BUT I also want to include a scan parameter that finds only green line RVSI's on the WEEKLY timeframe (regardless of the Y axis value on the weekly timeframe, it just has to be green).
Here is the RVSI indicator I'm using:
I use the relative volume strength indicator (RVSI). The indicators Y axis shows a value from 0 to 100 just like RSI. It also colors the line either green, red or orange depending on if it's bullish, bearish, or neutral.
I can set up a scan to find stocks where the indicator goes above or below a certain numeric value on the Y axis but I also want to scan for stocks whose RVSI indicator is green - how can I do that?
So for instance I'll set up a scan where the RVSI crosses above 20 on the daily timeframe for instance (and therefore certainly green) - This I know how to do....BUT I also want to include a scan parameter that finds only green line RVSI's on the WEEKLY timeframe (regardless of the Y axis value on the weekly timeframe, it just has to be green).
Here is the RVSI indicator I'm using:
Code:
declare lower ;
input avl = 5;
input l1 = 10;
input ma = 9;
def change = close - close[1];
def nv = totalSum(change * volume);
def av = ExpAverage(nv, avl);
plot RVSI = reference RSI("price" = av, "length" = l1);
plot x = ExpAverage(RVSI, ma);
plot overbought = 100;
overbought.AssignValueColor(Color.RED);
plot oversold = 0;
oversold.AssignValueColor(Color.GREEN);
rvsi.AssignValueColor(color = if rvsi >= x then
if RVSI[1] < RVSI then color.green else color.ORANGE else
if RVSI[1] < RVSI then color.red else color.RED);
x.AssignValueColor(Color.blue);