RSI - OB/OS back into the zone trigger

[Hardlock]

I use a Trade Setup that I learned from a YouTuber called the "Back Burner" Trade.

It is taking an oversold or overbought RSI condition on an impulsive move. When it come back into the zone out of the Oversold or Overbought typically the 20 and 80 level on the Oscillator that is the trigger signal. I scouted the Forums however didn't see a TOS indicator that does this. I typically use this when looking for a "V" Shape Bounce or Retrace.

Can someone point me to one if this already exists? or help with coding it please?

Here is an illustration of the setup:

 

[Hardlock]

https://usethinkscript.com/threads/need-help-coding-rsi-strategy.14623/

I found this but is a bit different as it is using a percentage off the RSI Lows

 

[Piper2808t]

I use a Trade Setup that I learned from a YouTuber called the "Back Burner" Trade.

It is taking an oversold or overbought RSI condition on an impulsive move. When it come back into the zone out of the Oversold or Overbought typically the 20 and 80 level on the Oscillator that is the trigger signal. I scouted the Forums however didn't see a TOS indicator that does this. I typically use this when looking for a "V" Shape Bounce or Retrace.

Can someone point me to one if this already exists? or help with coding it please?

Here is an illustration of the setup:

would you mind sharing the chart? thanks

 

[Hardlock]

Let me know if you are able to see it now.

 

[Piper2808t]

Let me know if you are able to see it now.

I meant the share chart function to share the script

 

[Hardlock]

So I just drew on the image. All I have is a stock RSI.

I linked to a study above but isn't what I was needing. I just would like it to print and arrow or other signal on the oscillator to show when it comes from OS or OB back into the normal zone. Say the rsi drops to 16 and then when it come above 20 it plots a signal.

 

[Hardlock]

I found an RSI Divergence study here so will add that code as well. But really just need the cross signal to plot.

 

[Hardlock]

I found a stock RSI Crossover Indicator from TOS. But would like it to actually plot on the RSI Oscillator so I can add in the Divergence code and would also like it to do a cross above 30 and below 70 or what ever is set by the user. Looks like this is one or the other can be set.

#
# TD Ameritrade IP Company, Inc. (c) 2009-2023
#

#wizard text: RSI crosses
#wizard input: crossingType
#wizard input: threshold
#wizard text: Inputs: length:
#wizard input: length
#wizard text: average type:
#wizard input: averageType

input length = 14;
input crossingType = {default above, below};
input threshold = 30;
input averageType = AverageType.WILDERS;

plot signal = crosses(RSI(length=length, averageType=averageType).RSI, threshold, crossingType == CrossingType.above);

signal.DefineColor("Above", GetColor(7));
signal.DefineColor("Below", GetColor(8));
signal.AssignValueColor(if crossingType == CrossingType.above then signal.color("Above") else signal.color("Below"));

signal.SetPaintingStrategy(if crossingType == CrossingType.above
    then PaintingStrategy.BOOLEAN_ARROW_UP
    else PaintingStrategy.BOOLEAN_ARROW_DOWN);

 

[Hardlock]

Here is a good example of the setup. 1) Impulse down, 2) gets Oversold. 3) Comes out of Oversold and plots for a potential reversal.

Also notice the divergence.

 

[Hardlock]

Then here would be an example to avoid.
No Impulsive move and is a Trend Day with Lower Lows and Lower Highs.
Just grinding the lower RSI.

 

[MerryDay]

I found a stock RSI Crossover Indicator from TOS. But would like it to actually plot on the RSI Oscillator

#
# TD Ameritrade IP Company, Inc. (c) 2009-2023
#

#wizard text: RSI crosses
#wizard input: crossingType
#wizard input: threshold
#wizard text: Inputs: length:
#wizard input: length
#wizard text: average type:
#wizard input: averageType

input length = 14;
input crossingType = {default above, below};
input threshold = 30;
input averageType = AverageType.WILDERS;

plot signal = crosses(RSI(length=length, averageType=averageType).RSI, threshold, crossingType == CrossingType.above);

signal.DefineColor("Above", GetColor(7));
signal.DefineColor("Below", GetColor(8));
signal.AssignValueColor(if crossingType == CrossingType.above then signal.color("Above") else signal.color("Below"));

signal.SetPaintingStrategy(if crossingType == CrossingType.above
    then PaintingStrategy.BOOLEAN_ARROW_UP
    else PaintingStrategy.BOOLEAN_ARROW_DOWN);

if your question is how to plot the RSI
Add this to the bottom of your script:

plot rsi = rsi();

 

[Hardlock]

Thanks, I tried that but didn't work - think it has to be programmed in the lower RSI study.

 

[Hardlock]

Well was looking at that TDA Original code and it is already built in. It was just in the settings, who knew...
Thanks again...

 

[ic3nin39]

Well was looking at that TDA Original code and it is already built in. It was just in the settings, who knew...
Thanks again...

what settings are you using?