Bjorgum RSIRSI output signals are displayed with color change to reflect the plotted value. This makes evaluating RSI conditions require but a glance.
RSI momentum buy signals are given on the cross of the 50 level, whereas sell signals are given on a fall below.
Default values a 5 period RSI which gives more timely entrances and exits for swing traders. This can be adjusted to the typical 14 period if the viewer desires slower signals.
Bullish and bearish area is shaded to accentuate the signal to the eye.
Excellent results can be found when coupling BJ RSI, with BJ TSI, and the reversal system using all 3 as a complete together simultaneously
Default color changes are plotted as a recorded value falls within the following levels:
RSI < 30 = green
RSI 30-50 = red
RSI 50-70 = blue
RSI 70-80 = yellow
RSI 80-90 = orange
RSI 90-100 = white hot
Reliable
My Intraday Predictor Systems for public use - Very reliablePresenting you all with one of my favorite reliable "Predictor engine" which can be used primarily for Intraday trading.
Background:
As like many, I am one of those who trade part time and so cannot stick my self in front of charts through out the day to identify reliable intraday patterns. May be I would have gone out for a meeting/break and come back to see that I missed a great intraday opportunity in a stock. So I started working on predicting next day's candle based on previous candle. By this way, I know on the end of the day, what I am going to trade tomorrow and at what price levels. So next day morning, I can place those orders once the market opens.
But predicting next day's candle was not that easy, I analyzed various indicators and kept studying them to see, when there is a big red/green candle, does the values of those indicator form a pattern for the previous day(s). Like this I studied a lot of indicators and finalized a set of few which gave reliable patterns.
Predictor System using MACD,RSI,Fisher Transform & KST indicators:
The one that is shared here is a combo of two predictor systems that I created using the above mentioned indicators. It actually analyzes the progressive nature of MACD and RSI to see the current trend, and it uses Fisher Transform and KST indicators to finalize the signal and remove false signals. The calculations in it are very complex and was developed with a lot of analysis and of course with trial and error method as well. Generally all of my predictive engines try to correlate one indicator with other to see where it squeezes well to create a reliable indicator. Most of my intraday calls are given using this indicator as well.
How to use this indicator:
A word of caution : Please note, this indicator is not one which can give guaranteed returns or with 100% success rate, and I havent seen any thing of that sort so far, so please don't believe in those and dont be surprised if this indicator fails for a few times. I have been using this indicator for quite some time and I have seen it creates close to 80% success rate.
Chart timeframe : 1 Day time period only. I have never used this indicator with any other time frame, and based on my best guess it wont work fine for anything lesser than 1D.
Stocks with which this indicator work well : Usually with high volume stocks and preferably with F&O stocks.
How to trade : At end of the day, keep all selected stocks in a watchlist, and open a chart with 1day time period. Add this indicator to the chart. Keep scrolling through all your favorite stocks (which are in watchlist) and see if this indicator signals (for current day) any double green/red arrows. If so, note down those and the stocks close price.
Once you scanned the entire watchlist and come up with the finalized stocks for which you found the signal for current day (i.e if you look at daily chart on end of 24th May, you should look for signals on 24th May candle). Just because there is a signal, please dont go short/long on the opening of next day market, wait for it go above/below 0.25% of the previous day's close. Or based on your risk appetite you can increase threshold percentage to more.
Once the stock hits the buy/sell price, try to book profits at levels of 0.75%, 1.2% and 1.67% of the buy/sell price. But based on the market trend you can adjust these numbers.
Refer the chart for more information.
Time limited :
As of now I am keeping this script as Invite-Only script with time limit, as this has come out of my years of hardwork and with a lot of patience and took a lot of effort. So I would like to share it only with those who are really interested and are capable intraday players. So please PM and I will give access to this script to you.
McGD-IntradayGuys, presenting you with one of my favorite custom wrote indicator for intraday. It works best in a 5 min chart. Please use it along with your other favorite indicators to get more reliable results. I generally use this with MA's and have got enough success in this.
Once you get a long/short signal, keep a profit of upto 1.5% and SL of 0.7%. If you see the signals reverse in the subsequent candles itself, then exit the position and go in reverse or wait for a better confirmation.
This indicator basically uses the McGinley dynamic indicator with custom calculations and optimizations to make it more fit for intraday.
Thanks, happy trading. :-)
