This strategy uses NYSE McClellan summation Index as an input for Stochastics to produce Buy/Sell signals. Buy signal is produced when Stochastics K Line Closes over 50, and Sell signal when closes under 50. Info on McClellan Summation Index: www.investopedia.com Info on Stochastics: www.investopedia.com Simple yet effective strategy, let me know if you have...
A "Gap down Reversal" is when the current days candle, opens, below the prior days close, and "finishes up" on the day with the close greater than the open. This type of price action can provide traders with favorable entry points to trade long, as anyone who was short the prior day, can get squeezed or panic out of the trade as they would see profits erode...
This script was influenced by Scilentor's- "RSI Bar Colors / Scilentor". I improved upon the Idea by adding the ability to change the full range of RSI (Between 0 through 100) to any color you want within 5 point increments. Traditional use of RSI is to use it as an "Overbought" and "Oversold" indicator. A more uncommon/unknown use, especially among new traders,...