Overbought/Oversold Signal

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Overbought/Oversold Signal

Postby Apprentice » Tue Dec 21, 2010 6:53 am

Overbought Oversold.png


The signal indicates when the market is located at the extreme overbought / oversold conditions,
When RSI is above / below the set Level,
Bar and is entirely above / below set EMA

There are two modes,
Single Signal and Signal Repetition

Overbought Oversold Signal.lua
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Re: Overbought/Oversold Signal

Postby SuperTrader » Tue Dec 17, 2013 8:04 am

Hi Apprentice :) This Signal (as it is now) triggers "Overbought" when (for example) RSI>70 AND BarClose>200 EMA (assuming we set values 70 for RSI and 200 for EMA) and "Oversold" when RSI<30 AND BarClose<200 EMA. That's absolutely fine and it is a pretty useful signal just as it is.

BUT I personally believe it would be even more useful if it gave "OB"/"OS" signals (with RSI>70/RSI<30) when Price is at the "opposite side" of the EMA (and I'll explain why): In other words if it gave "OB" when RSI>70 while BarClose<200 EMA and "OS" when RSI<30 while BarClose>200 EMA. This way a trader could take advantage of the counter-trend "pullbacks" in price, meaning "buying bottoms in an uptrend" OR "selling tops in a downtrend" (assuming a trend is "defined" by the 200-EMA or whatever EMA we set). :)

Please make this slight modification Apprentice, it would be simply great to have this new type of Signal, which will be a "Pullbacks Hunter" sort of thing. :) (I took a look at your LUA code, I believe it's a matter of "switching" the logic of a few "<" with ">", so hopefully it won't be too much trouble for you (I wish I had the time to sit down and learn LUA properly (starting from scratch), I'd really love to, I'll definitely do it in the near future). ;) Thank you in advance for that.
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Re: Overbought/Oversold Signal

Postby Apprentice » Wed Dec 18, 2013 3:19 pm

Try this modified version
Overbought Oversold Signal.lua
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Re: Overbought/Oversold Signal

Postby zolz66 » Fri Jan 17, 2014 3:55 pm

Hello,

Can you think of any reason why this signal fails to send email alerts? My settings seem to be OK, and I get emails from other signals.

Thanks for checking this.
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Re: Overbought/Oversold Signal

Postby Apprentice » Fri Jan 17, 2014 4:12 pm

Bug could be the reason.
Fixed.
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