fxcodebase-backup
Overbought/Oversold Signal
Source: https://fxcodebase.com/code/viewtopic.php?f=29&t=2998
Forum: 29 · Topic 2998 · 5 post(s)
Overbought/Oversold Signal
Apprentice · Tue Dec 21, 2010 6:53 am
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
Re: Overbought/Oversold Signal
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.
Re: Overbought/Oversold Signal
Apprentice · Wed Dec 18, 2013 3:19 pm
Try this modified version
Overbought Oversold Signal.lua
Re: Overbought/Oversold Signal
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.
Re: Overbought/Oversold Signal
Apprentice · Fri Jan 17, 2014 4:12 pm
Bug could be the reason. Fixed.