by 
This indicator measures directional momentum by evaluating candlestick body proportions and volume over a user-defined lookback window. It computes the ratio of candle body to total range, weights the cumulative value by volume and absolute body size, and dete
Indicator · Pine Script v5 · Own pane
HMD Relative Strength Index
Calculates a Relative Strength Index with user-defined length and overbought/oversold thresholds.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code41
Settings4inputs
LicenceNone stated
Last update2 years ago13 Sep 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
HMD Relative Strength Index identifies exhaustion setups by pairing momentum extremes with bullish and bearish engulfing candlestick patterns imported from an external library. Buy signals trigger when a bullish engulfing candle coincides with current or recent oversold levels, while sell signals require bearish engulfing candles at overbought levels. The script plots the RSI line and horizontal thresholds in a separate pane and paints background color fills upon trade triggers.
- Configurable RSI period and overbought/oversold levels
- Engulfing candlestick detection via imported library
- Background color highlights on confirmation signals
- Built-in alert conditions for exhaustion setups
Details
Published by
Web3Degenerate on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Oscillators & momentum, Candlestick patterns
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Lookback | int | 7 | lookback |
| RSI Length | int | 7 | rsiLen |
| RSI Overbought | float | 80.0 | rsiOB |
| RSI Oversold | float | 20.0 | rsiOS |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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