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Thread: Individual Candle OB/OS Indior

  1. #1
    I'd prefer an overbought/oversold indior for candles.

    As follows:

    (5SMA_value 8LWMA_value 10LWMA_value 12LWMA_value 15LWMA_value)/5=average_of_mas

    if price is over 15LWMA

    take the gap of the High of the candle along with the average of MAs.

    High_of_candle - average_of_mas=overbought_oversold_value

    if price is under 15LWMA

    take the gap of the Low the candle along with the average of MAs.

    Low_of_candle - average_of_mas=overbought_oversold_value

    I would enjoy the indior to draw bars in its own window.

    The simple premise of the indior would be to reveal immediate overbought and oversold conditions in the market based on a area of Moving Averages. When the current price travels too far outside that area of MAs an condition is achieved price should return to that area of MAs before moving on to the state.

    I know nothing about coding and would appreciate any help I could get.

    Thanks!

  2. #2
    This is a pic to describe what I am looking at.

    The price tags show where price itself has gone far beyond the support/resistance of this MAs(which are highlighted from the groups)

    This is where I think there's an overbought/oversold circumstance. The difference between the price and the Averages is too good to continue in that fashion.

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