OPEN-SOURCE SCRIPT
Technical Analysis Buy/Sell Signals
EMA Calculation: The script calculates two EMAs (short and long) for trend direction.
MACD Calculation: MACD is calculated with user-defined inputs to capture momentum changes.
RSI: The RSI is used to identify overbought and oversold conditions.
Signal Generation:
A buy signal is generated when the MACD line crosses above the signal line, RSI is below the oversold threshold, and the closing price is above the short EMA.
A sell signal is generated when the MACD line crosses below the signal line, RSI is above the overbought threshold, and the closing price is below the short EMA.
Alerts: Optional alerts are provided for buy and sell conditions.
MACD Calculation: MACD is calculated with user-defined inputs to capture momentum changes.
RSI: The RSI is used to identify overbought and oversold conditions.
Signal Generation:
A buy signal is generated when the MACD line crosses above the signal line, RSI is below the oversold threshold, and the closing price is above the short EMA.
A sell signal is generated when the MACD line crosses below the signal line, RSI is above the overbought threshold, and the closing price is below the short EMA.
Alerts: Optional alerts are provided for buy and sell conditions.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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