Overbought and Oversold trading Indicator | Forex Factory

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Overbought and Oversold trading Indicator

  • #1
  • First Post: Dec 14, 2023 8:42am Dec 14, 2023 8:42am
Hi good day all.

I am creating this thread for Traders and coders.
Aim is to develop a oversold and overbought indicator that print a up and down arrow on the chart .

Aim is to combine a bunch of indicators to generate one overbought and oversold signal .


Indicators
1) RSI indicator 70 and 30 level
2) Stochastic Indicator 20 and 80 level
3) Williams percentage indicator -80 and -20 level
4) MFI indicator 80 and 20
5) bollinger band upper and lower bands.


When all indicators oversold up arrow
When all indicators overbought down arrow .


Trading strategy.

H1 timeframe

13ema and 100 ema cross up
Macd above zero level
Williams percentage indicator above -50 level
Stochastic Indicator below 50 level .

M15 timeframe 50ema cross above 200ema

M15 and lower timeframe issue oversold up arrow Buy trade.
  • #2
  • Dec 14, 2023 6:32pm Dec 14, 2023 6:32pm
Can we follow this setup to initiate a trade? Since i am a newbie, i want your suggestion
  • #3
  • Dec 17, 2023 7:22am Dec 17, 2023 7:22am
Hi what is the value of each indicator


Indicators
1) RSI indicator 70 and 30 level
2) Stochastic Indicator 20 and 80 level
3) Williams percentage indicator -80 and -20 level
4) MFI indicator 80 and 20
5) bollinger band upper and lower bands.
  • #4
  • Jan 16, 2024 6:49pm Jan 16, 2024 6:49pm
Quoting jacryptoking
...arrow on the chart... combine a bunch of indicators to generate one overbought and oversold signal ...RSI...Stochastic...Williams percentage...MFI...bollinger band...
Sounds interesting. On chart ma lines can be replicated with macd.

Overbought_Oversold_All

  1. - indicator shows all or most overbought/oversold indicators, with their own ob/os levels, shows combined signals
  2. - all indicators normalized to 0-100 scale

    1. - Bollinger Bands - price ratio within bands, capped to 0=bottom band 100=top band
    2. - macd, main and signal line, above/below eachother or the mid level 50
    3. - stochastic, main or signal line in ob/os
    4. - rsi, optional ma on rsi, in ob/os
    5. - cci, optional ma on cci, in ob/os
    6. - wpr, optional ma on wpr, in ob/os
    7. - money flow index, optional ma on mfi, in ob/os
    8. - demarker, optional ma on dem, in ob/os

  3. optional arrows on chart

    1. arrows are added per indicator being in it's own ob/os or main/signal bias
    2. default is top/bottom picking ie sell arrows in ob, option to reverse arrows ie buy arrows in ob and show trend style where indicators remain in ob/os area


Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Attached File(s)
File Type: ex4 Overbought_Oversold_All.ex4   86 KB | 640 downloads
  • #5
  • Jan 28, 2024 6:05am Jan 28, 2024 6:05am
Quoting jeanlouie
{quote} Sounds interesting. On chart ma lines can be replicated with macd. Overbought_Oversold_All - indicator shows all or most overbought/oversold indicators, with their own ob/os levels, shows combined signals - all indicators normalized to 0-100 scale - Bollinger Bands - price ratio within bands, capped to 0=bottom band 100=top band - macd, main and signal line, above/below eachother or the mid level 50 - stochastic, main or signal line in ob/os - rsi, optional ma on rsi, in ob/os - cci, optional ma on cci, in ob/os - wpr, optional ma on wpr,...
Hello Jeanlouie, thank you for this great indicator, if possible, can be made for mt5 as well. Thank you
Make your own rules and stick to it.
  • #6
  • Jan 28, 2024 6:06am Jan 28, 2024 6:06am
[quote=charli86;14734467]{quote} Hello Jeanlouie, thank you for this great indicator, if possible, can it be made for mt5 as well?. Thank you
Make your own rules and stick to it.
  • #7
  • Last Post: Oct 23, 2024 4:02am Oct 23, 2024 4:02am
Quoting jeanlouie
{quote} Sounds interesting. On chart ma lines can be replicated with macd. Overbought_Oversold_All - indicator shows all or most overbought/oversold indicators, with their own ob/os levels, shows combined signals - all indicators normalized to 0-100 scale - Bollinger Bands - price ratio within bands, capped to 0=bottom band 100=top band - macd, main and signal line, above/below eachother or the mid level 50 - stochastic, main or signal line in ob/os - rsi, optional ma on rsi, in ob/os - cci, optional ma on cci, in ob/os - wpr, optional ma on wpr,...
one of the best indicators out here. thank you
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