I love your videos. Thanks for what you do. I don’t use indicators much but I look at “overbought and oversold” differently on RSI. For example When I see an overbought RSI reading I interpret it as extreme bullish energy vs thinking it will always reverse. Add an rsi to a chart of a stock that made a strong move and u will likely see overbought signals right before the big move. I think that keeps a lot of people out of the big moves if they are relying just on indicators and think overbought means an immediate reversal. when I started trading and relied on indicators I wouldn’t enter a day trade until the rsi was nearly in overbought territory. Always worked better than treating overbought as a sell signal. I’m a day trader so maybe it’s diff for swings idk.
Love all the info you guys share!! Request: I know you put a ton of work into this already so really hate to ask but adding how to scan in TOS to find when the indicator arrow has plotted and/or an overlap into the extreme areas would be the icing on the cake. Again, don't mean to sound ungrateful at all as you share SO much info already, just thinking out loud. Thank you again!!
Thanks Harley! Sure, I can add a ROC scan tutorial to our backlog for future tutorials. On the high level, you would need to modify the code to make sure only one plot variable is inside of the code (ie. either the bullSignal or bearSignal variables), and then run the scan on your specified watchlist.
Hi Harley, here's a link to the tutorial turning this ROC indicator into scans, for the bullish/bearish signal and extreme zones: www.tosindicators.com/scans/roc
@@TOSIndicators you guys are.the best! Thank you so very much for all you do to help fellow traders expand their knowledge and gain an edge in the market.
Thanks! This gave me the idea of applying Bollinger Bands around various other indicators or measures in order to see if they could be an alternate method (vs. highs/lows) of seeing extremes. I would have an input to the # of std deviations applied as well to see which ones seem to contain the extremes (maybe a range of 2 to 3 SDs). The BB study allows you to change the inputs somewhat but they are mostly around some price measure and volume. It does allow implied volatility as an input but it seems that sometimes there are gaps that don't quite look right. I am trying to create a custom script to see if that works better and maybe try on other studies as well.
Awesome idea! We did something similar in the Dynamic RSI indicator, using the Bollinger Bands around the RSI to find the extreme areas (in case you want a head-start on the code). Link here: www.tosindicators.com/indicators/dynamic-rsi
I like when you do these videos. I wish ToS actually protected our developer code. I am trying to find a connection with ToS to fix this and create a market place.
Thumbs up guys, TOS Indicators work hard to give you free content to help you become a better coder the absolute best on UA-cam.
Thanks, and I appreciate the kind words!
You all clearly know your stuff, and have helped me become much more fluent in Thinkscript. Thanks for all your great work.
You guys are unbelievable! Great work again.
Thanks Dan... I appreciate your support!
I love your videos. Thanks for what you do. I don’t use indicators much but I look at “overbought and oversold” differently on RSI. For example When I see an overbought RSI reading I interpret it as extreme bullish energy vs thinking it will always reverse. Add an rsi to a chart of a stock that made a strong move and u will likely see overbought signals right before the big move. I think that keeps a lot of people out of the big moves if they are relying just on indicators and think overbought means an immediate reversal. when I started trading and relied on indicators I wouldn’t enter a day trade until the rsi was nearly in overbought territory. Always worked better than treating overbought as a sell signal. I’m a day trader so maybe it’s diff for swings idk.
WOW!! Gave me an idea on how to merge my own indicators for a stradegy I had in mind. Thank You!!
My pleasure, Jerry! Awesome to hear you're building your own strategy.
Thanks for your sharing!
Love all the info you guys share!! Request: I know you put a ton of work into this already so really hate to ask but adding how to scan in TOS to find when the indicator arrow has plotted and/or an overlap into the extreme areas would be the icing on the cake. Again, don't mean to sound ungrateful at all as you share SO much info already, just thinking out loud. Thank you again!!
Thanks Harley! Sure, I can add a ROC scan tutorial to our backlog for future tutorials. On the high level, you would need to modify the code to make sure only one plot variable is inside of the code (ie. either the bullSignal or bearSignal variables), and then run the scan on your specified watchlist.
Hi Harley, here's a link to the tutorial turning this ROC indicator into scans, for the bullish/bearish signal and extreme zones: www.tosindicators.com/scans/roc
@@TOSIndicators you guys are.the best! Thank you so very much for all you do to help fellow traders expand their knowledge and gain an edge in the market.
Absolutely fantastic!
Thanks Abisai!
Fun project, I just finished my RSI heat map tool. Build a tool with a combined weighted RSI based on range.
Awesome stuff!
Thanks! This gave me the idea of applying Bollinger Bands around various other indicators or measures in order to see if they could be an alternate method (vs. highs/lows) of seeing extremes. I would have an input to the # of std deviations applied as well to see which ones seem to contain the extremes (maybe a range of 2 to 3 SDs). The BB study allows you to change the inputs somewhat but they are mostly around some price measure and volume. It does allow implied volatility as an input but it seems that sometimes there are gaps that don't quite look right. I am trying to create a custom script to see if that works better and maybe try on other studies as well.
Awesome idea! We did something similar in the Dynamic RSI indicator, using the Bollinger Bands around the RSI to find the extreme areas (in case you want a head-start on the code). Link here: www.tosindicators.com/indicators/dynamic-rsi
@@TOSIndicators Thanks, I will take a look.
🔥
I like when you do these videos. I wish ToS actually protected our developer code. I am trying to find a connection with ToS to fix this and create a market place.