Make Your Own Indicator

Boyd myoi & wysiwyg.

1H timeframe.

Plot 4 MAs.

16 EMA HL2 in blue

32 EMA HL2 in yellow

67 EMA on Highs in Maroon

67 EMA on Lows in Maroon

Plot a 2 sample RSI on HL2. You can add horizontal lines at 99, 96, 4 and 1.

Zoom it out to make readings more visible.

You should not plot oscillators or MAs on closing prices, they are irrelevant information.

Learn the concept of Flip & Zero.

Flip is an RSI2 reading that is larger than 96 and smaller than 98 or smaller than 4 and larger than 2.

This is new market directive turning your EMAs into safety nets. Counter trades should be kept to touch downs on the 16, the 32 or the other side of Mr. Maroon. The stronger the trend the less safety nets would reverse it back.

The Zero (98 to 100 or 2 to 0) brings about a short term counter move that may not stop till the other side of Mr. Maroon (safety net 3), a 4-hour pivot or the close to other side of the previous range (the overbought/oversold far end). This signal is active not in real time, but upon a relief: once the RSI2 reading drops back below 98 or gets back above 2.

Aeroplanes = 4h pivot: the next resistance when the EMA configuration is bullish and the first 3 safety nets did not hold.

the code should have lines like these:

& if your plots look a little bit like this, you are all set…

Sorry, I don’t have the routine separately only as part of the RSI2 Basic.

Image below shows a 5% move: from the bottom of the upper reversal zone to the middle of it.

dual color arrows

Something interesting: cyan high volume bar on the left got undercut by 9 pips on the move down.

The second cyan high volume bar got exceeded by 9 pips on the upside.

One of them just added to their position. Who was it?