The RSI Extremum Levels Drawer signals themselves are displayed on the trading chart as multi-colored straight lines and a curve in the window below the price level. Due to the clarity and simplicity of the signals of the algorithm under consideration, it can be safely recommended to novice speculators.
The RSI Extremum Levels Drawer indicator has a fairly high level of versatility, since the signals it generates maintain an acceptable level of accuracy on almost any asset and time interval.
To download the RSI Extremum Levels Drawer indicator, use the link that you can see below.
Download RSI Extremum Levels Drawer indicator
RSI Extremum Levels Drawer indicator. Optimization
The installation of the considered algorithm is simple. In order to cope with this task, no skill or knowledge is required. As soon as you launch this technical tool, you can familiarize yourself with its parameters.
This technical tool has the following configurable characteristics:
- “RSI / period”. This parameter is responsible for the period of the RSI instrument, which is part of the described algorithm.
- Level-up-Value. In this field you can set the value of the overbought level for the RSI instrument window, which is included in this instrument.
- “Level / Down / value”. This parameter is responsible for setting oversold lines for the RSI instrument window, which is integrated into the described algorithm.
- “Type”. This parameter is responsible for the type of signal curve that is included in the RSI Extremum Levels Drawer.
- “Period”. In this field, you can set the period of the signal curve, which is part of the RSI Extremum Levels Drawer.
- “Number-of-candles-for-levels-calculations”. This parameter is responsible for the number of bars that the described algorithm will take into account in the process of performing all the necessary calculations.
- “Number-of-levels”. In this field, you can select the number of levels that the described algorithm will display on the trading chart.
Due to the fact that the described algorithm has a relatively small number of adjustable parameters that affect the correctness of its functioning, not only a speculator with some experience, but also a beginner can cope with the process of its optimization.
Using the tool
Using the described algorithm to generate income is as simple as possible. You just need to transfer the RSI Extremum Levels Drawer indicator to the chart of the asset of your choice and perform its optimization. Then you should wait for the next signal and create a position in the desired direction.
As soon as the price level of your chosen asset bounces off the orange line, you need to create a buy position. It is recommended to open a sell order after the price level bounces off the blue line.
The best option is to combine the considered algorithm with additional trend indicators. To get the skills to optimize and customize the described algorithm, use a demo account.