Hi Riders, today we launched a new sub-indicator: RSI Extremes, located in our Trend Rider Algo #2 Settings.
We will update our new Trend Rider Algo #2 indicator with new sub-indicators in the coming weeks, stay tuned!
Regarding our RSI Extreme Indicator:
you can find it here: https://www.tradingview.com/script/LqPPvNBQ-Trend-Rider-Algo-2/
This sub-indicator helps you predict at what levels the price will be oversold or overbought, which helps to :
set targets for shorts/longs
eliminate emotion and don´t chase a trade which is already oversold/overbought
detect when a price wick is below/above oversold/overbought levels.
RSI Extremes indicator:
Blue Line: Overbought Limit (price above, means the asses is overbought)
Orange Line: Oversold limit (price below, means the asset is oversold)
See wigs outside levels as opportunities:
In this example, you can take profits from shorts or buy if you catch the price way below the orange line.
A possible setup
Combine Trend Rider Algo #1 with RSI Extremes sub-indicator and Trend Oscillator for an optimal trading setup.
How to activate RSI Extremes sub-indicator