I have been tinkering around and adding yet another feature to the Logical Trading Indicator PRO! This time I have integrated the RSI into the mix, but not in the way you are used to. One of the things that the Bollinger bands measures is the volatility of an asset, that is what the big rubber band style moments mean, but sometimes it's hard to tell when the asset is overbought or oversold. That can be real handy to traders as they look for reversals.
Enter The RSI Band Colors
Instead of adding yet another line to the chart, I incorporated the RSI overbought and oversold indicator into the Bollinger Bands! What happens is that when the asset is in overbought territory, meaning that the momentum is topping out and that the buyers are running out of steam, the Bollinger Bands will flash a green color, and on the flip side will flash red when the action is oversold.
In the settings for the RSI feature, you can change the length, overbought and oversold levels, and the colors that flash on the Bollinger Band.
This new RSI feature can add some real utility to already what I think is an amazing indicator that can be used in many different strategies to gain edge in the markets. I know, because I am using it everyday and finding ways to make it even better! I really want it to be the only indicator next to volume and volume profile on my chart. It gives me everything I need to analyze the markets and make the best trading decisions I can based on the technical data given in the charts!
As always, there is a free version also available in the community scripts on Tradingview, but it is not near as beefy as the PRO version. It is a good place to get your feet we though. So go look up the Logical Trading Indicator V.1, add it to your charts, get addicted and wanting more, then come and check out the PRO version on the Logical Trading Academy. It will also soon be available with the Logical Trader's Club membership through Coin Logic!
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Additional Blog Locations
Many of my cryptocurrency related articles as well as trading articles can also be found on my crypto research site, Coin Logic.
I also post trading chart ideas on my TradingView Profile.
Disclaimer:
The information in this trade journal is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.
