Hey, I found multiple RSI arrow indicators but not the ones I am looking for. Most of them are plotting arrows on either a simple level cross from both sides or on a cross of MA's whatsoever. What I am looking for might be something specific. I hope this can even be coded.
What I am hoping to find is an indicator that will do the following:
After momentum hit "x" momentum level ( I am working with 30-35 / 65-70 ) I am watching a retrace of momentum below "x" momentum level ( Working with 57 and 43 atm. Did some tests with these levels)
So momentum hits 70, then retraces back below 57. That then gives me a red arrow either above the candle or in the indicator itself.
I hope you get what I am trying to say. Below is a screenshot that might explain it further. Thanks!
http://img849.imageshack.us/img849/3645/35865162.gif
What I am hoping to find is an indicator that will do the following:
After momentum hit "x" momentum level ( I am working with 30-35 / 65-70 ) I am watching a retrace of momentum below "x" momentum level ( Working with 57 and 43 atm. Did some tests with these levels)
So momentum hits 70, then retraces back below 57. That then gives me a red arrow either above the candle or in the indicator itself.
I hope you get what I am trying to say. Below is a screenshot that might explain it further. Thanks!
http://img849.imageshack.us/img849/3645/35865162.gif