is there any oscillator or indicator, which shows that prices are oversold/overbought with respect to last day/last week open/close price.
and how accurate is that oscillator,which time frame they are close to result.
There are many indicators providing overbought/oversold levels, and you can select them in CodeBase.
============You can look at the following indicators for example:
Example to use those levels: +135 pips
Forum on trading, automated trading systems and testing trading strategies
BRAINWASHING SYSTEM/ASCTREND SYSTEM
Sergey Golubev, 2017.08.21 14:41
And do not forget to add the levels in Schaff trend cycle - adjustable smoothing indicator
The forum threads/posts about it
Trading system based on overbought/oversold levels.
Schaff Trend Cycle with EMA 100
1. Time Frame: 15 min and above
2. Pairs: Any
Rules to enter a long trade
Rules to enter a short trade
Template is attached. If you instal indicatiors and use this template so you will get the chart like that:
And this is the EA (for MT4) working in overbought/oversold levels (using stochastic indicator):
Sergey Golubev, 2016.03.28 14:13
This is very good EA for newbies - for the traders who are learning Stochastic indicator about how it works. EA is trading on overbought/oversold levels of Stochastic indicator with the following parameters which were coded to be inside this EA:
The coder proposed set file for this EA so we may use this EA on EURUSD M15 timeframe according to this set file/parameters.
I backtested EA just to see how it works - please find backtesting results and some charts with the ideas about overbought/oversold levels:
Brainwashing system example -
Sergey Golubev, 2017.08.21 14:36
There are two indicators which can be used together with this system (to filter possible false signals):
And this is the chart to evaluate those 2 indicators about how it works:
Both indicators are used with default settings except Smoothing period for Schaff trend cycle - adjustable smoothing (I changed Smoothing period from default one to 9).
schaff trend cycle is not working,on compiling it shows the following error.
I changed something in the code so it should work now (attached).
This is the other setup (the settings of the indicator):
It seems that pips on the image are not net profits ... right?
Not sure, but they look like the differences between the highs and the lows of the related swings.
Ps. I could not quote the image in your post. As guessed, it is the first image in your first post.
First chart on this thread "with pips"?It is the illustration about 'possible good situation' in case we are trading schaff trend cycle indicator (in separate window) only on the way as overbought/oversold: buy if the value of the indicator is below 20, and sell if the value of the indicator is above 80 (for example) ... or crossing 20 or 80 to below or above ... depends on the coding for the EA for example.