The term Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
The term Oversold describes a period of time where there has been a significant and consistent downward move in price over a period of time without much pullback.
Because price cannot move in one direction forever, price will turn around at some point.
This indicator will show a Magenta arrow in case of Overbought condition and Aqua arrow in case of Oversold condition.
If the AlertsEnabled input parameter is set to true, then the indicator will display an Alert message in a separate window with Symbol, TimeFrame and OverBought or Oversold Statement.
- AlertsEnabled - If true, then an Alert will be displayed.