GEN RSI hunter

INDICATOR: GEN RSI Hunter

Developer: gedeegi

General Description

GEN RSI Hunter is a technical indicator based on the Relative Strength Index (RSI) that automatically detects potential BUY and SELL signals based on overbought/oversold conditions and price reversal patterns. This indicator is perfect for traders who want to capture short-term swing opportunities using price action confirmation and price patterns like Double Top and Double Bottom.

Signals are confirmed by breakout candles and validation of previous swing highs/lows. The indicator also includes an automatic notification system (alerts, push, and email) as well as visual marks on the chart.

Key Features

• Flexible RSI measurement with adjustable period length and price source.
• BUY signals are identified when the price shows a reversal from an oversold condition.
• SELL signals appear when the price reacts from an overbought condition.
• Automatic detection of Double Bottom and Double Top patterns.
• Signal visualization in the form of arrows and pattern lines on the chart.
• Option to manually show or hide chart objects.
• Real-time notification system:
  • Pop-up alerts
  • Push notifications to a device
  • Automatic emails

Input Parameters

RSI Settings

• Lookback: The number of bars to detect swing highs/lows.
• RSI Overbought: The upper RSI level for sell signals.
• RSI Oversold: The lower RSI level for buy signals.
• RSI Length: The RSI period.
• RSI Source: The price type used (Close, Open, etc.).

Visual Settings

• Show Chart Signals: Display visual signals on the chart.
• Signal Prefix: The prefix for signal object names (for object management purposes).

Pattern Line Settings

• Double Top Line Color: The line color for the double top pattern.
• Double Bottom Line Color: The line color for the double bottom pattern.

Notification Settings

• Enable Alerts: Enable sound notifications when a signal appears.
• Enable Push: Send push notifications to the MetaTrader app.
• Enable Email: Send notifications via email.

Signal Logic

1. The RSI is below the oversold level or above the overbought level.
2. Candle confirmation based on open/close prices and previous swing high/low movements.
3. A buy signal requires a reversal pattern from a swing low + a bullish confirmation candle.
4. A sell signal requires a reversal pattern from a swing high + a bearish confirmation candle.
5. If a double signal occurs (Double Top or Bottom), the indicator will automatically draw the pattern line.

Usage

• RSI-based scalping and swing trading.
• Early detection of price reversals with price action validation.
• A complement to oscillator-based trading systems.