Cashier

Overbought-Oversold Indicative Script

About:

Cashier is a technical indicator that combines the features of RSI WMA and EMA with our algos to provide a more sensitive and accurate reading of RSI. Traders can use Stochastic RSI to identify overbought and oversold conditions in the market and divergences and crossovers between the indicator and price or signal line.

Specifications:

• Market: Forex, Stocks, Crypto, Options, Indices, and Futures

• Timeframe: Multi timeframe

• Type: Tradebox Indicative Algo

• Trading Style: All (scalping, swing, intraday, and position trading)

• Assets & Charts: All

• Setting Rules: None

Features:

This indicator combines RSI (Relative Strength Index), WMA (Weighted Moving Average), and volume data. It features a neutral level at 50; below this level indicates selling pressure, and above it indicates buying pressure. This information helps traders determine market trends when placing buying or selling orders. Additionally, it provides insights into the market’s volume at that specific level.

How to use:

You can use this indicator to identify buying opportunities when its readings are above 50, especially if they are near that level. This suggests a potential upward market movement. Conversely, if the indicator is below 50, and close to that level, it may indicate a chance for the market to move downwards.

Furthermore, you can utilize crossovers as a trading strategy. When the green line crosses above the red line from below, it suggests an upward market trend, and when the green line crosses below the red line, it suggests a downward market trend.

Note:

By understanding the characteristics of different Tradebox scripts and combining them with other technical analysis tools, traders can develop effective trading strategies and make more informed decisions in the financial markets.

As with any trading tool, it’s essential to test your use of Cashier Indicative AI to align with your specific trading objectives and risk tolerance.