Thank you for the request completion. I have found this to be a reliable indicator when used in accordance with a moving average. In the first picture you can see an example of how I am workin with it, I am using 27 EMA of XARD V12 version as bias and for the RSI indicator the parameters shown there, aqua dots for buying and red for selling.
However I have found that it could also work not just to get in the market when the actual signals are given but when the RSI crosses the contrary band in contrast to the moving average. For example, when price is under 27 EMA and RSI crosses upper band, it could be used as pullback of the prevalent downtrend and an opportunity to place a sell order or to add to the existing ones. Refer to second image where it shows vertical lines as entry points for long (aqua) and short (red).
On the other side, when RSI crosses the according band in contrast to the moving average, for example, when price is under 27 EMA and RSI crosses lower band, it could mean that the prevalent direction is strong in downtrend and it's an opportunity to place a sell order or to add to the existing ones. Refer to third image where it shows vertical lines as entry points for long (aqua) and short (red).
So, as lines could be tricky to read I ask you to please add contrary arrows when RSI crosses bands from the inside to the outside, like oversold or overbought conditions (Arrows heading down and on top of candle when RSI crosses up upper band and the other way around).
Thank you.
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