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Reaping Logic Indicator
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The Reaping Logic Indicator was developed with the intent of providing 'bull' and 'bear' entry signals based on a set of relatively basic but unique parameters.
The 'bull' signal is generated by the following set of criteria: the candle's closing price is above an EMA of length nine, the size of the candle's top wick is not more than 50% of the entire candle body (high minus close), there is positive buying momentum according to the MACD, and the underlying asset is not overbought (RSI > 70).
The 'bear' signal is generated from the opposite set of criteria: the candle's closing price is below an EMA of length nine, the size of the candle's bottom wick is not more than 50% of the entire candle body (high minus close), there is positive selling momentum according to the MACD, and the underlying asset is not oversold (RSI < 30).
The 'bull' signal is generated by the following set of criteria: the candle's closing price is above an EMA of length nine, the size of the candle's top wick is not more than 50% of the entire candle body (high minus close), there is positive buying momentum according to the MACD, and the underlying asset is not overbought (RSI > 70).
The 'bear' signal is generated from the opposite set of criteria: the candle's closing price is below an EMA of length nine, the size of the candle's bottom wick is not more than 50% of the entire candle body (high minus close), there is positive selling momentum according to the MACD, and the underlying asset is not oversold (RSI < 30).
Notes de version
Added a fill coloring between the zero line and the bull/bear signals.Notes de version
Added the option to turn on/off signals during pre-market and after-hours. This should be particularly useful for users who may utilize this script to trigger alerts that send information via email or a Webhook URL, as the user may not want to receive alert messages during non-real trading hours.
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