Version Two: Custom Scan Using MACD and RSI
Based on a viewer’s request, this video takes the original MACD RSI Scan to new territory. Two custom indicators are included. One is linked below, the other is linked within the video. The original code for the MACD RSI Scan is used to create a full featured indicator that plots on the price graph. It has built in alerts, both audible and visual. It has many adjustable parameters for customization. It uses the MACD and RSI to plot areas where overbought and oversold conditions begin to reverse. You can adjust the indicator so that is triggers an alert on the currently active bar or have it wait until the bar closes and the signal is locked in. Be sure to watch the entire video so you understand how it works and how to adjust it to fit your needs.
The original Scan indicator is linked below. It has been modified so it can scan for both oversold as well as overbought conditions. The video explains how to switch from oversold to overbought.
DISCLAIMER: I AM NOT A CERTIFIED FINANCIAL ADVISOR AND NOTHING IN THIS VIDEO OR TEXT IS AN ADVERTISEMENT OR RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT. NOR IS THIS VIDEO OR TEXT INTENDED TO INSTRUCT YOU ON HOW TO MAKE BUY OR SELL DECISIONS USING ANY OF THESE INDICATORS.
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Watch the video, Thinkorswim Scan MACD RSI Part Two below: