A custom TradingView indicator combining RSI and Stochastic RSI to analyze market conditions, identify potential entry and exit points, and display percentage price changes.
Explore complementary indicator rolesHow it works
The Hanzo_Wave_Price % indicator calculates RSI based on a selected price source with a user-defined period, then applies Stochastic RSI and smooths it using a moving average. The Main Line represents the smoothed Stochastic RSI, which helps identify potential market entry and exit points by tracking oscillator movements.
The indicator also calculates percentage price change over a specified number of candles, allowing traders to visualize price momentum. It uses color-coded displays to represent price changes, with green indicating positive movement and red showing negative price action, making it easy to quickly interpret market conditions.
Why it may be useful
This indicator provides traders with a comprehensive view of market dynamics by combining multiple technical analysis tools into a single, easy-to-read format. By integrating RSI and Stochastic RSI, it offers deeper insights into market momentum and potential trend reversals that might be missed by using a single indicator.
The percentage price change feature adds an extra layer of analysis, helping traders understand historical price movements and potential future momentum. This multi-dimensional approach allows traders to make more informed decisions by providing a holistic view of market conditions and potential trading opportunities.
When to explore it
The Hanzo_Wave_Price % indicator works best in markets with clear trending or oscillating patterns, particularly in volatile assets that show significant price movements. It is most effective when used on shorter timeframes like 1-hour or 30-minute charts, where short-term price fluctuations are more pronounced and actionable.
Traders should use this indicator in conjunction with other technical analysis tools to confirm signals and reduce the risk of false breakouts. It is particularly useful for identifying potential entry points during oversold conditions, tracking short-term momentum, and providing visual confirmation of price trends across different market conditions.
Keep exploring
What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
![Flat Market Scanner [CHE] chart preview](https://s3.tradingview.com/c/cgMYfQm5.png?v=1722946035)