Psycho Advisor

Psycho Advisor

Author: frad

This script does not only plot an indicator in the chart. It also sends a sound alert and displays a message when the indicator intersects the level.

The indicator uses the following formula:

(Number of uprising candles over the time period)/(time period)*100

Therefore, if there has been an uptrend over the period, the indicator goes up. If there has been a downtrend, the indicator goes down. 12 is a good period to use, as this period is long enough to diagnose the overbought/oversold market.

The indicator gives a signal to buy when it falls below 25. When Psycho rises above 75, it gives a signal to sell. The level lines are plotted in the chart automatically.

Please do not forget to replace the path to the sound file with your own one.