RSI OVERBOUGHT OR OVERSOLD INDICATOR - Webull Day Trading Custom Indicator Script

Webull is a great platform especially for retail traders, but its default indicators are limited. This bundle unlocks the power of custom scripting to give you professional-grade signals directly on your chart.

RSI OVERBOUGHT OR OVERSOLD INDICATOR - This indicator generates green circles on all candles that close while the RSI is oversold (default setting for RSI is 70 overbought and 20 oversold, can be changes under settings). It generates red circles on all candles that close while the RSI is overbought. This is a powerful trend reversal indicator – oversold RSI may show an impending reversal to the upside and overbought condition may show an impending reversal to the downside.

• What it is: Red circle shows overbought condition and an incoming possible reversal to the downside. Green circle shows oversold condition and an incoming possible reversal to the upside. (Indicator setting allows for indicator circles color change, and shape change – circle, cross, histogram, columns, etc, as needed)
• Green Circle: oversold condition and an incoming possible reversal to the upside. This is a potential Buy/Long signal.
• Red Circle: overbought condition and an incoming possible reversal to the downside. This is a potential Sell/Short signal.
• Strategy: Look for long trades when the circle is Green and short trades when the circle is Red.