Overbought / Oversold Screener

The Overbought / Oversold Screener tool monitors and displays the RSI and Stochastic values for up to 17 different symbols simultaneously on a single chart. It aims to help traders identify potential trend reversals or exhaustions across multiple instruments and timeframes through a consolidated visual interface.

Usage

The indicator displays a table containing real-time data for a user-defined list of symbols.

• Multi-Symbol Tracking: Users can track the current chart symbol plus 16 additional custom symbols. The current chart symbol is highlighted with a "(C)" suffix.
• Indicator Filtering: The table provides both RSI and Stochastic values. If a value exceeds the overbought threshold or falls below the oversold threshold, the cell color dynamically updates to reflect the market condition (typically red for overbought and green for oversold).
• Sorting: The table can be sorted by Symbol name, RSI value, or Stochastic value in ascending or descending order. Note that changing the "Sort By" setting also determines which indicator dictates the primary color highlighting for the symbol names.
• Alerts: You can configure alerts to notify you when multiple symbols simultaneously enter overbought or oversold territory, allowing for efficient monitoring of broad market conditions without manual observation.

Details

The script utilizes the request.security() function to fetch data from different symbols and timeframes. It calculates the Relative Strength Index (RSI) and Stochastic Oscillator for every instrument in the list based on user-defined lengths.

The visual theme can be set to "Automatic", which leverages the background luminance of the chart to switch between dark and light modes, ensuring the table remains readable regardless of your TradingView theme settings.

Settings

Display

• Timeframe: Sets the timeframe for all indicator calculations in the screener. Selecting "Chart" uses the current chart's interval.
• Theme: Changes the table appearance (Automatic, Dark, or Light).
• Position: Determines where the table is anchored on the chart (e.g., middle right, top left).
• Sort By: Selects the column (Symbol, RSI, or Stoch) and the direction (Ascending/Descending) for sorting.

RSI / Stochastic

• Length: Sets the period for the respective indicator calculation.
• Overbought: The threshold above which the instrument is considered overbought.
• Oversold: The threshold below which the instrument is considered oversold.

Symbols

• Symbol 1-16: Enable or disable specific symbols and input the ticker IDs you wish to track.

FAQ

How do I access the Overbought / Oversold Screener?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I track symbols from different exchanges?

Yes, you can input any valid ticker ID available on the platform into the symbol settings to track instruments across various asset classes and exchanges.

Why do some symbols change color when I change the sorting?

The color of the "Symbol" column is determined by the "Sort By" setting. If you sort by RSI, the symbol color reflects RSI conditions; if you sort by Stoch, it reflects Stochastic conditions.