Overbought and Oversold MT4

Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.

Oversold describes a period of time where there has been a significant and consistent downward move in price over a period of time without much pullback.

This indicator will show the Overbought conditions (Green Bars) and Oversold conditions (Red Bars). The value of Green/Red Bars represents a power of the price movement.

Input parameters

• numBars - amount of bars for main calculations;
• LevelUp - represents Upper Level for sideways trend;
• LevelDn - represents Lower Level for sideways trend;

Note: You have to change input parameters LevelUp / LevelDn (tab Inputs) and Level (tab Levels) simultaneously.