Indicator Overbought / Oversold [IOO]

Descripton

Summary:
This analyst script is used to determine whether an underlying indicator is overbought or oversold.

Values:
1. 0 - Not overbought or oversold.
2. -100 - Overbought.
3. 100 - Oversold.

Variables

Type	Identifier	Description
Integer	_analyzedIndicatorKey	Use for the indicator key to analyze for overbought and oversold conditions.
Number	_overboughtValue	Use for the minimum value above which the underlying indicator is considered overbought.
Number	_oversoldValue	Use for the minimum value below which the underlying indicator is considered oversold.

OnAnalysis

Function Parameters
Type	Identifier	Description
Integer	barIndex
Implementation
Define value As Number = IndicatorValue(_analyzedIndicatorKey, barIndex) ' Check for an overbought condition. If (value > _overboughtValue) Then Return -100 End If ' Check for an oversold condition. If (value < _oversoldValue) Then Return 100 End If Return 0

OnInitialize

Function Parameters
Type	Identifier	Description
Indicator	analyzedIndicatorKey	Use for the indicator key to analyze for overbought and oversold conditions.
Number	overboughtValue	Use for the minimum value above which the underlying indicator is considered overbought. [Default 80]
Number	oversoldValue	Use for the minimum value below which the underlying indicator is considered oversold. [Default 20]
Implementation
' Assign the script parameters to script variables. _analyzedIndicatorKey = analyzedIndicatorKey _overboughtValue = overboughtValue _oversoldValue = oversoldValue