HeWhoMustNotBeNamed

RSI - Dynamic Overbought/Oversold Range

Default overbought/oversold levels of RSI does not hold good for instruments which are trending well. It happens often that instruments keep trading in single half of the range for prolonged time without even touching the other half. This also came up often in tradingview pine chat discussions where I participate regularly.

Hence, thought of creating this script to help other scriptors in finding different methods to derive dynamic high/low range of RSI . This can also be adopted for other range bound oscillators - though not inlcuded in this script.

⬜ Method

▶ Derive multitimeframe RSI . Parameters - Resolution, Source and Length are pretty straight forward. Repaint when unchecked uses previous bar value.
▶ Dynamic range detection follows below steps.
  • Get highest and lowest of the oscillator source for Range Length period.
  • Use Detection method further to refine the highest and lowest range. If detection method is "highlow", then it looks for lowest value for high range and highest value for low range. If not, uses moving average.

◽Note: Detection range length is used only for finding highest and lowest of Oscillator value ranges. Further detection range method of highlow and other moving average types use Oscillator length.
Catatan Pelepasan: Minor correction - removed few redundant lines.
Catatan Pelepasan: Added sticky range option to stick levels till crossover. Converted script to pine 5 :)

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Skrip sumber terbuka

Dalam semangat TradingView yang sebenar, penulis skrip ini telah menerbitkannya dengan menggunakan sumber terbuka supaya pedagang-pedagang dapat memahami dan mengesahkannya. Sorakan kepada penulis! Anda dapat menggunakannya secara percuma tetapi penggunaan semula kod ini dalam penerbitan adalah dikawalselia oleh Peraturan Rumah. Anda boleh menyukainya untuk menggunakannya pada carta.

Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.

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