The "Multi-TF RSI Table" indicator is a comprehensive tool designed to present traders with a quick visual summary of the Relative Strength Index (RSI) across multiple timeframes, all within a single glance. It is crafted for traders who incorporate multi-timeframe analysis into their trading strategy, aiming to enhance decision-making by identifying overall market sentiment and trend direction. Here's a rundown of its features:
User Inputs: The indicator includes customizable inputs for the RSI and Moving Average (MA) lengths, allowing users to tailor the calculations to their specific trading needs. Additionally, there is an option to display or hide the RSI & MA table as well as to position it in various places on the chart for optimal visibility.
Multi-Timeframe RSI & MA Calculations: It fetches RSI and MA values from different timeframes, such as 1 minute (1m), 5 minutes (5m), 15 minutes (15m), 1 hour (1h), 4 hours (4h), and 1 day (1D). This multi-timeframe approach provides a thorough perspective of the momentum and trend across different market phases.
Trend and Sentiment Analysis: For each timeframe, the script determines whether the average RSI is above or below the MA, categorizing the trend as "Rising", "Falling", or "Neutral". Moreover, it infers market sentiment as "Bullish" or "Bearish", based on the relationship between the RSI and its MA.
Dynamic Color-Coding: The indicator uses color-coding to convey information quickly. It highlights the trend and sentiment cells in the table with green for "Bullish" and red for "Bearish" conditions. It also shades the timeframe cells based on the RSI value, with varying intensities of green for "Oversold" conditions and red for "Overbought" conditions, providing an immediate visual cue of extreme market conditions.
Customization and Adaptability: The script is designed with customization in mind, enabling users to adjust the RSI and MA lengths according to their trading strategy. Its adaptable interface, which offers the option to display or hide the RSI & MA table, ensures that the tool fits into different trading setups without cluttering the chart.
Ease of Use: By consolidating critical information into a simple table, the "Multi-TF RSI Table" indicator saves time and simplifies the analysis process for traders. It eliminates the need to switch between multiple charts or timeframes, thus streamlining the trading workflow.
In essence, the "Multi-TF RSI Table" is a powerful indicator for Pine Script users on TradingView, offering a multi-dimensional view of market dynamics. It is ideal for both novice and experienced traders who seek to enhance their technical analysis with an at-a-glance summary of RSI trends and market sentiment across various timeframes.
It should be said that I compared with other MARSI indicators It was found that changing the MA value will cause an incorrect value. You can confirm this. I've been working on it for a long time and can't solve this problem.
There is a problem with the details, and it will be wrong when converting RSI.
JohnyCardano
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@Eason_yi, be sure to use same MA type for your rsi indikator, as table. I don´t see that problem.
MatthewWen
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There seems to be an error in the calculated value of MA rsi_1m in the code = getRsi(close, rsiLengthInput, "1") ma_1m = getRsiMa(close, maLengthInput, "1") I have corrected it, but the MA value is weird.
MatthewWen
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Awesome. I hope you can add the full-time 200EMA filter trend.
JohnyCardano
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@Eason_yi, next version release will have this feature. EMA50 and EMA200 filter trend.
JohnyCardano
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@Eason_yi, new version released.
vesmirhaja
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Excellent Indicator. I am just loving it. Thanks mate :)
It was found that changing the MA value will cause an incorrect value.
You can confirm this. I've been working on it for a long time and can't solve this problem.