~Sexy RSI~
Fellow sexy traders,
Wrote this to save time from constantly having to add my own horizontals/MAs to the default RSI so I decided to make this modification.
The default settings include channels from 40-80 (green horizontals) for a bullish range, and 20-60 (red horizontals) for the bearish range.
Also includes white line at 50 level, and blue horizontals at extremes (90 and 10).
If RSI stays in one of the red or green range that can signify the trend direction, as directed by Andrew Cardwell (inventor of the RSI ).
If you wish for other levels to be included, just let me know. Comment on here or dm me on twitter @boss_charts and I might add the settings for you.
Additionally, in order to tell the level of the RSI and how overextended it might be, I added the setting for the RSI to change color depending on its level. Current settings are as follows:
Normal RSI (30-70) = PURPLE
Conventional Overbought/Oversold (30-20 + 70-80) = RED
1st extended (20-15 + 80-85) = PINK
2nd extended (15-10 + 85-90) = ORANGE
VERY EXTENDED (<10 + >90) = YELLOW
That way you can get an idea of how drastic a move is by the color alone.
Finally, there are the default MAs added that Mr. Cardwell defines as useful for defining the trend. These being the 9 MA and 45 EMA/WMA.
The strategy with these is to have the MAs on both price and RSI . If the 9MA is above the 45 MA on both price and RSI , then this is bullish and you can look for longs.
Conversely, if the 9 is below the 45 on both RSI and price that is bearish , and you can look for shorts.
I added the background color change for the points where the MAs cross each other, so you do not have to have the MAs fogging up your charts to know where they are relative to one another. This is similar to my MA cross indicator which contains the same functionality.
Never financial advice. Back test it for yourself and find MA configurations that work for you.
Wrote this to save time from constantly having to add my own horizontals/MAs to the default RSI so I decided to make this modification.
The default settings include channels from 40-80 (green horizontals) for a bullish range, and 20-60 (red horizontals) for the bearish range.
Also includes white line at 50 level, and blue horizontals at extremes (90 and 10).
If RSI stays in one of the red or green range that can signify the trend direction, as directed by Andrew Cardwell (inventor of the RSI ).
If you wish for other levels to be included, just let me know. Comment on here or dm me on twitter @boss_charts and I might add the settings for you.
Additionally, in order to tell the level of the RSI and how overextended it might be, I added the setting for the RSI to change color depending on its level. Current settings are as follows:
Normal RSI (30-70) = PURPLE
Conventional Overbought/Oversold (30-20 + 70-80) = RED
1st extended (20-15 + 80-85) = PINK
2nd extended (15-10 + 85-90) = ORANGE
VERY EXTENDED (<10 + >90) = YELLOW
That way you can get an idea of how drastic a move is by the color alone.
Finally, there are the default MAs added that Mr. Cardwell defines as useful for defining the trend. These being the 9 MA and 45 EMA/WMA.
The strategy with these is to have the MAs on both price and RSI . If the 9MA is above the 45 MA on both price and RSI , then this is bullish and you can look for longs.
Conversely, if the 9 is below the 45 on both RSI and price that is bearish , and you can look for shorts.
I added the background color change for the points where the MAs cross each other, so you do not have to have the MAs fogging up your charts to know where they are relative to one another. This is similar to my MA cross indicator which contains the same functionality.
Never financial advice. Back test it for yourself and find MA configurations that work for you.
Nota Keluaran:
Changed default settings to not show the MAs and MA cross background by default. You can go into the settings and tick the boxes to show them.
Nota Keluaran:
MY BAD. Used this indicator on someone else's TV account and realized how horrible the defaults were on another background.
Just updated it so now it should be working as intended. Again my apologies.
Not sure if I should have the MAs and the MA cross background changes on as the default or not. Let me know what you think. for now going to turn them off.
cheers! and sorry again
Just updated it so now it should be working as intended. Again my apologies.
Not sure if I should have the MAs and the MA cross background changes on as the default or not. Let me know what you think. for now going to turn them off.
cheers! and sorry again
Nota Keluaran:
Updated bear channel transparency to be more visible.