OPEN-SOURCE SCRIPT
Relative Strength Index by niftyfifty.in
This is a modified Relative Strength Index (RSI) indicator with added upper (80) and lower (20) bands, along with divergence detection for better trading insights. It enhances the traditional RSI by providing clearer overbought and oversold signals, making it useful for traders looking for strong reversal zones.
📌 Key Features:
✅ Standard RSI Calculation (Default period: 14)
✅ Upper (80) & Lower (20) Bands for better extreme zone identification
✅ Customizable RSI Smoothing Options (SMA, EMA, WMA, VWMA, SMMA, BB)
✅ Divergence Detection (Regular Bullish & Bearish)
✅ Dynamic Background Gradient Fill for Overbought/Oversold Zones
✅ Alerts for Divergences (Bullish & Bearish)
📊 How to Use:
1️⃣ Buy Signals
RSI below 20 (deep oversold) could indicate a potential reversal.
Regular Bullish Divergence (Price forming lower lows, RSI forming higher lows) 🔥
2️⃣ Sell Signals
RSI above 80 (deep overbought) could indicate a pullback.
Regular Bearish Divergence (Price forming higher highs, RSI forming lower highs) 🚨
3️⃣ Trend Confirmation
If RSI stays above 50, market is in an uptrend.
If RSI stays below 50, market is in a downtrend.
⚡ Best Use Cases:
✔ Stock Market Trading (Intraday, Swing, and Positional)
✔ Forex & Crypto Trading
✔ Divergence-Based Reversals
✔ Breakout & Pullback Strategies
🔧 Customization Options:
RSI Length & Source Selection
Choose Moving Average Type for RSI Smoothing
Enable/Disable Bollinger Bands on RSI
Divergence Detection Toggle
🔹 Designed for traders who rely on RSI but want more precision & additional filters to avoid false signals. 🚀
📌 Key Features:
✅ Standard RSI Calculation (Default period: 14)
✅ Upper (80) & Lower (20) Bands for better extreme zone identification
✅ Customizable RSI Smoothing Options (SMA, EMA, WMA, VWMA, SMMA, BB)
✅ Divergence Detection (Regular Bullish & Bearish)
✅ Dynamic Background Gradient Fill for Overbought/Oversold Zones
✅ Alerts for Divergences (Bullish & Bearish)
📊 How to Use:
1️⃣ Buy Signals
RSI below 20 (deep oversold) could indicate a potential reversal.
Regular Bullish Divergence (Price forming lower lows, RSI forming higher lows) 🔥
2️⃣ Sell Signals
RSI above 80 (deep overbought) could indicate a pullback.
Regular Bearish Divergence (Price forming higher highs, RSI forming lower highs) 🚨
3️⃣ Trend Confirmation
If RSI stays above 50, market is in an uptrend.
If RSI stays below 50, market is in a downtrend.
⚡ Best Use Cases:
✔ Stock Market Trading (Intraday, Swing, and Positional)
✔ Forex & Crypto Trading
✔ Divergence-Based Reversals
✔ Breakout & Pullback Strategies
🔧 Customization Options:
RSI Length & Source Selection
Choose Moving Average Type for RSI Smoothing
Enable/Disable Bollinger Bands on RSI
Divergence Detection Toggle
🔹 Designed for traders who rely on RSI but want more precision & additional filters to avoid false signals. 🚀
Skrip sumber terbuka
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Skrip sumber terbuka
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.