RSI Plus +

27 Mac

Description:
RSI Plus + is an enhanced Relative Strength Index (RSI) indicator that provides a multi-timeframe view of RSI values across various timeframes. It highlights overbought and oversold conditions for a more comprehensive analysis, with additional focus on the Relative RSI (RRSI), which compares the current RSI to the average RSI. This provides insight into relative market strength or weakness, giving traders a clear view of how the current market conditions compare to historical averages. The indicator is ideal for spotting potential market reversals, pullbacks, or trend continuations.

Overview
RSI Plus + offers a multi-timeframe RSI display across the following timeframes:
- 2m (2 minutes)
- 5m (5 minutes)
- 15m(15 minutes)
- 30m (30 minutes)
- 1h (1 hour)
- 4h (4 hours)
- 12h (12 hours)
- Daily (1 Day)
- Weekly (1 Week)
- Monthly (1 Month)

The indicator displays a table with RSI, Average RSI, and Relative RSI (RRSI) values for each selected timeframe. The table is color-coded to indicate overbought (RSI > 70) or oversold (RSI < 30) conditions. Additionally, visual triangle alerts are plotted on the chart to signal potential trade opportunities when all selected timeframes show either overbought or oversold conditions. The RRSI provides insight into the current market’s relative strength or weakness by comparing the current RSI to its historical average.

How to Use

1. Setting Up the Indicator:
- Add RSI Plus + to your TradingView chart.
- Enable or disable timeframes using the checkboxes (e.g., 2m, 5m, 15m, Daily, Weekly, etc.) to customise the timeframes you want to analyse.

2. Understanding the Table Layout:
The indicator displays a table in the top-right corner of the chart with the following columns:
- Row 0 Timeframes (2m, 5m, 15m, 30m, 1h, 4h, 12h, Daily, Weekly, Monthly).
- Row 1 RRSI (Relative RSI: the current RSI compared to the average RSI).
- Row 2 Average RSI (The average RSI for each timeframe).
- Row 3 Current RSI (The current RSI value for each timeframe).

The RRSI (Relative RSI) row compares the current RSI with the average RSI, offering insight into the current relative strength or weakness. This allows traders to gauge whether the market is stronger or weaker compared to its historical performance within the selected timeframe.

3. Interpreting the Relative RSI (RRSI)
- RRSI > 1: If the Relative RSI (RRSI)is greater than 1, it means the current RSI is stronger than its historical average, indicating stronger market strength. This could be a sign of momentum in the direction of the trend.
- RRSI < 1: If the RRSI is below 1, it means the current RSI is weaker than its historical average, signalling relative market weakness. This may indicate the possibility of a reversal or pullback before the trend resumes.
- RRSI ~ 1: When the RRSI is around 1, it indicates that the current RSI is in line with its historical average, suggesting neutral market conditions.

4. Using the Visual Cues (Triangle Shapes):
- Green Triangle: Plotted above the price bars when all selected timeframes show RSI values above 70 (overbought), signalling potential exhaustion and a short signal or a pullback before continuation.
- Red Triangle: Plotted below the price bars when all selected timeframes show RSI values below 30*(oversold), signalling potential market reversal and long signal or a pullback before continuation*

These triangle shapes are clear visual alerts for traders to act upon when all timeframes signal extreme conditions.

5. Overbought/Oversold Conditions as Signals:
Overbought Conditions: If all selected timeframes show RSI values above 70 (green triangles appear), it suggests that the market may be overbought, signalling a potential short trade opportunity or a pullback before continuation.
Oversold Conditions: If all selected timeframes show RSI values below 30 (red triangles appear), it suggests that the market may be oversold, signalling a potential long trade or short term bounce opportunity or a pullback before continuation.


6. Set alerts for when all selected timeframes turn overbought (green triangles) or all turn oversold (red triangles). This alert condition will notify you when all selected timeframes signal extreme market conditions, which could indicate a strong reversal or continuation in price.

Notes:
RRSI provides an additional layer of analysis by showing the current relative strength or weakness of the market. A higher RRSI indicates strength relative to historical performance, while a lower RRSI signals weakness.
RSI Plus + is best used alongside other technical tools to confirm trade setups.
RRSI can help traders determine whether the market is likely to continue its trend or if a correction or reversal is imminent.
Customisable Timeframes: The RSI Plus + indicator is fully customisable, allowing you to select RSI length (RSI Period), which timeframes to analyse, from as short as 2 minutes up to monthly intervals, a personally chosen selection This gives traders the flexibility to tailor the indicator to their preferred trading style and time horizon.

28 Mac

Nota Keluaran

removed drawings

28 Mac

Nota Keluaran

Blank Chart

29 Mac

Nota Keluaran

EMAs removed

7 Apr

Nota Keluaran

Just added a show rows function so you can choose which row(s) you'd prefer to display