Uptrick: RSI MA Buying/Selling signals

29 Apr

Indicator Purpose:
This indicator, titled "Uptrick: RSI MA Buying/Selling signals" or "UpRSIMA," aims to provide buying and selling signals based on the Moving Average (MA) of the Relative Strength Index (RSI).
It plots the RSI MA line and highlights whether the RSI MA value is above or below 50, indicating potential bullish or bearish signals, respectively.
RSI Calculation:
The script calculates the RSI using a user-defined length parameter (default is 14) and a specified source (typically the closing price).
It then computes the MA of the RSI using the Recursive Moving Average (RMA) function applied to the RSI values.
Color Representation:
The color of the RSI MA line is determined based on whether it's above or below the neutral level of 50.
If the RSI MA is above 50, indicating potential bullish signals, the color is set to green; otherwise, it's set to red for potential bearish signals.
Plotting:
The RSI MA line is plotted on the chart with the specified color based on its value relative to 50.
Additionally, a horizontal line is drawn at y = 50 to visually represent the neutral level.
Histogram bars are also added to visually represent the difference between the RSI MA and the neutral level, with green bars indicating bullish signals and red bars indicating bearish signals.
User Interface:
The indicator is designed to be used as an overlay on price charts, allowing traders to easily visualize potential buying and selling signals based on RSI MA crossovers and levels relative to 50.
Overall, the "Uptrick: RSI MA Buying/Selling signals" indicator offers traders insights into potential trend reversals or continuations based on the moving average of the Relative Strength Index, aiding them in making informed trading decisions.

4 hari lalu

Nota Keluaran

UPDATE INFO

1. Overview of the Old vs. New Script

Old Script (brief summary):
- Version: //version=5
- Core: Computes a simple RSI-based moving average (rsi_ma) using ta.rsi(...) → ta.rma(...).
- Plots:
- rsi_ma in green if rsi_ma >= 50 else red.
- A horizontal line at y=50 in white.
- A histogram of the same rsi_ma with green/red color.

New Script (the current code):
- Version: //version=6
- Features:
a) Multiple user-configurable inputs to enable or disable:
- RSI MA line
- Histogram
- Candle coloring
- Overbought/Oversold signals
- Normal RSI coloring vs. Heatmap coloring
b) Advanced color logic: Instead of a single color rule (green if ≥ 50, otherwise red), there is now a calc_heat_color function that:
- If normal_RSI is true, applies two static colors (green for ≥ 50, orange for < 50).
- If normal_RSI is false, uses a gradient that fades from aqua near 30 up to red near 70 (with alpha transparency).
c) Multiple plots:
- RSI MA as a line
- Optional histogram
- Optional candle coloring
d) Extra signals for overbought / oversold plus crossover markers.

2. What Specifically Has Been Updated

1) Script Version Upgrade
Now uses //version=6 instead of //version=5.

2) Additional User Inputs
- show_rsi_ma, show_histogram, color_candles, show_signals, normal_RSI, etc.
They allow users to toggle different layers or features on/off easily.

3) Modular Color Function
calc_heat_color(value) returns a color that depends on whether normal_RSI is true or false.
- normal_RSI = true: standard color scheme
- normal_RSI = false: gradient-based scheme

4) RSI MA vs. RSI
The RSI MA line is optional. The user can hide it if desired (for example, only show signals).

5) Histogram
The histogram is now optional. It is plotted with style=plot.style_histogram in the same color as the RSI MA, offering a stronger visual effect.

6) Candle Coloring
If color_candles is true, the main chart candles are tinted based on the RSI MA’s color.

7) Overbought/Oversold Labels
Labels appear at oversold (rsi_ma < 25) and overbought (rsi_ma > 75) levels, including a small arrow.

8) Buy & Sell Markers
plotshape calls are used to mark bullish crosses above 50 and bearish crosses below 50.

3. Uniqueness & Usefulness

1) Granular Heat Visualization
Instead of two simple colors, the script supports a gradient fade between red (high RSI) and aqua (low RSI). This is helpful for quickly gauging how strongly overbought or oversold the RSI is.

2) User Options
Each feature is optional, letting traders choose which elements to display (RSI line, histogram, candle coloring, signals). This reduces clutter and increases flexibility.

3) Consolidated Signals
It merges overbought/oversold alerts, RSI MA, and candle coloring all in one indicator, saving space on the chart.

4) Multiple Visual Layers
You can combine or hide the line, histogram, candle color, and signals to suit personal preference or strategy.

5) Easy to Customize
The color logic is organized in calc_heat_color, so changing colors or thresholds is simpler. The new version also uses well-structured input logic, making it straightforward to adapt to other conditions or expansions.

In summary, the new script takes a basic RSI MA color system and expands it into a more sophisticated, adjustable tool, including heat-based coloring, candle overlays, optional signals, and histogram visuals. These enhancements make the script more flexible and visually informative than the original version.

Normal RSI as before :
https://www.tradingview.com/x/JThMwiqG/

Heat-based candle color coding:
https://www.tradingview.com/x/08fk1R6J/

If the histogram is too much, you can just use the RSI:
https://www.tradingview.com/x/m1I0sQwS/