Retail Herd Index (RSI + MACD + Stoch) [mqsxn]

The Retail Herd Index is a sentiment-style indicator that tracks how many of the “classic retail indicators”: RSI, MACD, and Stochastic are screaming the same thing at once.

Instead of following each tool separately, this script unifies them into a single index score ranging from strongly bearish to strongly bullish. The more they agree, the stronger the signal.

This gives you an immediate snapshot of when retail-favorite signals are aligned (high probability of “herd” behavior), versus when they’re mixed and uncertain.

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🔎 How It Works

RSI contributes bullish when it’s oversold (and optionally rising), bearish when it’s overbought (and optionally falling).

MACD contributes bullish when MACD is above Signal (and optionally histogram > 0), bearish when MACD is below Signal (and optionally histogram < 0).

Stochastic contributes bullish on a %K > %D cross in the oversold zone, bearish on a %K < %D cross in the overbought zone.

Each module can be weighted individually, disabled, or tuned with custom thresholds. The total is combined into the Herd Index, plotted as columns above/below zero. Extreme zones can trigger bar coloring, labels, and alerts.

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⚙️ Inputs & Settings

Modules
Use RSI / Use MACD / Use Stochastic → Toggle each component on or off.

RSI
RSI Length → Period length for RSI calculation.
RSI Overbought / Oversold → Thresholds that trigger bearish/bullish conditions.
RSI Slope Confirmation → Requires RSI to be rising when oversold or falling when overbought.
RSI Source → Input price source for RSI.

MACD
MACD Fast / Slow / Signal → Standard MACD settings.
Require MACD hist above/below zero → Adds an extra filter: bullish only if histogram > 0, bearish only if histogram < 0.

Stochastic
%K Length / Smoothing / %D Length → Standard stochastic parameters.
Overbought / Oversold → Band levels for extreme signals.
Only count crosses inside bands → Restricts signals to crosses that occur fully inside the OB/OS zones.

Weights
Weight: RSI / MACD / Stoch → Adjust each module’s importance. Setting a weight to 0 disables its contribution.

Display
Color Bars By Herd Index → Colors candles when index is extreme.
Show Extremes Labels → Labels bars when the Herd Index reaches extreme bullish or bearish.
Extreme Threshold → Absolute value at which the index is considered “extreme” (default = 2).