Ultimate Webby RSI 2.0 for MNQ 3m

🔎 Introduction

This is a flexible version of Amphibiantrading’s Webby RSI concept, optimized for MNQ 3-minute trading.
It normalizes the distance of price from moving averages (EMA/SMA) using ATR, producing stretch histograms that highlight overextended moves.

I extended it with:

✅ Swing and Scalper presets (instantly switch via dropdown)

✅ Custom mode (type in your own parameters)

✅ Optional HTF (Higher Timeframe) bias filter — e.g., only show longs when 15m trend is up

✅ Alerts for bull/bear stretches and SMA extension

⚙️ Core Logic

Green histogram = low above EMA (normalized by ATR) → bullish stretch

Red histogram = EMA above high → bearish stretch

Orange line = high above SMA → extension (useful for exhaustion / fade plays)

Stretch Level line = threshold (default depends on Swing vs Scalper preset)

📊 Presets

Choose in the Mode dropdown:

Swing (MNQ 3m)

ATR Length = 100

EMA Length = 34

SMA Length = 14

Stretched Level = 3.8
👉 Fewer, cleaner signals (approx 3–6/day).

Scalper (MNQ 3m)

ATR Length = 34

EMA Length = 13

SMA Length = 8

Stretched Level = 2.4
👉 More signals (approx 15–25/day).

Custom

Enter your own ATR/EMA/SMA/Level values.

🧭 HTF Bias Filter (optional)

Enable the toggle to align entries with a higher-timeframe trend.

Example: HTF timeframe = 15m, EMA(34)

If close > EMA → bull bias (only green/orange plots show)

If close < EMA → bear bias (only red plots show)

Optional background tint shows bias (green = bull, red = bear).

This reduces false signals and keeps you trading with the bigger move.

🚀 How to Use

Add the indicator → In settings, choose Mode (Swing/Scalper/Custom).

Leave Computation timeframe = 3 and Override symbol = MNQ1! for MNQ micro futures.

Watch for histogram/extension values crossing your Stretched Level.

Bull stretch above threshold = price stretched to upside.

Bear stretch above threshold = price stretched to downside.

SMA extension = price extended above SMA, often exhaustion.

(Optional) Turn on HTF Bias to only take trades in the main trend direction.

🔔 Alerts Included

Bull Stretch > Level (positive histogram crosses above level)

Bear Stretch > Level (negative histogram crosses above level)

SMA Extension > Level (SMA line crosses above level)

All alerts automatically respect the HTF bias filter if enabled.

⚠️ Notes & Best Practices

Stretched Level is not RSI OB/OS — it’s distance normalized by ATR. Combine with market structure (VWAP, supply/demand, session levels).

If using higher-TF calculations (via HTF bias), remember values finalize at the close of that TF bar.

Swing preset is better for holding through moves; Scalper preset is better for fast in/out trading.

Always combine with risk management — normalized stretch can still extend further in strong trends.

✅ Credits

Original Webby RSI by Amphibiantrading.
Extended by [Your Name] for flexible MNQ swing/scalp use with HTF filters.

⚖️ Disclaimer

This script is provided for educational purposes only. It does not constitute financial advice or an offer to buy or sell any financial instrument.
Trading futures, stocks, forex, and cryptocurrencies involves substantial risk and may not be suitable for every investor.
Past performance is not indicative of future results.
Always do your own research and consult with a licensed financial advisor before making any trading decisions.
Use at your own risk.