Composite RSI Dynamic Fibonacci Levels

Hello TradingView Community! I'm excited to introduce "RSI Composite Pro V2", a comprehensive technical analysis tool that combines the power of the classic RSI with the Composite RSI, which allows comparison with a different asset.

This indicator includes many features to help you evaluate the market from different angles:

Key Features:

Classic RSI: Measures the momentum of the asset itself.
Composite RSI: Calculates the performance of the asset on your chart relative to another asset you specify (e.g., an index). Helps you understand relative strength or weakness.
Regular and Hidden Divergences: Automatically detects and plots both bullish and bearish divergences on both Classic RSI and Composite RSI. Crucial for identifying potential trend reversals or continuations. 📉📈
Composite RSI Fibonacci Levels: Automatically draws Fibonacci levels based on the high and low points of the Composite RSI over a specified lookback period. Visualizes potential support and resistance areas. ✨
Multiple Moving Averages (MA): You can add different MA types (SMA, EMA, SMMA, WMA, VWMA) to both Classic RSI and Composite RSI.
Bollinger Bands (BB): You can show Bollinger Bands along with the SMA to analyze volatility and potential overbought/oversold regions.
Flexible Composite Symbol Selection: You can choose between Automatic (detects BIST/NASDAQ/NYSE based on the chart), Manual, or predefined indices (XU100, NDX, SPX). 🌐
Adjustable Parameters: You can adjust many parameters like RSI length, Fibo lookback period, MA/BB settings, divergence lookback values, etc., to suit your strategy. ⚙️
Visual Enhancements: Colored fills for RSI levels and clear drawings and labels for divergences. 🎨
Alert Conditions: Set alerts for detected divergences so you don't miss opportunities. 🔔
How It Works:

Classic RSI measures the asset's own momentum, while Composite RSI shows the asset's performance relative to another asset you choose. Divergences provide potential reversal signals by finding discrepancies between price action and the RSI/Composite RSI. Fibo levels identify potential support/resistance areas for the Composite RSI.

Important Notes:

⚠️ Divergences and Repaint Risk: Divergence detection evaluates past peaks/troughs relative to future data, which can lead to repaint (signal change) risk. Signals are fixed historically; you can reduce the repaint effect by decreasing the lookback values.
This indicator is solely an analysis tool and does not constitute financial advice. You are responsible for your own buy/sell decisions.
Conclusion:

I hope this indicator adds value to your analysis and gives you an edge in the market. If you have any questions, feedback, or suggestions, please feel free to leave them in the comments.

Wishing you success! 🙏