RSI Analysis with Statistical Summary Scientific Analysis of the Script "RSI Analysis with Statistical Summary"
Introduction
I observed that there are outliers in the price movement liquidity, and I wanted to understand the RSI value at those points and whether there are any notable patterns. I aimed to analyze this statistically, and this script is the result.
Explanation of Key Terms
1. Outliers in Price Movement Liquidity: An outlier is a data point that significantly deviates from other values. In this context, an outlier refers to an unusually high or low liquidity of price movement, which is the ratio of trading volume to the price difference between the open and close prices. These outliers can signal important market changes or unusual trading activities.
2. RSI (Relative Strength Index): The RSI is a technical indicator that measures the speed and change of price movements. It ranges from 0 to 100 and helps identify overbought or oversold conditions of a trading instrument. An RSI value above 70 indicates an overbought condition, while a value below 30 suggests an oversold condition.
3. Mean: The mean is a measure of the average of a dataset. It is calculated by dividing the sum of all values by the number of values. In this script, the mean of the RSI values is calculated to provide a central tendency of the RSI distribution.
4. Standard Deviation (stdev): The standard deviation is a measure of the dispersion or variation of a dataset. It shows how much the values deviate from the mean. A high standard deviation indicates that the values are widely spread, while a low standard deviation indicates that the values are close to the mean.
5. 68% Confidence Interval: A confidence interval indicates the range within which a certain percentage of values of a dataset lies. The 68% confidence interval corresponds to a range of plus/minus one standard deviation around the mean. It indicates that about 68% of the data points lie within this range, providing insight into the distribution of values.
Overview
This Pine Script™, written in Pine version 5, is designed to analyze the Relative Strength Index (RSI) of a stock or other trading instrument and create statistical summaries of the distribution of RSI values. The script identifies outliers in price movement liquidity and uses this information to calculate the frequency of RSI values. At the end, it displays a statistical summary in the form of a table.
Structure and Functionality of the Script
1. Input Parameters
- `rsi_len`: An integer input parameter that defines the length of the RSI (default: 14).
- `outlierThreshold`: An integer input parameter that defines the length of the outlier threshold (default: 10).
2. Calculating Price Movement Liquidity
- `priceMovementLiquidity`: The volume is divided by the absolute difference between the close and open prices to calculate the liquidity of the price movement.
3. Determining the Boundary for Liquidity and Identifying Outliers
- `liquidityBoundary`: The boundary is calculated using the Exponential Moving Average (EMA) of the price movement liquidity and its standard deviation.
- `outlier`: A boolean value that indicates whether the price movement liquidity exceeds the set boundary.
4. Calculating the RSI
- `rsi`: The RSI is calculated with a period length of 14, using various moving averages (e.g., SMA, EMA) depending on the settings.
5. Storing and Limiting RSI Values
- An array `rsiFrequency` stores the frequency of RSI values from 0 to 100.
- The function `f_limit_rsi` limits the RSI values between 0 and 100.
6. Updating RSI Frequency on Outlier Occurrence
- On an outlier occurrence, the limited and rounded RSI value is updated in the `rsiFrequency` array.
7. Statistical Summary
- Various variables (`mostFrequentRsi`, `leastFrequentRsi`, `maxCount`, `minCount`, `sum`, `sumSq`, `count`, `upper_interval`, `lower_interval`) are initialized to perform statistical analysis.
- At the last bar (`bar_index == last_bar_index`), a loop is run to determine the most and least frequent RSI values and their frequencies. Sum and sum of squares of RSI values are also updated for calculating mean and standard deviation.
- The mean (`mean`) and standard deviation (`stddev`) are calculated. Additionally, a 68% confidence interval is determined.
8. Creating a Table for Result Display
- A table `resultsTable` is created and filled with the results of the statistical analysis. The table includes the most and least frequent RSI values, the standard deviation, and the 68% confidence interval.
9. Graphical Representation
- The script draws horizontal lines and fills to indicate overbought and oversold regions of the RSI.
Interpretation of the Results
The script provides a detailed analysis of RSI values based on specific liquidity outliers. By calculating the most and least frequent RSI values, standard deviation, and confidence interval, it offers a comprehensive statistical summary that can help traders identify patterns and anomalies in the RSI. This can be particularly useful for identifying overbought or oversold conditions of a trading instrument and making informed trading decisions.
Critical Evaluation
1. Robustness of Outlier Identification: The method of identifying outliers is solely based on the liquidity of price movement. It would be interesting to examine whether other methods or additional criteria for outlier identification would lead to similar or improved results.
2. Flexibility of RSI Settings: The ability to select various moving averages and period lengths for the RSI enhances the adaptability of the script, allowing users to tailor it to their specific trading strategies.
3. Visualization of Results: While the tabular representation is useful, additional graphical visualizations, such as histograms of RSI distribution, could further facilitate the interpretation of the results.
In conclusion, this script provides a solid foundation for analyzing RSI values by considering liquidity outliers and enables detailed statistical evaluation that can be beneficial for various trading strategies.
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RSI / Connectable [Azullian]Enhance your trading approach with the modular RSI indicator, skilled in identifying market extremes. Simplify pattern visualization and signal weighting for more efficient strategy formulation.
This connectable RSI indicator is part of an indicator system designed to help test, visualize and build strategy configurations without coding. Like all connectable indicators , it interacts through the TradingView input source, which serves as a signal connector to link indicators to each other. All connectable indicators send signal weight to the next node in the system until it reaches either a connectable signal monitor, signal filter and/or strategy.
█ UNIFORM SETTINGS AND A WAY OF WORK
Although connectable indicators may have specific weight scoring conditions, they all aim to follow a standardized general approach to weight scoring settings, as outlined below.
■ Connectable indicators - Settings
• 🗲 Energy: Energy applies an ATR multiplier to the plotted shapes on the chart. A higher value plots shapes farther away from the candle, enhancing visibility.
• ☼ Brightness: Brightness determines the opacity of the shape plotted on the chart, aiding visibility. Indicator weight also influences opacity.
• → Input: Use the input setting to specify a data source for the indicator. Here you can connect the indicator to other indicators.
• ⌥ Flow: Determine where you want to receive signals from:
○ Both: Weights from this indicator and the connected indicator will apply
○ Indicator only: Only weights from this indicator will apply
○ Input only: Only weights from the connected indicator will apply
• ⥅ Weight multiplier: Multiply all weights in the entire indicator by a given factor, useful for quickly testing different indicators in a granular setup.
• ⥇ Threshold: Set a threshold to indicate the minimum amount of weight it should receive to pass it through to the next indicator.
• ⥱ Limiter: Set a hard limit to the maximum amount of weight that can be fed through the indicator.
■ Connectable indicators - Weight scoring settings
▢ Weight scoring conditions
• SM – Signal mode: Enable specific conditions for weight scoring
○ All: All signals will be scored.
○ Entries only: Only entries will score.
○ Exits only: Only exits will score.
○ Entries & exits: Both entries and exits will score.
○ Zone: Continuous scoring for each candle within the zone.
• SP – Signal period: Defines a range of candles within which a signal can score.
• SC - Signal count: Specifies the number of bars to retrospectively examine and score.
○ Single: Score for a single occurrence
○ All occurrences: Score for all occurrences
○ Single + Threshold: Score for single occurrences within the signal period (SP)
○ Every + Threshold: Score for all occurrences within the signal period (SP)
▢ Weight scoring direction
• ES: Enter Short weight
• XL: Exit long weight
• EL: Enter Long weight
• XS: Exit Short weight
▢ Weight scoring values
• Weights can hold either positive or negative scores. Positive weights enhance a particular trading direction, while negative weights diminish it.
■ Entries, exits and zone illustrated on a standard RSI indicator when the RSI is overbought.
█ RSI - INDICATOR SETTINGS
■ Main settings
• Enable/Disable Indicator: Toggle the entire indicator on or off.
• S - Source: Choose an alternative data source for the RSI calculation.
• T - Timeframe: Select an alternative timeframe for the RSI calculation.
• LE - Length: Define the number of bars or periods used in the RSI calculation.
• OB - Overbought Level: Determine the RSI value at which overbought conditions are met.
• OS - Oversold Level: Specify the RSI value at which oversold conditions are met.
■ Scoring functionality
• The RSI scores long entries when the RSI enters OS: oversold area
• The RSI scores long exits when the RSI exits OS: oversold area
• The RSI scores long zones the entire time the RSI is in OS: oversold area
• The RSI scores short entries when the RSI enters OB: overbought area
• The RSI scores short exits when the RSI exits OB: overbought area
• The RSI scores short zones the entire time the RSI is in OB: overbought area
█ PLOTTING
• Standard: Symbols (EL, XS, ES, XL) appear relative to candles based on set conditions. Their opacity and position vary with weight.
• Conditional Settings: A larger icon appears if global conditions are met. For instance, with a Threshold(⥇) of 12, Signal Period (SP) of 3, and Scoring Condition (SC) set to "EVERY", an RSI signaling over two times in 3 candles (scoring 6 each) triggers a larger icon.
█ USAGE OF CONNECTABLE INDICATORS
■ Connectable chaining mechanism
Connectable indicators can be connected directly to the signal monitor, signal filter or strategy , or they can be daisy chained to each other while the last indicator in the chain connects to the signal monitor, signal filter or strategy. When using a signal filter you can chain the filter to the strategy input to make your chain complete.
• Direct chaining: Connect an indicator directly to the signal monitor, signal filter or strategy through the provided inputs (→).
• Daisy chaining: Connect indicators using the indicator input (→). The first in a daisy chain should have a flow (⌥) set to 'Indicator only'. Subsequent indicators use 'Both' to pass the previous weight. The final indicator connects to the signal monitor, signal filter, or strategy.
■ Set up this indicator with a signal filter and strategy
The indicator provides visual cues based on signal conditions. However, its weight system is best utilized when paired with a connectable signal filter, signal monitor, or strategy .
Let's connect the RSI to a connectable signal filter and a strategy :
1. Load all relevant indicators
• Load RSI / Connectable
• Load Signal filter / Connectable
• Load Strategy / Connectable
2. Signal Filter: Connect the RSI to the Signal Filter
• Open the signal filter settings
• Choose one of the three input dropdowns (1→, 2→, 3→) and choose : RSI / Connectable: Signal Connector
• Toggle the enable box before the connected input to enable the incoming signal
3. Signal Filter: Update the filter signals settings if needed
• The default settings of the filter enable EL (Enter Long), XL (Exit Long), ES (Enter Short) and XS (Exit Short).
4. Signal Filter: Update the weight threshold settings if needed
• All connectable indicators load by default with a score of 6 for each direction (EL, XL, ES, XS)
• By default, weight threshold (TH) is set at 5. This allows each occurrence to score, as the default score in each connectable indicator is 1 point above the threshold. Adjust to your liking.
5. Strategy: Connect the strategy to the signal filter in the strategy settings
• Select a strategy input → and select the Signal filter: Signal connector
6. Strategy: Enable filter compatible directions
• Set the signal mode of the strategy to a compatible direction with the signal filter.
Now that everything is connected, you'll notice green spikes in the signal filter representing long signals, and red spikes indicating short signals. Trades will also appear on the chart, complemented by a performance overview. Your journey is just beginning: delve into different scoring mechanisms, merge diverse connectable indicators, and craft unique chains. Instantly test your results and discover the potential of your configurations. Dive deep and enjoy the process!
█ BENEFITS
• Adaptable Modular Design: Arrange indicators in diverse structures via direct or daisy chaining, allowing tailored configurations to align with your analysis approach.
• Streamlined Backtesting: Simplify the iterative process of testing and adjusting combinations, facilitating a smoother exploration of potential setups.
• Intuitive Interface: Navigate TradingView with added ease. Integrate desired indicators, adjust settings, and establish alerts without delving into complex code.
• Signal Weight Precision: Leverage granular weight allocation among signals, offering a deeper layer of customization in strategy formulation.
• Advanced Signal Filtering: Define entry and exit conditions with more clarity, granting an added layer of strategy precision.
• Clear Visual Feedback: Distinct visual signals and cues enhance the readability of charts, promoting informed decision-making.
• Standardized Defaults: Indicators are equipped with universally recognized preset settings, ensuring consistency in initial setups across different types like momentum or volatility.
• Reliability: Our indicators are meticulously developed to prevent repainting. We strictly adhere to TradingView's coding conventions, ensuring our code is both performant and clean.
█ COMPATIBLE INDICATORS
Each indicator that incorporates our open-source 'azLibConnector' library and adheres to our conventions can be effortlessly integrated and used as detailed above.
For clarity and recognition within the TradingView platform, we append the suffix ' / Connectable' to every compatible indicator.
█ COMMON MISTAKES, CLARIFICATIONS AND TIPS
• Removing an indicator from a chain: Deleting a linked indicator and confirming the "remove study tree" alert will also remove all underlying indicators in the object tree. Before removing one, disconnect the adjacent indicators and move it to the object stack's bottom.
• Point systems: The azLibConnector provides 500 points for each direction (EL: Enter long, XL: Exit long, ES: Enter short, XS: Exit short) Remember this cap when devising a point structure.
• Flow misconfiguration: In daisy chains the first indicator should always have a flow (⌥) setting of 'indicator only' while other indicator should have a flow (⌥) setting of 'both'.
• Hide attributes: As connectable indicators send through quite some information you'll notice all the arguments are taking up some screenwidth and cause some visual clutter. You can disable arguments in Chart Settings / Status line.
• Layout and abbreviations: To maintain a consistent structure, we use abbreviations for each input. While this may initially seem complex, you'll quickly become familiar with them. Each abbreviation is also explained in the inline tooltips.
• Inputs: Connecting a connectable indicator directly to the strategy delivers the raw signal without a weight threshold, meaning every signal will trigger a trade.
█ A NOTE OF GRATITUDE
Through years of exploring TradingView and Pine Script, we've drawn immense inspiration from the community's knowledge and innovation. Thank you for being a constant source of motivation and insight.
█ RISK DISCLAIMER
Azullian's content, tools, scripts, articles, and educational offerings are presented purely for educational and informational uses. Please be aware that past performance should not be considered a predictor of future results.
RSI Trend Transform [wbburgin]The RSI Trend Transform indicator is a dual-concept indicator that transforms volume data and price data into two different RSI values, which can then be used together to determine trend strength and momentum. The volume RSI does not use any price data in its calculation - it is purely a transform from nondirectional volume into a directional indicator.
The RSI for all three RSI values (price, volume,combined average) can be plotted as either stochastic or normal. The RSI calculation is adapted for use on volume, which is why the normal ta.rsi() function is not used for the price RSI calculation; both use the same formula for indicator consistency.
How to Use the Indicator
In the examples below, the Price RSI is plotted in yellow and the Volume RSI is plotted in red (length = 200, which is why the indicator is large in these examples). The indicator can be used on any timeframe and any asset, provided volume data is provided by the vendor to TradingView.
Identifying Bullish Trends
A rising volume RSI with a rising price RSI signifies a bullish trend. Example 1:
Example 2:
You can use the combined RSI (the average of the volume RSI and the price RSI) to help with the identification of these trends:
Identifying Bearish Trends
A falling volume RSI with a falling price RSI signifies a bearish trend:
Example 2:
Settings
Source is the source of the price RSI, the volume RSI will by default use volume in its calculations. If you have other indicators on-chart, you could even use the ATR, a volatility indicator, or any nondirectional or directional indicator and transform it into the "price" RSI.
Length is both the length of the RSI and the stochastic.
The next three rows are for each RSI you can plot on the indicator: price RSI, volume RSI, and combined RSI (average of price and volume). The first checkbox plots/removes them from the chart, you can subsequently choose the type of RSI (regular or stochastic), the color of the plot, and the length of the EMA smoothing applied afterward to the plot.
Upper Band and Lower Band refer to the overbought and oversold lines, respectively.
A note about the combined RSI- you will be unable to spot divergences if the combined RSI is the only plot on the indicator, so I encourage you to use the combined RSI as a way to confirm the overall trend if you notice the price RSI and the volume RSI and trending similarly.
RSI Dot Party - All Lengths From 1 To 120The RSI Dot Party indicator displays all RSI lengths from 1 to 120 as different colored dots on the chart.
🔶 Purpose
Show the reversal point of price action to time entries and exits.
🔶 USAGE
When a dot displays it is a indication of the reversal of the price/trend. The larger the dot the more likely it is to reverse.
The Default settings generates dots for extreme cases where the RSI is over = 90 or under = 10 for every RSI length in the range of 1-120.
Example if the RSI of length 1 or 2 or 3 or 4 or ... or 15 or 16 or 17 or ... or 80 or 81 or 82 or ... if any of does RSI crosses a boundary a dot is shown.
A boundary is the over/under the RSI oscillates in.
Customize the settings until the dots match up with the high and lows of past price action.
🔶 SETTINGS
🔹 Source
Source 1: Is the First Source RSI is calculated from
Source 2: Is the Second Source RSI is calculated from
🔹 Meta Settings
Hours back to draw: To speed up the script calculate it only draws a set number of hours back, default is 300 hours back in time to draw then it cuts off.
Show Dots: Show or disable dots
Show Bar Color: Color the bars for each RSI incident
Filter Cross: Filters and only shows dots when the RSI crosses above or bellow a boundary. If not all candles above or bellow the boundaries will display a dot.
Dots Location Absolute: Instead of showing the dots above or bellow the candle, the dots will show up on the top and bottom of the window.
🔹 7 RSI Groups
There are a total of 7 RSI colors.
Range Very Tiny: Default Color Green
Range Tiny: Default Color Purple
Range Small: Default Color Yellow
Range Normal: Default Color Red
Range Large: Default Color Blue
Range Huge: Default Color Dark Purple
Range Very Huge: Default Color White
🔹 RSI Group Settings
Hi/Low Color: Change the Color of that group.
Start/End: The Start and End range of this RSI color. Example if start = 5 and end = 10 the RSI of 5,6,7,8,9,10 will be displayed on the chart for that color, if any of does RSI goes above or bellow the boundary a dot is displayed on that candle.
Delay: The RSI needs to be above or bellow a boundary for x number of candles before displaying a dot. For example if delay = 2 and the RSI is over = 70 for 2 candles then it will display a dot.
Under/Over: Boundaries that indicate when to draw a dot, if over = 70 and RSI crosses above 70 a dot is displayed.
🔹 Show
Section that allows you to disable RSI grounds you dont want to see, this also removes them from the alert signal generated.
Show Low: Show or disable Low RSI dots
Show High: Show or disable High RSI dots
🔶 ALERTS
Alert for all New RSIs Dots Created in real time
The alert generated depends on what groups are showing or not, if the green group is disabled for example the alert will not be generated.
🔶 Warning
When a dot shows up it can continue moving. For example if a purple dot shows itself above a 15 minute candle, if that candle/price continue to extend up the dot will move up with it.
Dots can also disappear occasionally if the RSI moves in and out of a boundary within that candles life span.
🔶 Community
I hope you guys find this useful, if you have any questions or feature requests leave me a comment! Take care :D
RSI PRECISION (MACD & SMA Signals)RSI PRECISION (Plus MACD & SMA Signals)
Codded by Giorgos Protonotarios, March 2022
This is an enhanced version of RSI PRECISION that incorporates RSI readings and key TA signals into a single oscillator.
■ RSI PRECISION SHORT DESCRIPTION & WHAT IS NEW
RSI PRECISION is an oscillator designed to enhance the classic RSI with price volatility and make it more accurate at longer time frames and during choppy market conditions. The oscillator is ideal for analyzing volatile markets, such as the cryptocurrency market.
In this second version, the RSI Precision formula remains the same, however, there are additional features.
The new oscillator now includes three different trading signals:
• MACD Crossovers (•) -New
• SMA Death/Golden Crosses (x) -New
• RSI Crossovers/Crossunders (▲▼)
■ MACD BULLISH & BEARISH CROSSOVERS
The MACD signals are visualized by a green/red dot (•). The default settings are the standard MACD settings (12,6,9).
NOTE: In lower timeframes, MACD generates too many signals. You can switch off “MACD BULLISH & BEARISH CROSSOVERS” by clicking on ‘SETTINGS’, then ‘STYLE’, and then unselecting ‘Bullish MACD Cross’ and ‘Bearish MACD Cross’.
(i) Bullish MACD cross
• Symbol: Green Dot (•) on the Top
• Event: MACD crosses above its signal line
(ii) Bearish MACD cross
• Symbol: Red Dot (•) on the Bottom
• Event: MACD crosses below its signal line
■ SMA CROSSOVERS
The SMA crossovers are visualized by (X). By default, 50 periods for the fast SMA and 200 periods for the slow SMA (both are customizable).
NOTE: If you change the fast SMA to 1 period, the fast SMA becomes the closing price. Therefore, you can receive signals when the price crosses a key MA, for example, SMA(200).
(i) Bullish SMA Cross
• Symbol: Green (X) on the Top
• Event: The fast SMA crosses above the Slow SMA
(ii) Bearish RSI Cross
• Symbol: Red (X) on the Bottom
• Event: The fast SMA crosses below the Slow SMA
You can adjust the periods for both SMAs (Settings).
■ RSI CROSSOVER/CROSSUNDER
This signal corresponds to a bullish/bearish RSI Precision cross. By default, it is 5 for a bullish crossover and 100 for a bearish crossunder. Of course, these numbers are indicative and can be customized.
(i) Bullish RSI Precision Cross
• Symbol: Green arrow (▲) on the Top
• Event: The RSI Precision crosses above level 5
(ii) Bearish RSI Precision Cross
• Symbol: Red arrow (▼) on the Bottom
• Event: The RSI Precision crosses below level 100
■ RSI PRECISION MISSION
To enhance RSI and make it more accurate on longer time frames, choppy market conditions, and especially during market tops/bottoms.
■ RSI PRECISION OBJECTIVES
(1) identify overbought/oversold market levels in a simple and user-friendly manner
(2) make precise calculations near market tops and bottoms, where price volatility is always booming
(3) make precise calculations on longer time frames (monthly, weekly) where RSI readings are hardly readable
(4) offer three types of trading signals (RSI, MACD, SMA)
■ RSI PRECISION CALCULATIONS
The RSI PRECISION formula consists of 3 different modules:
(a) Relative Strength Index readings
(b) Price Volatility module
(c) RSI Volatility module (optional)
■ BASIC SETTINGS
--RSI PERIODS: -By default, 14.
---RSI PRECISION FORMULA
(i) RSI FACTOR (%)
-You can adjust the weight of RSI readings in the formula.
-By default, 100%.
(ii) PERIODIC PRICE VOLATILITY (%)
-You can adjust the weight of Periodic Price Volatility in the formula.
-By default, 100%.
(iii) RSI VOLATILITY (%)
-This is an extra measurement of volatility. This time the focus is exclusively on periodic RSI volatility, not on price volatility.
-By default, 5%.
--RSI CROSSOVER/CROSSUNDER LEVELS
You can adjust the levels for an RSI PRECISION crossover/crossunder.
- By default, 5 for a bullish crossover and 100 for a bearish crossunder.
--PERIODS FOR SMA CROSSOVERS
You can adjust the periods for the two SMAs.
-By default, 50 periods for the fast SMA and 200 periods for the slow SMA. Some traders describe the crossing of these two SMAs (50/200) as the “Golden/Death Crosses”.
■ FINAL THOUGHTS
The new RSI Precision combines everything in one place. I have been using this enhanced version, myself, as my only oscillator.
As always, happy trading... and remember to make charts, not war.
□ Giorgos Protonotarios,
Financial Analyst, Building Web
(March 2022)
RSI (8 & 13) + Fibonacci LevelsIndicator Description: RSI (8 & 13) + Fibonacci Levels
This custom indicator is designed to provide a dual-speed RSI framework with embedded Fibonacci retracement levels for advanced momentum and reversal analysis. It combines the power of relative strength measurement with the natural harmony of Fibonacci ratios to give traders a structured approach to market timing and confluence trading.
The indicator plots two RSI lines on a dedicated sub-chart:
RSI Fast (8) → short-term momentum, highly sensitive to price action, helps identify quick shifts and micro-trends.
RSI Slow (13) → smoother and less volatile, acts as confirmation of broader trend direction and underlying strength.
By combining both RSI speeds, traders can spot alignment, divergences, and crossover signals between fast and slow momentum. When both lines move in sync, it reflects strong conviction; when they diverge, it signals potential exhaustion or trend shifts.
Overlaying Fibonacci retracement levels on RSI adds an extra dimension of precision. Instead of using arbitrary zones, the indicator relies on mathematically significant levels tied to natural market cycles:
23.6% → shallow pullbacks, early momentum pauses.
38.2% → minor retracements, often signaling trend continuation.
50% → balance point between strength and weakness.
61.8% → golden ratio, strong correction or reversal zone.
78.6% → deep retracement, last line before full reversal.
In addition, the script marks the classic RSI boundaries:
70 (Overbought) → potential profit-taking, stretched bullish conditions.
30 (Oversold) → potential accumulation, stretched bearish conditions.
Together, these zones help traders gauge not only when the RSI is “too high” or “too low,” but also where price momentum aligns with natural Fibonacci retracement zones. This approach transforms RSI from a simple oscillator into a multi-layered momentum map.
Practical Uses:
Trend Confirmation → When RSI(8) and RSI(13) are both above 50 and rising, bullish strength is confirmed.
Divergence Detection → If price makes higher highs but RSI(8) fails to confirm, it warns of weakening momentum.
Reversal Hunting → Look for RSI rejection candles at Fib levels (e.g., fast RSI hitting 61.8 and rolling over).
Entry/Exit Timing → Use fast RSI crossovers with slow RSI as tactical entries within the broader structure.
Confluence Trading → Strong signals occur when RSI rejection coincides with price structure (double tops/bottoms, Fibonacci levels on chart, Bollinger Band rejections).
This indicator is especially powerful when paired with Bollinger Bands or price action rejection patterns, creating a system where price extremes are validated against RSI Fib zones.
Ultimately, the RSI (8 & 13) + Fibonacci Levels indicator acts as a precision filter — helping traders separate noise from genuine turning points and reinforcing entries/exits with multiple layers of confluence.
RSI Pivots with Divergence Overlay█ OVERVIEW
The RSI Pivots with Divergence Overlay indicator is an advanced tool based on RSI, displaying dynamic bands on the price chart to simplify the identification of overbought and oversold conditions. Pivot points and divergences between them are derived from these bands, providing a comprehensive view of the market and enabling the creation of various trading strategies based on this single indicator.
█ CONCEPTS
Areas where RSI exits the bands are often reversal points in the market. The concept of this indicator is to highlight places where the probability of a trend reversal increases. Therefore, pivots and divergences have been added to better identify these key moments. Additionally, the bands allow viewing the market context in relation to the RSI indicator, facilitating analysis of momentum and volatility.
█ KEY FEATURES
Dynamic Bands and RSI Signals: The bands are calculated based on the closing price and RSI value, with dynamic scaling adjusted to market volatility. The upper band corresponds to overbought levels, the lower to oversold, and the midline is their average. The price level relative to the bands serves as a visual RSI signal, indicating potential overbought or oversold conditions.
Pivot Points: The indicator identifies local price highs and lows in relation to RSI levels. The pivot level is taken from the high/low of the candle. A high pivot is detected when the high of the candle reaches a local maximum after crossing the upper RSI level (overbought), signaling a potential reversal. A low pivot appears after a local price minimum following a drop below the lower RSI level (oversold), indicating a possible uptrend reversal. The pivot length (default 2 bars) defines the search range for these extremes, meaning that with a length of 2, a potential divergence signal will appear with a 2-candle delay, as this is the minimum time required to confirm a local pivot. Pivot lines are drawn on the chart, and labels display the RSI value (from the close of the candle) and price at the detection moment. Pivot lines disappear after the detection of the next low pivot for lower lines and high pivot for upper lines, but unbreached lines or those with high volume may still serve as support or resistance levels.
Divergence Detection: The indicator automatically detects divergences to predict trend changes. Bearish divergence occurs when the price forms a higher high pivot, but the RSI (from the close of the candle) is lower than in the previous pivot, indicating weakening upward momentum and a potential bearish reversal. Bullish divergence appears when the price forms a lower low pivot, but the RSI is higher, suggesting building momentum and a possible bullish reversal. Divergences are marked in pivot labels (e.g., "Bear Div" or "Bull Div") and supported by alerts upon detection.
Return Signals: The indicator generates buy and sell signals based on RSI (price) returning to the bands after extreme conditions, independently of pivots and divergences. A buy signal is triggered when RSI (price) crosses above the lower level (exiting oversold), suggesting a potential price rise toward the midline or upper band. A sell signal occurs when RSI (price) falls below the upper level (exiting overbought), indicating a possible price drop toward the lower band. Signals are visualized as arrows (up/down triangles) on the chart, with customizable colors.
█ CONFIGURATION
The indicator offers extensive customization options:
RSI Length (rsiLength): Sets the number of periods used to calculate RSI (default 14).
RSI Upper Level (rsiUpper): Defines the overbought threshold (default 70).
RSI Lower Level (rsiLower): Defines the oversold threshold (default 30).
Band Scaling (scale): Determines the scaling multiplier for bands based on market volatility (default 15.0).
SMA Length for Candle Midpoint (length): Number of periods for calculating the moving average of candle midpoints (default 200). This parameter is used to smooth price data, enabling more accurate volatility assessment and band width adjustment to market dynamics.
Pivot Length (pivotLength): Sets the range (in bars) for detecting local price extremes (default 2).
Pivot Label Offset (pivotLabelOffset): Multiplier for the candle range to position pivot labels (default 0.3).
Show Bands (showBands): Enables/disables the display of bands on the chart.
Show Fill (showFill): Enables/disables the fill between bands and the midline.
Show Pivot Lines (showPivotLines): Enables/disables pivot lines on the chart.
Show Pivot Labels (showPivotLabels): Enables/disables labels with RSI and price values at pivots.
Show Return Signals (showReturnSignals): Enables/disables the display of buy and sell signals.
Colors and Style: Customizable colors for bands, fills, pivot lines, labels, and line widths (default 1).
█ USAGE
The indicator performs best when combined with other technical analysis tools, such as Fibonacci levels, moving averages, or trendlines, to confirm pivot, divergence, and return signals. It enables traders to identify key reversal points, detect hidden trend weaknesses through divergences, and confirm trade entries with return signals.
Usage Examples:
Price bounces off a previous pivot with high volume – this increases the probability of a trend change or correction.
A similar situation when RSI is outside the bands strengthens the signal.
If divergence occurs in addition, we have further confirmation.
This can be combined with Fibonacci levels to check if Fibo zones overlap with pivot lines – this may increase the chance of a strong price reaction.
█ ALERTS
The indicator supports alerts for:
Buy and sell signals (RSI returning to bands).
Detection of bearish and bullish divergences.
RSI Divergence ProjectionRSI Divergence Projection
Go beyond traditional, lagging indicators with this advanced RSI Divergence tool. It not only identifies four types of confirmed RSI divergence but also introduces a unique, forward-looking engine. This engine spots potential divergences as they form on the current candle and then projects the exact price threshold required to validate them.
Our core innovation is the Divergence Projection Line, a clean, clutter-free visualization that extends this calculated price target into the future, providing a clear and actionable level for your trading decisions.
The Core Logic: Understanding RSI Divergence
For those new to the concept, RSI Divergence is a powerful tool used to spot potential market reversals or continuations. It occurs when the price of an asset is moving in the opposite direction of the Relative Strength Index (RSI). This indicator automatically detects and plots four key types:
Regular Bullish Divergence: Price prints a lower low, but the RSI prints a higher low. This often signals that bearish momentum is fading and a potential reversal to the upside is near.
Hidden Bullish Divergence: Price prints a higher low, but the RSI prints a lower low. This is often seen in an uptrend and can signal a continuation of the bullish move.
Regular Bearish Divergence: Price prints a higher high, but the RSI prints a lower high. This suggests that bullish momentum is weakening and a potential reversal to the downside is coming.
Hidden Bearish Divergence: Price prints a lower high, but the RSI prints a higher high. This is often seen in a downtrend and can signal a continuation of the bearish move.
Confirmed divergences are plotted with solid-colored lines on the price chart and marked with a "B" (Bearish/Bullish) or "HB" (Hidden Bearish/Hidden Bullish) label.
The Core Innovation: The Divergence Projection
This is where the indicator truly shines and sets itself apart. Instead of waiting for a pivot point to be confirmed, our engine analyzes the current, unclosed candle.
Potential Divergence Detection: When the indicator notices that the current price and RSI are setting up for a potential divergence against the last confirmed pivot, it will draw a dashed line on the chart. This gives you a critical head-start before the signal is confirmed.
The Projection Line (Our Innovation): This is the game-changer. Rather than cluttering your chart with messy labels, the indicator calculates the exact closing price the next candle needs to achieve to make the current RSI level equal to the RSI of the last pivot.
It then projects a clean, horizontal dashed line at this price level into the future.
Attached to the end of this line is a single, consolidated label that tells you the type of potential divergence and the exact threshold price.
This unique visualization transforms a vague concept into a precise, actionable price target, completely free of chart clutter.
How to Use This Indicator
1. Trading Confirmed Divergences:
Look for the solid lines and the "B" or "HB" labels that appear after a candle has closed and a pivot is confirmed.
A Regular Bullish divergence can be an entry signal for a long position, often placed after the confirmation candle closes.
A Regular Bearish divergence can be an entry signal for a short position.
Hidden Divergences can be used as confirmation to stay in a trade or to enter a trade in the direction of the prevailing trend.
2. Using the Divergence Projection for a Tactical Advantage:
When a dashed line appears on the current price action, you are seeing a potential divergence in real-time.
Look to the right of the current candle for the Projection Line. The price level of this line is your key level to watch.
Example (Potential Bullish Divergence): You see a dashed green line forming from a previous low to the current lower low. To the right, you see a horizontal line projected with a label: "Potential Bull Div | Thresh: 10,750.50".
Interpretation: This means that if the next candle closes below 10,750.50, the RSI will not be high enough to form a divergence. However, if the price pushes up and the next candle closes above 10,750.50, the bullish divergence remains intact and is more likely to be confirmed. This gives you a concrete price level to monitor for entry or exit decisions.
How the Projection Engine Works: A Deeper Dive
To fully trust this tool, it's helpful to understand the logic behind it. The projection engine is not based on guesswork or repainting; it's based on a precise mathematical reverse-engineering of the RSI formula.
The Concept: The engine calculates the "tipping point." The Threshold Price is the exact closing price at which the new RSI value would be identical to the RSI value of the previous pivot point. It answers the question: "For this potential divergence to remain valid, where does the next candle need to close?"
The Technicals: The script takes the target RSI from the last pivot, reverse-engineers the formula to find the required average gain/loss ratio, and then solves for the one unknown variable: the gain or loss needed on the next candle. This required price change is then added to or subtracted from the previous close to determine the exact threshold price.
This calculation provides the precise closing price needed to hit our target, which is then plotted as the clean and simple Projection Line on your chart.
Features and Customization
- RSI Settings: Adjust the RSI period and source.
- Divergence Detection: Fine-tune the pivot lookback periods and the min/max range for detecting divergences.
- Price Source: Choose whether to detect divergences using candle Wicks or Bodies.
- Display Toggles: Enable or disable any of the four divergence types, as well as the entire projection engine, to keep your chart as clean as you need it.
Summary of Advantages
- Proactive Signals: Get ahead of the market by seeing potential divergences before they are confirmed.
- Unprecedented Clarity: Our unique Projection Line eliminates chart clutter from overlapping labels.
- Actionable Data: The threshold price provides a specific, objective level to watch, removing guesswork.
- Fully Customizable: Tailor the indicator's settings to match any timeframe or trading strategy.
- All-in-One Tool: No need for a separate RSI indicator; everything you need is displayed directly and cleanly on the price action.
We hope this tool empowers you to make more informed and timely trading decisions. Happy trading
RSI Ichimoku-like (Subchart) tohungmcThe RSI Ichimoku-like (Subchart) indicator offers a novel approach to technical analysis by uniquely combining the Relative Strength Index (RSI) with the principles of the Ichimoku Kinko Hyo system. Unlike traditional Ichimoku, which is applied to price data, this indicator innovatively uses RSI values to construct Ichimoku components (Conversion Line, Base Line, Leading Span 1, Leading Span 2, and Cloud). Displayed on a separate subchart, it provides traders with a powerful tool to analyze momentum and trend dynamics in a single, intuitive view.
Unique Features
Innovative RSI-based Ichimoku System: By applying Ichimoku calculations to RSI instead of price, this indicator creates a momentum-driven trend analysis framework, offering a fresh perspective on market dynamics.
Cloud Visualization: The cloud (formed between Leading Span 1 and 2) highlights bullish (green) or bearish (red) momentum zones, helping traders identify trend strength and potential reversals.
Customizable Parameters: Adjust RSI and Ichimoku periods to suit various trading styles and timeframes.
Subchart Design: Keeps your price chart clean while providing a dedicated space for momentum and trend analysis.
Components
RSI Line: A 14-period RSI (customizable) plotted in blue, with overbought (70) and oversold (30) levels marked for quick reference.
Conversion Line: Average of the highest and lowest RSI over 9 periods, acting as a short-term momentum indicator.
Base Line: Average of the highest and lowest RSI over 26 periods, serving as a medium-term trend guide.
Leading Span 1: Average of Conversion and Base Lines, shifted forward 26 periods.
Leading Span 2: Average of the highest and lowest RSI over 52 periods, shifted forward 26 periods.
Cloud: The area between Leading Span 1 and 2, colored green (bullish) when Span 1 is above Span 2, and red (bearish) when Span 2 is above Span 1.
How to Use
Momentum Analysis:
Monitor the RSI line for overbought (>70) or oversold (<30) conditions to spot potential reversals.
A RSI crossing above 30 or below 70 can indicate shifts in momentum.
Trend Identification:
When the RSI is above the cloud and the cloud is green, it suggests bullish momentum.
When the RSI is below the cloud and the cloud is red, it indicates bearish momentum.
Crossovers:
RSI crossing above the Conversion or Base Line may signal bullish opportunities, especially if aligned with a green cloud.
RSI crossing below these lines may suggest bearish opportunities, particularly with a red cloud.
Cloud Breakouts:
A RSI breaking through the cloud can signal a potential trend change, with the cloud’s color indicating the direction.
Customization:
Adjust the RSI Period (default: 14), Conversion Line Period (default: 9), Base Line Period (default: 26), and Leading Span 2 Period (default: 52) to match your trading timeframe or strategy.
Settings
RSI Period: Default 14. Increase for smoother signals or decrease for higher sensitivity.
Conversion Line Period: Default 9. Adjust for short-term momentum sensitivity.
Base Line Period: Default 26. Modify for medium-term trend analysis.
Leading Span 2 Period: Default 52. Tune for long-term trend context.
Why Closed Source?
The unique methodology of applying Ichimoku calculations to RSI, combined with optimized subchart visualization, represents a proprietary approach to momentum and trend analysis. Protecting the source code ensures the integrity of this innovative concept while allowing traders worldwide to benefit from its functionality.
Notes
This indicator does not generate explicit Buy/Sell signals, giving traders flexibility to interpret signals based on their strategies.
Best used in conjunction with other technical tools (e.g., support/resistance, candlestick patterns) for confirmation.
Suitable for all timeframes, from intraday to long-term trading.
RSI with Trend LinesThe RSI with Trend Lines indicator is a tool designed to analyze the behavior of the Relative Strength Index (RSI) combined with dynamic trend lines. This indicator not only provides the standard RSI reading but also identifies pivot points on the RSI and draws bullish and bearish trend lines based on these points. It also includes customizable options for adjusting trend lines, displaying the RSI moving average, and highlighting key levels such as overbought, oversold, and the center line.
This indicator is ideal for finding and identifying clear trends in the RSI and taking advantage of market breakout or consolidation signals. It also includes a table with the POC value, which represents the price level at which the most trading activity has occurred, indicating the highest liquidity and highest trading volume.
Key Features:
1. Basic RSI:
• Calculates the RSI using a configurable period length (default 14).
• Colors the RSI based on its direction (green for rising, red for falling) and its position relative to the center line (50).
2. Key Levels:
• Displays overbought (70 and 80), oversold (20 and 30), and the center line (50) levels for easy visual interpretation.
3. RSI Moving Average:
• Enables and configures an RSI moving average (SMA, EMA, WMA, or ALMA) to smooth out fluctuations and detect clearer trends.
4. Dynamic Trend Lines:
• Identifies pivot points on the RSI and draws bullish and bearish trend lines.
• Trend lines can be extended into the future or limited to the visible range.
• Includes options to display broken lines (trends that are no longer valid) and customize the style (solid or dashed).
5. Pivot Points:
• Displays the high and low pivot points on the chart for a better understanding of trend changes.
6. Advanced Customization:
• Adjust the pivot point period.
• Control the number of pivot points to consider for trend lines.
• Customize the line thickness and style.
How to Use the Indicator:
1. RSI Interpretation:
• Overbought Zone (RSI > 70): Indicates that the asset may be overvalued and could correct downward.
• Oversold Zone (RSI < 30): Suggests that the asset may be undervalued and could rebound.
• Centerline Crossover (50): A cross above 50 indicates bullish strength, while a cross below suggests weakness.
2. Trend Lines:
• Bullish Lines: Drawn when the RSI forms ascending low pivot points. These lines represent dynamic support.
• Bearish Lines: These are drawn when the RSI forms descending high pivot points. These lines represent dynamic resistance.
• Broken Lines: When a trend line becomes invalid (the RSI breaks the line), they are displayed in a dotted style to highlight the breakout.
3. Possible Trading Signals:
• Buy: When the RSI breaks an upward downtrend line.
• Sell: When the RSI breaks a downward uptrend line.
• Trend Confirmation: When the RSI stays within a valid trend line, it suggests that the current trend is strong.
4. A chart with the POC value:
• The point of control is a price level at which the highest trading volume occurs in a given time period. It is a key component of the Volume Profile indicator, which displays volume by price.
• Use of the POC in trading:
• The POC is used to identify areas of high interest and liquidity for trading.
• The POC provides information about the equilibrium point where buyers and sellers are most evenly matched.
• Therefore, it can be considered a zone of interest, meaning it can act as support or resistance.
RSI Crossover dipali parikhThis script generates buy and sell signals based on the crossover of the Relative Strength Index (RSI) and the RSI-based Exponential Moving Average (EMA). It also includes an additional condition for both buy and sell signals that the RSI-based EMA must be either above or below 50.
Key Features:
Buy Signal: Triggered when:
The RSI crosses above the RSI-based EMA.
The RSI-based EMA is above 50.
A green "BUY" label will appear below the bar when the buy condition is met.
Sell Signal: Triggered when:
The RSI crosses below the RSI-based EMA.
The RSI-based EMA is below 50.
A red "SELL" label will appear above the bar when the sell condition is met.
Customizable Inputs:
RSI Length: Adjust the period for calculating the RSI (default is 14).
RSI-based EMA Length: Adjust the period for calculating the RSI-based EMA (default is 9).
RSI Threshold: Adjust the threshold (default is 50) for when the RSI-based EMA must be above or below.
Visuals:
The RSI is plotted as a blue line.
The RSI-based EMA is plotted as an orange line.
Buy and sell signals are indicated by green "BUY" and red "SELL" labels.
Alerts:
Alerts can be set for both buy and sell conditions to notify you when either condition is met.
How to Use:
Use this script to identify potential buy and sell opportunities based on the behavior of the RSI relative to its EMA.
The buy condition indicates when the RSI is strengthening above its EMA, and the sell condition signals when the RSI is weakening below its EMA.
Strategy Use:
Ideal for traders looking to leverage RSI momentum for entering and exiting positions.
The RSI-based EMA filter helps smooth out price fluctuations, focusing on stronger signals.
This script is designed for both discretionary and algorithmic traders, offering a simple yet effective method for spotting trend reversals and continuation opportunities using RSI.
RSI Team Synergy | JeffreyTimmermansRSI Team Synergy
The "RSI Team Synergy" indicator is an advanced and highly customizable tool that integrates a Double RSI (DRSI) approach for comprehensive trend and momentum analysis. It utilizes two layers of RSI calculations, along with optional smoothing and various moving average types, to enhance signal accuracy. The dynamic visuals and alerts make this indicator a valuable resource for traders aiming to optimize their strategies.
Key Features
Double RSI (DRSI) Calculation
First RSI (Primary Layer): Captures the core price momentum using a configurable period.
Second RSI (DRSI Layer): Applies a second RSI calculation to the smoothed first RSI, refining signals and amplifying trend accuracy.
Double RSI Formula: Combines the smoothed RSI layers into a single robust indicator that adapts to market conditions.
Smoothing and Advanced Moving Averages
Optional Smoothing: Enables users to reduce noise by applying smoothing to both RSI layers.
Advanced MA Options: Supports multiple MA types, including SMA, EMA, WMA, RMA, DEMA, TEMA, VWMA, ZLEMA, and HMA. These can be applied to tailor the indicator to specific trading conditions.
Separate Configurations: Independent smoothing lengths and types for each RSI layer provide unparalleled customization.
Threshold and Signal System
Long Threshold: Highlights bullish conditions when the Double RSI exceeds the threshold.
Short Threshold: Signals bearish conditions when the Double RSI falls below the threshold.
Directional State: Tracks the overall direction using a state-based signal system (bullish, bearish, or neutral).
Dynamic Visualization
Oscillator Color Coding: Green shades for bullish momentum. Red shades for bearish momentum. Dynamic gradients for smoother transitions.
Glow Effect: Optional glowing lines enhance the visual clarity of the oscillator.
Threshold Lines: Configurable dashed horizontal lines to mark critical levels for easy reference.
Bar Color Integration
Bar Coloring: Matches bar colors to the oscillator's direction for cohesive visualization.
Advanced Control: Toggle bar coloring on/off without affecting other plots.
Alerts
Bullish Signal Alert: Triggers when the Double RSI crosses above the long threshold.
Bearish Signal Alert: Triggers when the Double RSI crosses below the short threshold.
Custom Messages: Alerts are equipped with descriptive messages for actionable insights.
Signal Arrows
Bullish Arrow (↑): Marks upward trends directly on the chart.
Bearish Arrow (↓): Highlights downward trends, ensuring traders never miss an opportunity.
Improvements
Customizable Thresholds: Adjustable long and short thresholds allow traders to fine-tune sensitivity.
Enhanced Smoothing Control: Separate smoothing options for each RSI layer provide flexibility in noise reduction.
Multiple MA Types: Extensive support for advanced moving averages to suit diverse trading preferences.
Color-Coded Oscillator: Improves trend visibility with gradient-based coloring and optional glow effects.
Signal Detection: Clear and intuitive arrows directly on the chart for quick signal interpretation.
Alerts and Notifications: Comprehensive alert conditions keep traders informed in real-time.
Use Cases
Momentum Analysis: Identify sustained bullish or bearish trends using the Double RSI calculation.
Noise Reduction: Utilize smoothing and advanced MA options to remove market noise.
Reversal Detection: Spot potential trend reversals with threshold-based signals.
Customizable Strategies: Tailor the indicator for scalping, swing trading, or long-term analysis.
The RSI Team Synergy indicator combines precision, flexibility, and intuitive design, making it an essential tool for traders at all levels. With its innovative Double RSI approach and advanced customization options, it provides actionable insights for mastering market trends.
This script is inspired by "Clokivez" . However, it is more advanced and includes additional features and options.
-Jeffrey
RSI + Normalized Fisher Transform with SignalsThis indicator combines three tools for market analysis: the Relative Strength Index (RSI), the RSI's moving average, and the Fisher Transform. RSI is a momentum oscillator that measures the speed and change of price movements, helping identify overbought and oversold conditions. The RSI moving average is a smoothed version of the RSI that filters noise and confirms trends. The Fisher Transform is a mathematical technique that transforms price data into a Gaussian normal distribution, making it easier to identify turning points. It has been normalized to the same scale as the RSI (0-100) for consistency.
Purpose
The goal of this indicator is to identify potential buy and sell opportunities with varying degrees of strength (strong and weak). By combining the RSI, its moving average, and the Fisher Transform, the indicator ensures signals are based on both momentum and reversals, making it highly versatile across different market conditions.
Key Features
This indicator provides strong and weak buy and sell signals. A strong buy occurs when the RSI crosses above its moving average while both the RSI and its moving average are oversold (below the default threshold of 30), and the Fisher Transform reverses direction within the same or prior bar while also being oversold. A weak buy occurs when the Fisher Transform is oversold, and the RSI crosses above its moving average while its value is between the default oversold threshold (30) and 50. A strong sell occurs when the RSI crosses below its moving average while both the RSI and its moving average are overbought (above the default threshold of 70), and the Fisher Transform reverses direction within the same or prior bar while also being overbought. A weak sell occurs when the Fisher Transform is overbought, and the RSI crosses below its moving average while its value is between 50 and the default overbought threshold (70).
The indicator includes customizable thresholds and lengths. Users can adjust the oversold and overbought thresholds to suit their trading style. The RSI length, moving average length, and Fisher Transform length are also customizable. The Fisher Transform is scaled to the RSI’s range of 0-100 to simplify analysis and signal interpretation.
How to Use the Indicator
On the chart, you will see the RSI line in blue, the RSI moving average in orange, and the Fisher Transform in purple. Horizontal lines at the default oversold (30) and overbought (70) levels mark critical zones for signals. Adjust these thresholds in the indicator settings as needed.
Strong buy signals are shown as larger, darker green arrows below the price. Weak buy signals are small lime arrows below the price. Strong sell signals are larger, darker red arrows above the price. Weak sell signals are small fuchsia arrows above the price.
Signal Interpretation
A strong buy indicates a highly favorable buying opportunity. This typically occurs when the asset is in a downtrend but shows signs of reversal, particularly in oversold zones. A weak buy suggests a potential buying opportunity but with less conviction, often when the market is neutral to slightly bearish but showing upward momentum. A strong sell indicates a highly favorable selling opportunity, usually occurring when the asset is in an uptrend but shows signs of reversal, particularly in overbought zones. A weak sell suggests a potential selling opportunity but with less conviction, often in neutral to slightly bullish markets showing downward momentum.
Practical Tips
Avoid using signals in isolation. Combine this indicator with other tools such as trendlines, moving averages, or support/resistance levels for greater accuracy. Adjust the parameters for different assets to match their volatility. For volatile assets, consider wider thresholds like 20/80 for oversold/overbought levels. For less volatile assets, tighter thresholds like 35/65 may be more appropriate. Use higher timeframes to confirm signals before trading on lower timeframes. Be cautious in sideways markets, as both RSI and the Fisher Transform perform better in trending conditions.
Instructions for Adjustments
To change the oversold or overbought levels, open the indicator settings by clicking the gear icon and modify the "Oversold Threshold" and "Overbought Threshold" values. To adjust lengths for RSI and Fisher Transform, update the "RSI Length," "RSI Moving Average Length," and "Fisher Transform Length" settings. If needed, toggle signal visibility by enabling or disabling specific arrows (Strong Buy, Weak Buy, Strong Sell, Weak Sell) in the "Style" tab.
Best Practices
Risk management is essential. Always set appropriate stop-loss levels and position sizes based on your risk tolerance. Backtest the indicator on historical data to understand its performance and behavior for your chosen asset and timeframe. Combining this indicator with volume or volatility analysis (Bollinger Band Width, for example) can help confirm signal validity.
This indicator simplifies decision-making by identifying high-probability trading opportunities using a combination of momentum, trend, and reversals. Follow these instructions to fully utilize its capabilities without needing to analyze the underlying code.
RSI with Dynamic ColorsThe "RSI with Dynamic Colors" is a custom indicator built on top of the traditional Relative Strength Index (RSI), which helps traders identify overbought or oversold market conditions. This enhanced version includes added functionality like dynamic colors, highlighting specific conditions, and more customization options. Here's a breakdown of how this indicator works:
Indicator Components:
Relative Strength Index (RSI) Calculation:
The RSI is a momentum oscillator that measures the speed and change of price movements. It oscillates between 0 and 100, helping traders determine if an asset is overbought or oversold.
In this version, the RSI is calculated with a configurable lookback period (default is 14) and applies smoothing to both upward and downward price changes using the Relative Moving Average (RMA).
Dynamic Coloring:
The indicator dynamically changes the color of the RSI line based on its value. Specific thresholds include:
Blue: When the RSI is at or above an extreme overbought level (≥ 85).
Red: When the RSI is in the overbought zone (≥ 70 but < 85).
Yellow: When the RSI is at or below the extreme oversold level (≤ 15).
Green: When the RSI is in the oversold zone (≤ 30 but > 15).
White: When the RSI is between the oversold and overbought zones.
Moving Average Options (MA):
The indicator allows the user to plot an optional moving average of the RSI for additional trend confirmation. Users can select from various types of moving averages, including Simple Moving Average (SMA), Exponential Moving Average (EMA), and others.
Bollinger Bands can be optionally applied around the RSI to visualize volatility.
Overbought and Oversold Highlights:
It provides visual highlights (green for overbought and red for oversold) in the background of the RSI plot, making it easier to identify potential reversal zones.
Divergence Detection (Optional):
The indicator can optionally display regular bullish or bearish divergence, which can signal potential trend reversals. Divergence occurs when price moves in the opposite direction of the RSI.
Bullish divergence is indicated when the price makes lower lows while the RSI makes higher lows.
Bearish divergence is shown when the price makes higher highs while the RSI makes lower highs.
Alerts:
Users can set up alerts for bullish or bearish divergence, making it easier to get notified when key conditions occur in the market.
Use Case:
This custom RSI indicator is designed for traders who want to combine the classic RSI functionality with enhanced visual aids, such as color coding for different RSI zones, customizable moving averages, and Bollinger Bands. It is particularly useful for identifying potential market tops and bottoms by highlighting overbought/oversold conditions and divergence signals.
In summary, this indicator not only retains the traditional RSI's power but also adds new layers of insight through color, moving averages, and divergence detection, helping traders make better-informed decisions.
RSI Multi-Timeframe PINESCRIPTLABS📈 Use the Relative Strength Index (RSI) calculated across multiple time frames to generate signals
🔹 Intraday: Displays a table with real-time RSI values for the time frames of 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, and 1 day.
🔹 Standard: Displays a table with real-time RSI values for the time frames of 30 minutes, 1 hour, 4 hours, 1 day, 1 week, and 1 month.
The indicator allows you to customize overbought and oversold thresholds, as well as choose between viewing RSI values for intraday or standard time frames, tailoring the analysis to your specific needs. 🔧📊
🔔 Signals are generated when in 4 of the 6 time frames we define below:
Overbought Signal (When RSI indicates overbought conditions):
• Intraday: Activated when the RSI in the time frames of 5 minutes, 15 minutes, 30 minutes, and 1 hour is above the 70 threshold. 📈
• Standard: Activated when the RSI in the time frames of 30 minutes, 1 hour, 4 hours, and 1 day is above the 70 threshold. 📈
Oversold Signal (When RSI indicates oversold conditions):
• Intraday: Activated when the RSI in the time frames of 5 minutes, 15 minutes, 30 minutes, and 1 hour is below the 30 threshold. 📉
• Standard: Activated when the RSI in the time frames of 30 minutes, 1 hour, 4 hours, and 1 day is below the 30 threshold. 📉
Español:
📈 Utiliza el Índice de Fuerza Relativa (RSI) calculado en varios marcos de tiempo para generar señales
🔹 Intraday: Muestra una tabla con los valores del RSI en tiempo real para los marcos de tiempo de 5 minutos, 15 minutos, 30 minutos, 1 hora, 4 horas y 1 día.
🔹 Standard: Muestra una tabla con los valores del RSI en tiempo real para los marcos de tiempo de 30 minutos, 1 hora, 4 horas, 1 día, 1 semana y 1 mes.
El indicador te permite personalizar los umbrales de sobrecompra y sobreventa, así como elegir entre ver los valores RSI para marcos de tiempo intradía o estándar, adaptando el análisis a tus necesidades específicas. 🔧📊
🔔 Las señales se generan cuando en 4 de los 6 marcos de tiempo que definimos a continuación:
Señal de Sobrecompra (Cuando el RSI indica sobrecompra):
• Intraday: Se activa cuando el RSI en los marcos de tiempo de 5 minutos, 15 minutos, 30 minutos y 1 hora está por encima del umbral de 70. 📈
• Standard: Se activa cuando el RSI en los marcos de tiempo de 30 minutos, 1 hora, 4 horas y 1 día están por encima del umbral de 70. 📈
Señal de Sobreventa (Cuando el RSI indica sobreventa):
• Intraday: Se activa cuando el RSI en los marcos de tiempo de 5 minutos, 15 minutos, 30 minutos y 1 hora está por debajo del umbral de 30. 📉
• Standard: Se activa cuando el RSI en los marcos de tiempo de 30 minutos, 1 hora, 4 horas y 1 día están por debajo del umbral de 30. 📉
RSI Overlay Table - 30 Tickers Sorted with ColorOverview
The RSI Overlay Table script provides traders with a powerful tool to monitor the Relative Strength Index (RSI) across multiple tickers in real-time. This script enables users to keep track of up to 30 different assets simultaneously, displaying their RSI values in an easy-to-read table format directly on the chart. It helps traders identify overbought and oversold conditions quickly, enhancing their ability to make informed trading decisions.
Key Features
Monitor Multiple Tickers: Track the RSI values of up to 30 different tickers at once. This allows users to have a broad view of market conditions across various assets without the need to switch between charts.
Dynamic RSI Calculations: The script calculates the RSI using the user-defined length, providing flexibility to adjust sensitivity based on the trading strategy. The default RSI length is set to 14, a commonly used period in technical analysis.
Customizable Overbought and Oversold Levels: Users can define their own overbought and oversold RSI levels, allowing them to tailor the script to their trading style. By default, the overbought level is set at 70, and the oversold level is set at 30.
Hide Neutral Rows Option: To help traders focus on the most critical signals, the script includes an option to hide rows where the RSI values are neither overbought nor oversold. This feature helps traders concentrate on assets that are more likely to experience a price reversal.
Color-Coded Alerts: The script highlights overbought and oversold conditions with distinct colors:
Red: Indicates that the asset is overbought (RSI above the user-defined overbought level).
Green: Indicates that the asset is oversold (RSI below the user-defined oversold level).
How to Use the RSI Overlay Table Script
Input Tickers: Enter up to 30 ticker symbols in the script settings. The script will automatically fetch the RSI values for each ticker and display them in the overlay table on the chart.
Adjust RSI Settings: Modify the RSI length and the overbought/oversold levels according to your trading strategy. These settings can be adjusted in the script input panel.
Use the Hide Neutral Rows Option: Toggle the “Hide Neutral Rows” option to focus only on tickers that are in overbought or oversold conditions. This feature is useful for traders who wish to filter out less significant signals and only act on strong RSI indicators.
Interpret the Table: The table will display each ticker symbol alongside its current RSI value. Tickers with RSI values above the overbought level will be highlighted in red, suggesting a potential sell signal. Tickers with RSI values below the oversold level will be highlighted in green, indicating a potential buy signal.
Application and Strategy
The RSI Overlay Table script is designed for traders who manage multiple assets and need to monitor their technical indicators efficiently. It is particularly useful for:
Swing Traders: Identifying overbought and oversold conditions to time entries and exits.
Portfolio Managers: Monitoring the relative strength of various assets in a portfolio.
Scalpers: Quickly spotting extreme price movements across multiple assets.
Notes
This script is intended to be used as a supplementary tool for technical analysis. Always use it in conjunction with other indicators and market analysis techniques.
The RSI values and signals provided by this script should not be taken as financial advice.
The RSI Overlay Table script provides a clear and efficient way to track RSI values across multiple assets, helping traders make more informed decisions. By offering customizable settings and a clean, color-coded interface, this tool aims to enhance the user's trading experience and streamline their analysis process.
RSI + Divergences + Alerts [MisterMoTA]The indicator RSI + Divergences + Alerts by MisterMoTA is an RSI indicator that fills the RSI and RSI moving average with 4 different colors (growing up, falling up, falling down and rising down colors), users can customize colors from dashboard , also can be disabled the fill if the user want a standard RSI.
The dafault value of RSI is 14 and value of the moving average is 50 ( a dynamic 50 rsi line is better for trend identification than a standard 50 line) and users can change the values from indicator settings.
For detecting the divergences displayed in the indicator, I integrated in our script the default Divergences indicator from Tradingview, users can display, hide and change colors for regular and hidden divergences.
RSI indicator display also trend conditions for RSI and RSI MA, the RSI MA angle is calculated using ATR value, the slope of the RSI Noving Average can help to identify trend conditions too.
The script comes with 12 different alerts, if need different alerts please let me know in the comments and will update the script with your request:
Alert for Regular Bullish Divergence
Alert for Regular Bearish Divergence
Alert for Hidden Bullish Divergence
Alert for Hidden Bearish Divergence
Alert for RSI Overbought
Alert for RSI Extreme Overbought
"Alert for RSI Oversold
Alert for RSI Extreme Oversold
Alert for RSI Crossing Above RSI MA
Alert for RSI Crossing Bellow RSI MA
Alert for RSI Crossing Above 50
Alert for RSI Crossing Bellow 50
Please follow me for other script like this one.
Kind regards,
MisterMoTA
RSI Supreme Multi-Method [MyTradingCoder]Introducing the "RSI Supreme Multi-Method" indicator, a powerful tool that combines the Relative Strength Index (RSI) with selectable manipulation methods to identify overbought and oversold conditions in the market, along with the ability to detect divergences for enhanced trading insights.
The indicator features four distinct manipulation methods for the RSI, each providing valuable insights into market conditions:
1. Standard RSI Method: The indicator uses the traditional RSI calculation to identify overbought and oversold areas.
2. Volatility Weighted RSI Method: This method applies a volatility formula to the RSI calculation, allowing for a more responsive indication of market conditions during periods of heightened volatility. Users can adjust the length of the volatility formula to fine-tune this method.
3. Smoothed RSI Method: The smoothed RSI method utilizes a smoothing algorithm to reduce noise in the RSI values, presenting a clearer representation of overbought and oversold conditions. The length of the smoothing can be adjusted to match your trading preferences.
4. Session Weighted RSI Method: With this innovative method, users can specify multipliers for different time sessions throughout the day to manipulate the base RSI. Each session can be customized with start and end times, enabling or disabling specific sessions, and specifying the multiplier for each session. This feature allows traders to adapt the RSI to different market sessions dynamically.
Additionally, the "RSI Supreme Multi-Method" indicator draws divergences on the oscillator, providing an extra layer of analysis for traders. Divergences occur when the direction of the RSI differs from the direction of the price movement, potentially signaling trend reversals.
Key Settings:
RSI Length: Adjust the length of the base RSI before applying any manipulation.
RSI Source: Determine the data source for the base RSI calculation.
Overbought Value: Set the RSI value at which overbought conditions are indicated.
Oversold Value: Set the RSI value at which oversold conditions are indicated.
RSI Type: Choose from four options: Standard, Smoothed, Volatility Manipulated, or Session Manipulated.
Volatility Manipulated Settings: Adjust the length of the volatility formula (applicable to Volatility Manipulated method).
Smoothed Settings: Adjust the length of the smoothing (applicable to Smoothed method).
Session Manipulated Settings: Customize six different time sessions with start and end times, enable or disable specific sessions, and specify multipliers for each session.
Divergence Color: Adjust the color of the drawn divergences to suit your chart's aesthetics.
Divergence Tuning: Fine-tune the sensitivity of the divergence detection for more accurate signals.
The "RSI Supreme Multi-Method" indicator is a versatile and comprehensive tool that can be used to identify overbought and oversold areas, as well as to spot potential trend reversals through divergences. However, like all technical analysis tools, it should be used in conjunction with other indicators and analysis methods to make well-informed trading decisions.
Enhance your trading insights with the "RSI Supreme Multi-Method" indicator and gain an edge in identifying critical market conditions and divergences with precision.
RSI-Instant-TA 3.69 by SimpsTAHow can this indicator benefit you?
Are you familiar with the RSI (Relative Strength Index), which is a commonly used indicator? Let me explain how it works in simpler terms. When the RSI is below 30 (considered oversold), it may be a signal to buy, and when it's above 70 (considered overbought), it may be a signal to sell. To confirm these signals, you can look for the RSI line crossing a moving average line while forming a higher high or lower low. I usually use a 1-hour timeframe (TF) for analysis but also glance at lower timeframes for better market understanding.
This indicator combines different averages of the RSI line, including the most important one, which is the RSI line averaged from 7 different timeframes. This averaging helps you gain a clearer understanding of what's happening across those timeframes.
To ensure you don't miss important market moments, you can set up predefined alerts using this indicator. However, it's always important to visually verify these alerts before taking any action.
What is what?
What do the different parts of the indicator represent and where does the data for plotting the lines come from?
1) THICK RED/GREEN OSCILLATING RSI LINE:
This line is a visual representation of the RSI (Relative Strength Index) calculated by averaging the RSI values from 7 different timeframes. It moves between the oversold and overbought regions while intersecting other simplified averaged RSI lines. The data used for plotting these line is derived from the RSI values calculated based on price movements across different timeframes.
2) THICK WHITE RSI LINE:
The thick white line is a slightly smoothed average of the regular RSI line (thin white line). It helps reduce the noise and volatility of the RSI line, making it easier to interpret.
3) TWO OSCILLATING RED/GREEN LINES WITH RED/GREEN BACKGROUND FILL:
These lines are further averages of the normal RSI line, providing a smoother oscillating baseline. When the thick white line or thick red/green line crosses this baseline, it typically indicates a change in direction.
4) BIG TRIANGLE WITH RED/GREEN VERTICAL BG LINE:
This element is used to create an alert. It serves as a visual signal when the market is likely to change direction. Many users find this feature particularly useful. (I pretty much use just this one)
5) SMALL TRIANGLE AND SMALL CIRCLE WITH RED/GREEN VERTICAL BG LINE:
These elements, although visually distinct, serve a similar purpose. They are used when a good entry opportunity has been missed, but there is still a desire to enter the position. They can also be helpful for re-entries into a position.
6) YELLOW HORIZONTAL LINE:
The yellow horizontal line represents the middle RSI line with a value of 50. It acts as a reference point for determining whether the RSI is in the overbought or oversold region.
7) TWO WHITE HORIZONTAL LINES:
These white horizontal lines represent the top and bottom RSI lines with values of 30 and 70, respectively. They serve as thresholds for identifying oversold (below 30) and overbought (above 70) conditions.
How to use this indicator effectively:
SETTING ALARMS:
To begin, familiarize yourself with setting alerts in TradingView. Here's how I usually set mine:
a) Choose the indicator name from the dropdown menu.
b) Select either a BUY or SELL TRIANGLE as the alert marker.
c) Set a value greater than 0 (this is necessary for the alert to trigger).
d) Opt for the alert to occur once per bar.
e) Write a description that you will recognize.
f) Choose the type of notification you prefer.
g) You're all set!
HOW TO READ THE LINES:
a) The baseline consists of two oscillating red/green lines (3) with a background fill.
b) When the thick red/green line (1) or the thick white line (2) is above the baseline, it indicates a BUY signal. If they are below the baseline, it signifies a SELL signal.
c) Confirm the signal by observing whether the thick red/green line (1) or the thick white line (2) form a Lower High (LH) as a SELL signal or a Higher Low (HL) as a BUY signal. It can occur before crossing baseline (3), so consider having ALERTS that support this.
d) Additionally, consider the vertical background colors from alerts as supplementary confirmation.
e) When the lines appear messy and there is no clear indication due to excessive zig-zagging through the baseline, it typically suggests that the market will continue its previous movement without any significant changes.
MY PREFERRED WORKFRAME:
I recommend using a 5-frame window, which includes the following timeframes:
3-minute TF (fine tuned entry)
13-minute TF (to understand 3minTF better)
30-minute TF (to understand 1h TF better)
1-hour TF (the most important one - looking for HL/LH on (1) or (2) and/or their crossings the baseline (3))
1-day TF (for a broader perspective on the market - you certainly wont do LONGS if market broke certain support)
Buy/Sell examples
To provide you with a better understanding, let's consider some examples of BUY and SELL signals using this indicator.
1st TRADING EXAMPLE:
This example is for those who want to take advantage of every market turn to maximize their gains. Please remember to rest and sleep; this approach may not be suitable for everyone.
Initially, the data might seem overwhelming, but as you become familiar with the meaning behind specific situations, it becomes less daunting. Let me guide you through what you see in the picture:
The UPPER WINDOW shows a BTC chart with marked positions and the gains you would have achieved by following the indicator's signals.
The LOWER WINDOW displays this indicator with my comments, explaining what is happening in the marked areas (circles).
You can view the example here:
To implement this approach, you need to set alerts on the 1-hour timeframe (TF) using the following options: BUY/SELL TRIANGLE, BUY/SELL triangle, and BUY/SELL circle. These alerts will send you notifications every few hours. When you receive a notification, visually assess the situation (consider going long, short, or exiting) based on the detailed criteria explained earlier.
2nd TRADING EXAMPLE:
This example is for those who prefer to have more free time and only react when there is an obvious market change, with more than a day or two between actions (going long, short, or exiting).
Here's what you see in the picture:
The UPPER WINDOW displays a BTC chart with marked positions and the gains you would have achieved by following the indicator's signals. As you can see, these positions are open for several days leaving you lots of time to rest.
The LOWER WINDOW shows this indicator with circles, highlighting the situations that prompted the actions. By now, you should be familiar with the rules.
You can view the example here:
To implement this approach, set alerts on the 1-hour timeframe (TF) for when the RSI AVG crosses the Slowest Line (select it from the dropdown menu). When you receive a notification, don't take immediate action; instead, turn on another alert (BUY/SELL triangle ALERT). If the RSI AVG is below the Slowest Line, choose the SELL triangle; if it's above, select the BUY triangle. Wait for the RSI AVG to return close to the Slowest Line for confirmation.
This approach will result in two to three notifications per day, allowing you to relax in the meantime.
******
PRO TIP!
Try not to constantly stare at the charts and this indicator. Instead, look and react only when the alerts are triggered. Remember, the market won't change direction without triggering those alerts (provided they are set correctly). This will save you a significant amount of time and stress.
RSI-CCI Fusion + AlertsThe "RSI-CCI Fusion" indicator combines the Relative Strength Index (RSI) and Commodity Channel Index (CCI) from TradingView.
RSI-CCI Fusion: Unlocking Synergies in Technical Analysis
Technical analysis plays a crucial role in understanding market dynamics and making informed trading decisions. I often rely on a combination of indicators to gain insights into price movements and identify potential trade opportunities. In the lines below, I will explore the "RSI-CCI Fusion" indicator, a powerful tool that combines the strengths of the Relative Strength Index (RSI) and the Commodity Channel Index (CCI) to provide enhanced trading insights.
1. Understanding the RSI and CCI Indicators
Before delving into the fusion of these indicators, let's briefly review their individual characteristics. The RSI is a widely used momentum oscillator that measures the speed and change of price movements. It oscillates between 0 and 100, with readings above 70 indicating overbought conditions and readings below 30 indicating oversold conditions.
On the other hand, the CCI is a versatile indicator designed to identify cyclical trends in prices. It measures the distance between the price and its statistical average, thereby providing valuable insights into overbought and oversold levels.
2. The Concept of RSI-CCI Fusion
The RSI-CCI Fusion indicator is born out of my desire to harness the collective power of the RSI and CCI. By combining these indicators, I can benefit from a more comprehensive trading signal that captures both momentum and cyclical trend dynamics.
The fusion process involves assigning weights to the RSI and CCI, creating a blended indicator that reflects their relative importance. The weighted combination ensures that both indicators contribute meaningfully to the final result.
To maintain consistency, the RSI and CCI values are standardized using the z-score technique. This normalization process brings the values to a common scale, making them directly comparable. Rescaling is then applied to bring the combined indicator back to its original scale, facilitating intuitive interpretation.
3. Interpreting the RSI-CCI Fusion Indicator
When plotting the RSI-CCI Fusion indicator on a chart, I gain valuable insights into market dynamics and potential trading opportunities. The indicator's plot typically includes dynamic upper and lower bands, which are calculated based on the indicator's standard deviation. These bands provide boundaries for evaluating overbought and oversold conditions.
When the RSI-CCI Fusion indicator crosses above the lower band, it suggests oversold conditions and potential buying opportunities. Conversely, when the indicator crosses below the upper band, it indicates overbought conditions and potential selling opportunities. I also pay attention to the baseline, which represents the neutral level and may signal potential trend reversals.
4. Utilizing Alerts for Trading Decisions
The RSI-CCI Fusion indicator can be further enhanced by incorporating alerts. These alerts notify me when the indicator generates buy or sell signals, enabling me to take prompt action. I can customize the alerts based on my preferred thresholds and timeframes.
However, it is crucial to remember that the RSI-CCI Fusion indicator should not be relied upon in isolation. To increase the robustness of my trading decisions, it is recommended to combine the indicator with other analysis techniques such as trend lines, support and resistance levels, or additional indicators. This convergence of analysis methodologies enhances the overall accuracy of my trade signals.
Conclusion: The RSI-CCI Fusion indicator represents a compelling approach to technical analysis by synergizing the strengths of the RSI and CCI. By combining momentum and cyclical trend dynamics, I gain a more comprehensive view of market conditions. The fusion of these indicators, accompanied by timely alerts, equips me with valuable insights and facilitates well-informed trading decisions.
As with any technical analysis tool, it is essential for me to backtest the RSI-CCI Fusion indicator to evaluate its performance across different market conditions and timeframes. Additionally, applying proper risk management strategies is crucial to ensure consistent and disciplined trading practices.
RSI PRO+ [APIDEVS]TRADITIONAL RSI
The RSI (Relative Strength Index) is an oscillator-type indicator used by traders who perform technical analysis to estimate the status of overbought or oversold of an asset on the stock market.
This tool gives the trader the advantage of comparing supply and demand (buying and selling), therefore, we must take into account the following interpretation for its use.
If the buy and sell index are equal, the indicator takes a percentage value of 50, which indicates that the relative forces are in equity.
As its value is over 50%, it indicates that the buyer interest is higher than the seller.
When it is less than 50%, then we must know that the selling force is greater.
It also indicates that when the RSI is above 70 on the oscillator, the price is oversold, therefore, it should exit the market.
Similarly, when the RSI is below 30, the asset is oversold, so it is considered convenient to buy.
NEW RSI PRO +
The main improvement lies in the incorporation of a script that allows to visually observe the force of the movement and that this reinforces the perception of the RSI trajectory. It is for this reason that we incorporate the Average Directional Index (ADX) in this indicator so that through its logic it can provide other visual elements to help traders.
In this merger we try to maintain the original design of the RSI in order to make a clean integration that does not confuse traders with another indicator.
Improvements made:
• The coloration resulting from the crossing of the DI + and DI- of the ADX was incorporated into the line that marks point 50 of this indicator.
o When the Di + is above the DI- the trend is bullish therefore the middle line of the RSI will be painted green.
o When the Di- is above the DI + the trend is bearish therefore the middle line of the RSI will be painted green.
• Se incorporó un background de color verde para la tendencia alcista y rojo para la tendencia bajista, que se activa exclusivamente cuando el precio adquiere una fuerte tendencia. Esta característica altamente importante para la interpretación de esta nueva versión del indicador fue absorbida del ADX.
• Se añadió una función que permite evidenciar la debilidad del RSI cambiando su coloración de verde a rojo según sea el caso.
• Pensando en los usuarios más tradicionales, se incorporó una función que permite pintar el RSI de un solo color.
• Se incorporó un selector de colores que permite pintar las velas en función al ADX ó al RSI.
• Se añadió un panel lateral que indica el valor numérico que posee el ADX y el RSI.
• Como una mejora visual, se creó una banda superior e inferior que evidencian de forma mas clara el estado de sobre venta y sobre compra del oscilador.
---------------------------------- SPANISH -----------------------------------
Lógica basada en la versión original del indicador:
El RSI (Relative Strength Index), Es un indicador de tipo oscilador utilizado por los traders que realizan análisis técnicos, para estimar el estado de sobre compra o sobre venta de un activo del mercado bursátil.
Esta herramienta da al trader la ventaja de cotejar la oferta y demanda (compra y venta), por tanto, debemos tomar en cuenta la siguiente interpretación para su uso.
Si el índice de compra y venta son iguales, el indicador toma un valor porcentual de 50, lo que nos indica que las fuerzas relativas se encuentran en equidad.
Al estar su valor sobre 50%, señala que el interés comprador es mayor al vendedor.
Cuando es inferior a 50%, entonces debemos saber que la fuerza vendedora es mayor.
También indica que cuando el RSI está por encima de 70 en el oscilador, el precio esta en sobre venta, por lo tanto, se debería salir del mercado.
DE igual forma, cuando el RSI esta por debajo de 30 el activo esta sobre vendido, por lo que se estima conveniente comprar.
FOTO DEL NUEVO RSI PRO+
La mejora principal radica en la incorporación de un script que permita observar visualmente la fuerza del movimiento y que esta refuerce la percepción de la trayectoria del RSI. Es por esta razón por la que incorporamos en este indicador al Average Directional Index (ADX) para que a través de su lógica pueda proporcionar otros elementos visuales para ayudar a los traders.
En esta fusión procuramos mantener el diseño original del RSI a los fines de hacer una integración limpia que no confundiera a los traders con otro indicador.
Mejoras realizadas:
• Se incorporó en la línea que marca el punto 50 de este indicador la coloración resultante del cruce del DI+ y el DI- del ADX.
o Cuando el Di+ está por encima del DI- la tendencia es alcista por lo tanto la línea media del RSI se pintará de color verde.
o Cuando el Di- está por encima del DI+ la tendencia es bajista por lo tanto la línea media del RSI se pintará de color verde.
• Se incorporó un background de color verde para la tendencia alcista y rojo para la tendencia bajista, que se activa exclusivamente cuando el precio adquiere una fuerte tendencia. Esta característica altamente importante para la interpretación de esta nueva versión del indicador fue absorbida del ADX.
• Se añadió una función que permite evidenciar la debilidad del RSI cambiando su coloración de verde a rojo según sea el caso.
• Pensando en los usuarios más tradicionales, se incorporó una función que permite pintar el RSI de un solo color.
• Se incorporó un selector de colores que permite pintar las velas en función al ADX ó al RSI.
• Se añadió un panel lateral que indica el valor numérico que posee el ADX y el RSI.
• Como una mejora visual, se creó una banda superior e inferior que evidencian de forma mas clara el estado de sobre venta y sobre compra del oscilador.
RSI Timeframes + Shadow
The RSI Timeframes + Shadow can be used to view RSI in different graphic times and at the same time analyze the RSI of another asset correlated with the current example: altcoins and BTC dominance, equities and SP500 , Brazilian equities and IBOV or FIIs and IFIX .
Fast RSI - yellow line
Slow RSI - white line
Correlational RSI - red line
It allows you to set an additional time frame different to the one on your chart. With this you could for example use a slower RSI than your other Strategy's candle period.
In the example the vertical lines in the graph show when the fast RSI crosses above the slow RSI represented by the cyan line and when the fast RSI crosses below the slow RSI represented by the red line.
You can also change the settings to view the RSI of other assets correlated with the current one to track them in the same graph time.
This indicator works with any available symbol.
#brazilian portuguese
O RSI Shadow pode ser utilizado para ver o RSI em tempos gráficos diferentes e ao mesmo tempo analisar o RSI de outro ativo correlacionado com o atual exemplo: Altcoins e dominância do BTC , acoes e SP500 , acoes brasileiras e IBOV ou FIIs e IFIX .
RSI rápido - linha amarela
RSI lento - linha branca
RSI correlacional - linha vermelha
Ele permite que você defina um período de tempo adicional diferente daquele em seu gráfico. Com isso, você pode, por exemplo, usar um RSI mais lento do que o período de vela da sua outra estratégia.
No exemplo as linhas verticais no gráfico mostra quando o RSI rápido cruza acima do RSI lento representado pela linha ciano e quando RSI rápido cruza abaixo do RSI lento representado pela linha vermelha.
Voce também pode alterar as configurações para visualizar o RSI de outro ativo correlacionado com o atual para acompanha eles no mesmo tempo gráfico.
Esse indicador funciona com qualquer simbolo disponível.
RSI band with Signal alert//th/en
//th
สวัสดีครับท่านสมาชิก
ก่อนอื่นต้องขอเกริ่นก่อนเลยว่า Indicator ตัวนี้ถูกสร้างขึ้นมาบนพื้นฐานของ RSI จริง เพียงแต่ใช้ค่า EMA27 ในการสร้าง เนื่องจากผมยังไม่สามารถเขียน RSI band ที่โยงกับราคาได้ในส่วนนี้เองได้
แต่ทั้งนี้ขอให้ท่านใจเย็น ๆ และฟังผมสักหน่อย เนื่องจากก่อนหน้านี้ผมได้สังเกตเห็นว่า EMA27 นั้นมีค่าเท่ากับ RSI14 ที่ค่า 50 พอดี ดังนั้นผมจึงเลือกที่จะสร้างมันขึ้นมาด้วย EMA27 เพราะง่ายต่อการเขียน
วิธีการใช้งานมีดังต่อไปนี้
Indicator ตัวนี้ใช้งานเหมือน RSI14 วิธีการอ่านคือให้นับเส้น EMA27 เป็นค่า 50 ของ RSI14 ดังนั้นให้เราพิจารณาการซื้อขายดังต่อไปนี้ (โดยหลังจากนี้ผมจะเรียก EMA27 ที่สร้างขึ้นว่า RSI band)
พิจารณาเข้าซื้อ : เมื่อราคาทะลุ RSI band ขึ้นไปและย่อตัวทำ Higher Low เหนือเส้น RSI band
พิจารณาขายออก : เมื่อราคาทะลุ RSI band ลงมาและรีบาวน์ทำ Lower High ใต้เส้น RSI band
# ทั้งนี้ผมได้ทำสีแท่งเทียนไว้เพื่อให้ง่ายต่อการสังเกต โดยการนำไปใช้อาจนำสีของเส้นขอบแท่งเทียนออก แล้วในส่วนของไส้แท่งเทียนให้ใช้สีที่ไม่เจาะจงราคาบวกลบอย่างสี #434651
โดยเราสามารถดู Divergence โดยการเทียบความต่างระหว่างราคาและ RSI band ได้ดังนี้
ในแนวโน้มขาลง : ให้เปรียบเทียบความต่างระหว่างราคากับ RSI band ของ Lower Low ปัจจุบันกับ Low ก่อนหน้า โดยถ้าความต่างของ Low ลดลงเรื่อย ๆ จนราคาเข้าใกล้เส้น RSI band ให้พิจารณาเข้าซื้อ
ในแนวโน้มขาขึ้น : ให้เปรียบเทียบความต่างระหว่างราคากับ RSI band ของ Higher High ปัจจุบันกับ High ก่อนหน้า โดยถ้าความต่างของ High ดลงเรื่อย ๆ จนราคาเข้าใกล้เส้น RSI band ให้พิจารณาขายออก
ทั้งนี้ผมได้สร้าง Signal alert ไว้เพื่อให้ง่ายต่อการสังเกต โดยสร้างมาจากเงื่อนไขดังนี้ (ห้ามทำการซื้อขายตาม Signal alert เด็ดขาด เพราะเค้าแค่บอกจุดตามเงื่อนไขที่ตั้งไว้ บางทีอาจมีสัญญาณซื้อแล้วให้ซื้อต่อโดยไม่มีสัญญาณขายเลยก็ได้)
Buy : เมื่อ RSI14 ตัดขึ้นที่ค่า 50 พร้อมกับ RSI14 ตัดขึ้น Signal ที่ผมตั้งไว้ (ผมใช้ EMA7 ของ RSI14)
Prepare to Sell : เมื่อ RSI14 ตัดลง Signal ในขณะที่ RSI14 นั้น มีค่ามากกว่า 70
Sell/Short Top : เมื่อ RSI14 ตัดลงที่ค่า 70 พร้อมกับ RSI14 ตัดลง Signal (จะมีขึ้นแสดงว่า Peak ในกราฟ)
Buy : เมื่อ RSI14 ตัดลงที่ค่า 50 พร้อมกับ RSI14 ตัดลง Signal
Prepare to Buy : เมื่อ RSI14 ตัดขึ้น Signal ในขณะที่ RSI14 นั้น มีค่าน้อยกว่า 30
TP Short/Buy Bottom : เมื่อ RSI14 ตัดขึ้นที่ค่า 30 พร้อมกับ RSI14 ตัดขึ้น Signal (จะมีขึ้นแสดงว่า Deep ในกราฟ)
# สาเหตุที่ใส่ข้อความใน Signal alert เพียงแค่ตอน Sell/Short Top และ TP Short/Buy Bottom เพื่อลดโอกาสเกิดการแพนิคที่เกิดจากการสังเกตได้ โดยในสัญญาณตัวอื่นจะมีแค่เครื่องหมาย * เพียงอย่างเดียว
ขอให้โชคดีครับ
Firstssk
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//en (Google Translate)
Hello, Trader
First of all, I have to say that this indicator is built on the basis of a real RSI, just using the EMA27 value to create it, since I still can't write an RSI band that is tied to the price in this section.
But please be patient and listen to me a bit. Since I previously noticed that EMA27 is exactly equal to RSI14 at 50, so I chose to build it with EMA27 because it's easier to write.
Here's how to use it:
This indicator works like RSI14. The reading method is to count the EMA27 line as the 50 value of RSI14, so let's consider the following trading. (After this I will call the created EMA27 RSI band)
Consider buying : When the price breaks the RSI band up and makes a Higher low above the RSI band.
Consider selling : When the price breaks the RSI band down and rebounds to make a Lower high below the RSI band.
# However, I have colored the candlesticks to make them easier to spot. By applying it may remove the color of the candlestick border. Then for the wick part, use a color that does not specify the price plus and minus color #434651
We can see the divergence by comparing the difference between the price and the RSI band as follows.
In a downtrend : Compare the difference between the price and the RSI band of the current Lower Low and the previous Low. If the divergence of the Low continues to decrease until the price approaches the RSI band, consider buying.
In an uptrend : Compare the price difference between the RSI band of the current Higher High and the previous high. If the divergence of the High continues to decrease until the price approaches the RSI band, consider selling.
I have created a Signal alert for easy observation. It was created from the following conditions: (Do not trade according to Signal alert strictly because they just tell the point according to the conditions set There may be a buy signal and then buy again without a sell signal.)
Buy : When RSI14 crosses above 50 with RSI14 crosses up the signal I set (I use EMA7 of RSI14).
Prepare to Sell : When RSI14 crosses signal while RSI14 is greater than 70.
Sell/Short Top : When RSI14 crosses down at 70 with RSI14 crosses down Signal (it will show "Peak" on the chart)
Buy : When RSI14 crosses down to 50 with RSI14 crosses down signal.
Prepare to Buy : When RSI14 crosses signal while RSI14 is less than 30.
TP Short/Buy Bottom : When RSI14 crosses above 30 with RSI14 crosses up signal (it will show "Deep" in the chart).
# The reason why I put the message in Signal alert only at Sell/Short Top and TP Short/Buy Bottom to reduce the chance of panic occurring from observation. In other signals, there will only be a * sign.
Good luck.
Firstssk
