RSI MTF DashboardThis is an RSI dashboard, which allows you to see the current RSI value for five timeframes across up to 8 tickers of your choice. This is a useful tool to gauge momentum across multiple timeframes, where you would look to enter a buy with high RSI values across the timeframes (and vice versa for sell positions).
Conversely, some traders use RSI to identify potential areas for reversals, so you would look to buy with low RSI values (and vice versa for sell positions).
In the settings, please select which 5 timeframes you require. Then select which tickers you wish to see, and you will find a dashboard on your chart to show the RSI values. The dashboard can be highlighted when the RSI value shows bearish momentum (a value under 50, of your choice) and bullish momentum (a value over 50, again of your choice). These colours and values are fully customisable.
In the settings you can also select the location of the dashboard, as well as some colour and transparency settings to enable the best possible view on screen.
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RSI Past Can Turn RSI Into a Directional ToolThe Relative Strength Index was created by J. Welles Wilder to measure overbought and oversold conditions. It’s also found popularity as an overall measure of direction because upward-trending stocks often hit overbought conditions. The opposite can be true with underperformers.
Today’s custom script, RSI Past, attempts to capture this secondary use of RSI as a directional indicator.
RSI Past achieves this by comparing how many bars have passed since RSI's most recent overbought and oversold readings. It then plots a simple difference between those two numbers.
Stocks with “bullish” signals will have positive readings that will increase each time RSI hits an overbought condition.
“Bearish” readings are just the opposite, growing more negative as oversold conditions occur.
An examination of some individual stocks may show the usefulness of this approach.
Meta Platforms , for example, hit an oversold condition almost exactly one year ago, and has remained under heavy selling pressure since:
Exxon Mobil , on the other hand, flipped to a bullish reading last October and has trended higher since:
This raises some interesting questions for Apple, shown on the main chart above. AAPL’s RSI Past has maintained a bullish reading for over a year -- unlike most other big technology stocks and the broader Nasdaq-100. Could this reflect bigger directional strength, especially with prices holding the $150 level that’s had relevance several times mid-2021?
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RSI based support resistance levelsThis indicator draws support line and resistance lines in the price chart.
How ?
For drawing the support/resistance line we need to first determine the demand and supply.
We are using too-familiar indicator RSI to determine when the script is oversold and overbought.
Now oversold (in RSI) is not a point, it’s a zone. The RSI indicator comes below 30, stays there and goes up above 30. Similarly for overbought.
Now if you carefully look at the oversold region – the lowest point of the oversold region is the place where the demand came (for surety) and push the indicator (and price) up.
Similarly: the highest point of overbought is the place where (for surety) the supply came and push the indicator (and price) down.
So that’ the supply / demand line (for surety).
In this indicator, based on the RSI we are just drawing support and resistance lines in the chat. That’s all.
What is unique ?
Trendline concept is not new. RSI is not new. RSI overbought/oversold is not new.
There are indicators exist to draw trendlines. Some of them works beautifully.
However, none of these, we are aware of, uses RSI to determine it. And, we believe, the most logical way to determine support/resistance is RSI.
Note: We are not responsible for any trading/investment decision you are taking out of the outcome of this indicator.
RSI PacingThe RSI Pacing indicator compares the movement of the RSI directly with the movement of the asset to help identify divergences.
Bullish Divergences
The RSI is increasing at a greater rate than the pace of the asset.
The RSI is decreasing at a lesser rate than the pace of the asset.
Bearish Divergences
The RSI is decreasing at a greater rate than the pace of the asset.
The RSI is increasing at a lesser rate than the pace of the asset.
Warning: Does not yet work on higher timeframes yet. Working on getting the pace normalized to the RSI's bounds.
[_ParkF]RSIRSI
Typical RSI indicators were plotted with candles and expressed wick to resemble a candle chart,
and linear regression was added to predict changes in force intensity,
which allowed us to confirm support and resistance within linear regression.
In addition, divergence signal was marked as an additional basis for the price fluctuation point due to support and resistance.
In other words,
if the diversity signal appears together when the rsi candle is supported and resisted within linear regression,
this is the basis for predicting that it is a point of change in the existing trend.
Finally, the period value and standard deviation of linear regression can be arbitrarily modified and used.
I hope it will help you with your trading.
일반적인 RSI 지표를 캔들화 하였고 꼬리까지 포함하여 캔들 차트와 유사하게 표현 하고,
캔들화한 RSI 지표에 선형회귀(채널)를 추가 하여 RSI 지표 특유의 힘의 강도의 변화를 지지와 저항으로 확인할 수 있게 해봤습니다.
또한 다이버전스 신호를 추가하여 선형회귀(채널)로 인한 지지와 저항에 따른 가격 변동의 근거로 삼을 수 있습니다.
즉, 선형회귀(채널) 안에서 RSI 캔들이 지지와 저항을 받을 때 다이버전스 신호가 함께 나타난다면 이는 기존 추세의 변화 지점임을
예측해 볼 수 있는 근거가 됩니다.
마지막으로 선형회귀(채널)의 기간값과 표준편차는 임의로 수정하여 사용할 수 있습니다.
당신의 트레이딩에 도움이 되었으면 합니다.
* I would like to express my gratitude to zdmre for revealing the linear regression source.
RSI StrategySimple way how to use RSI and MA indicators for trading.
What we use:
• RSI
• SMA calculated by RSI (title: SMA_RSI)
• Delta of RSI and SMA_RSI (title: delta)
• SMA calculated by delta of RSI and SMA & RSI (title: SMA_RSI2)
Logic:
Upon the fact that we use the difference between two indicators that have similar values ( RSI and SMA_RSI), we get number around zero. Next, result is smoothed by calculated the SMA . This is the blue/purple line that appears on the chart - SMA_RSI2.
The trade open when SMA_RSI2 cross over the threshold. The trade close when SMA_RSI2 cross under the threshold below.
Also, the usual EMA 200 is used as a filter, which you can switch on or switch off.
RSI StrategyThis RSI strategy is different than most in that it doesn't pick a buy signal based on the RSI rising above a specific number (usually 30). Instead, it creates a 14 day exponential moving average of the Relative Strength Index and uses the following two conditions together to trigger a buy:
Entry conditions:
Condition1: Rising of the RSI's moving average for (user defined) candles in a row
Condition 2: The RSI is < 70
The reasoning behind condition 1 is that we are trying to buy into a rising trend, the moving average helps to confirm the trend, whereas the RSI rising above a specific number (usually 30) gives us no real indication that the asset will increase and produces less wins overall. The reasoning behind condition 2 is to avoid buying at the top of a climb.
Exit conditions:
Condition 1: The RSI moving average is falling
Condition 2: Close < Trailing stop activation Level
Condition 3: We have at least (user defined) % profit
The reasoning behind sell condition 1 is a falling RSI moving average (down trend starting). The close has to be under the trailing stop activation level, if we've triggered the trailing stop, we want the trailing stop to do it's job and not exit the trade until the trailing stop takes us out. The reasoning behind condition 3 is to not exit without at least some profit (user defined).
RSI Div at Daily VWAP StDevMean Reversion indicator based on RSI Divergences at Overbought/Oversold conditions with Price above/below a Standard Deviation from Daily VWAP. Useful for intra-day trading.
Signal criteria:
1. RSI is at Overbought/Oversold
2. RSI Divergence present (not hidden)
3. RSI has not reached Neutral level (i.e. 50)
4. Price has crossed above/below a Standard Deviation from Daily VWAP
Config Options:
- RSI length (default:14)
- Divergence Lookback Period (default:14)
- RSI Oversold/Overbought tresholds (default: 70/30)
- RSI Reset Level (default: 55/45)
- Use VWAP Std Dev (default: yes)
- Standard Deviation from Daily VWAP (default: 1.51)
Use with discretion.
RSI TunnelsAn experimental RSI Tunnels indicator that plots RSI inside RSI High/Low tunnels and shows the breakouts of the tunnel.
The tunnels are made by fetching the RSI previous highest high and previous lowest low.
==Explanation==
If current RSI CROSS OVER the higher band and above zero line, we have a bullish signal.
If current RSI CROSS UNDER the lower band and below zero line, we have a bearish signal.
==Colors==
The colors define the trend strength and define if current RSI is below zero line or above zero line.
GREEN: Strong up trend.
LIGHT GREEN: Weakening up trend. (Might indicate an up reversal)
RED: Strong down trend.
Light Red: Weakening down trend. (Might indicate a down reversal)
The Trick is that trend continues until the other way signal triggers, than we change color.
==Notes==
Bars are not colored by default.
From a few tests it seems to work better on higher time frames - 1 hour and above.
Each asset can have its own rhythm, adjust 'Tunnels look back' period in settings to meet the asset rhythm.
Quote which i like: “Minimizing downside risk while maximizing the upside is a powerful concept.” – Mohnish Pabrai
Enjoy and like if you like. :)
Follow for up coming indicators: www.tradingview.com
RSI backsimple indicator that based on difference between current RSI and past RSI (historic)
so lets say if take 1 hour chart then in a day there are 24 hour
so our RSI back if we put close will be the rsi of 24 hour before and this we compare it to the current rsi
if the current is above the past one then the signal is bullish , and vice versa. (similar logic to system of buy that based on close yesterday compare open of today)
so to this logic we can add no security MTF to make it nicer
blue line is current MTF RSI , red line is historic RSI based on the number of candles we choose
when blue over red is bullish ,red over blue is bearish
same on 4 hour mTF '1 hour chart and 24 candle back
Finnie's RSI with EMA crossover + StochRSI seams to be one of the most used indicators by far, and that comes because of merit. With that in mind, the goal of this indicator is to expand upon the tradition RSI or Relative Strength Index we all know and love :) I started by adding an EMA crossover. Which gives you, the users, a general idea of when to buy and sell outside of just watching a line go down and up. To take thinks even further, I decided to add options for both Fast and Slow Stochastic oscillators. Adding STOCH brings in another variable when deciding on an entry, technically its a bit hard to explain but in practice it would go something like this: you notice RSI is down around the level 20 mark and RSI is crossing up above it's EMA, which is BULLISH signal, and you're thinking about going long. As a second confirmation you can look at the STOCH rsi, if it's also crossing above the previously spoken EMA that's another BULLISH signal. This process can be repeated once RSI has risen to find an exit.
EDIT: If you find the indicator is a bit too cluttered for you, feel free to disable the 'STOCH rsi' feature in settings :)
RSI HeatmapHeatmap showing version measurement lengths of RSI (user selectable)
For each bar on the chart, the script calculates RSI at that point for multiple RSI lengths (e.g. 3, 7, 14, 16 etc) and displays them vertically top to bottom, fastest RSI to slowest RSI respectively. It indicates the actual RSI reading (0 to 100) by way of a colour (green for overbought, red for oversold).
So for example, if the indicator shows a cluster of reds, you know that price is oversold on several RSI lengths simultaneously.
Idea was taken from an article.
RSI MTF by PeterOThis is my take on reaching Higher TimeFrame charts, what is usually helpful when determining the trend. On the example of RSI.
So imagine you want to check RSI from higher timeframe. 15x higher for example. There are 3 ways to do it.
1. security(tickerid,"15",rsi(close,14))
DON'T!!! I strongly advise against this method. Security() function is buggy in PineScript, leads to so-called "repainting" issues. Repainting is caused by creating leak from future data and leads to abnormally fantastic strategy backtest results like the one in Open Close Cross Strategy. Theoretically speaking if security() used correctly - with Pine version3 and barmerge.lookahead_off - you should encounter no repainting, but I could swear I saw scripts repaint even with security() implemented properly.
Even assuming security() implemented correctly will not repaint - it will create delay in your script. I'm using "15" multiplier in my example, and this means, I have to wait for 15 candles to close to produce indicators value. If a strong move happens in the meantime, I'm blind, because I have to wait anyway.
So for your own security, stay away from security() at all times.
2. rsi(close,14*15)
This will produce RSI plot with no delay, but a very flattened one. RSI will move between 45 and 45, never even reaching 30 or 70 levels. So pretty useless.
3. Dig-in-the-formula way.
Doing a bit more math produces RSI line, which is not delayed, not repainting and moving in full 0-100 RSI range. Actually - looking almost identical to the one from the higher timeframe. Which was the goal of this script.
RSI-buy forceThis indicator give you the buy and sell force of RSI .
in blue is volume based RSI ( I like better as it more smooth then regular RSI
the columns in green is when RSI strength go up , columns in red when RSI power go down
this way you see better the sell and buy power based on the rsi
I used the model of modelius volume and hybrid it with this rsi . so results look interesting
RSI + BB (EMA) + Dispersion (2.0)First version here
Initial data:
1) RSI
2) Bollinger Bands (Basis - EMA )
3) Dispersion (around basis)
Signal for purchase: RSI crosses the dispersion zone upwards
Signal for sale: RSI crosses the dispersion zone downwards
Buffer zone: white area, it is not recommended to make transactions.
--- Add ( 02.10.2018 )
1) RSI lines (overbought / oversold) = 70 / 30. Сan be changed in the settings.
2) Alerts:
• RSI line crossover Dispersion Zone (green)
• RSI line crossunder Dispersion Zone (red)
RSI + ADX + ATR Combo Indicator: RSI + ADX + ATR Combo Filter
This indicator is a confluence filter tool that combines RSI, ADX, and ATR into a single, easy-to-read chart overlay. It is designed to help traders identify low-volatility, non-trending zones with balanced momentum—ideal for strategies that rely on breakouts or reversals.
🔍 Core Components:
RSI (Relative Strength Index)
Standard RSI with custom upper and lower bounds (default: 60 and 40).
Filters out extreme overbought/oversold regions and focuses on price consolidation zones.
ADX (Average Directional Index)
Measures trend strength.
When ADX is below a custom threshold (default: 20), it indicates a weak or range-bound trend.
ATR (Average True Range)
Represents volatility.
Low ATR values (default threshold: 2.5) are used to filter out high-volatility environments, helping refine entries.
🟣 Signal Logic:
A signal is highlighted with a background color when all three conditions are met:
RSI is between lower and upper bounds (e.g., 40 < RSI < 60) ✅
ADX is below the trend threshold (e.g., ADX < 20) ✅
ATR is below the volatility threshold (e.g., ATR < 2.5) ✅
These combined conditions suggest a low-volatility, low-trend strength, and balanced momentum zone—perfect for anticipating breakouts or strong directional moves.
RSI + Stochastic + WMA StrategyThis script is designed for TradingView and serves as a trading strategy (not just a visual indicator). It's intended for backtesting, strategy optimization, or live trading signal generation using a combination of popular technical indicators.
📊 Indicators Used in the Strategy:
Indicator Description
RSI (Relative Strength Index) Measures momentum; identifies overbought (>70) or oversold (<30) conditions.
Stochastic Oscillator (%K & %D) Detects momentum reversal points via crossovers. Useful for timing entries.
WMA (Weighted Moving Average) Identifies the trend direction (used as a trend filter).
📈 Trading Logic / Strategy Rules:
📌 Long Entry Condition (Buy Signal):
All 3 conditions must be true:
RSI is Oversold → RSI < 30
Stochastic Crossover Upward → %K crosses above %D
Price is above WMA → Confirms uptrend direction
👉 Interpretation: Market was oversold, momentum is turning up, and price confirms uptrend — bullish entry.
📌 Short Entry Condition (Sell Signal):
All 3 conditions must be true:
RSI is Overbought → RSI > 70
Stochastic Crossover Downward → %K crosses below %D
Price is below WMA → Confirms downtrend direction
👉 Interpretation: Market is overbought, momentum is turning down, and price confirms downtrend — bearish entry.
🔄 Strategy Execution (Backtesting Logic):
The script uses:
pinescript
Copy
Edit
strategy.entry("LONG", strategy.long)
strategy.entry("SHORT", strategy.short)
These are Pine Script functions to place buy and sell orders automatically when the above conditions are met. This allows you to:
Backtest the strategy
Measure win/loss ratio, drawdown, and profitability
Optimize indicator settings using TradingView Strategy Tester
📊 Visual Aids (Charts):
Plots WMA Line: Orange line for trend direction
Overbought/Oversold Zones: Horizontal lines at 70 (red) and 30 (green) for RSI visualization
⚡ Strategy Type Summary:
Category Setting
Strategy Type Momentum Reversal + Trend Filter
Timeframe Flexible (Works best on 1H, 4H, Daily)
Trading Style Swing/Intraday
Risk Profile Medium to High (due to momentum triggers)
Uses Leverage Possible (adjust risk accordingly)
RSI/Stochastic With Real Time Candle OverlayThis indicator provides an alternative way to visualize either RSI or Stochastic values by representing them as candle bars in real time, allowing a more detailed view of momentum shifts within each bar. By default, it displays the standard historical plot of the chosen oscillator in the background, but once you are receiving real-time data (or if you keep your chart open through the close), it begins overlaying candles that track the oscillator’s intrabar movements. These candles only exist for as long as the chart remains open; if you refresh or load the chart anew, there is no stored candle history, although the standard RSI or Stochastic line is still fully retained. These candles offer insight into short-term fluctuations that are otherwise hidden when viewing a single line for RSI or Stochastic.
In the settings, there is an option to switch between standard candlesticks and Heiken Ashi. When Heiken Ashi is selected, the indicator uses the Heiken Ashi close once it updates in real time, producing a smoothed view of intrabar price movement for the oscillator. This can help identify trends in RSI or Stochastic by making it easier to spot subtle changes in direction, though some may prefer the unmodified values that come from using regular candles. The combination of these candle styles with an oscillator’s output offers flexibility for different analytical preferences.
Traders who use RSI or Stochastic often focus on entry and exit signals derived from crossing certain thresholds, but they are usually limited to a single reading per bar. With this tool, it becomes possible to watch how the oscillator’s value evolves within the bar itself, which can be especially useful for shorter timeframes or for those who prefer a more granular look at momentum shifts. The visual separation between bullish and bearish candle bodies within the indicator can highlight sudden reversals or confirm ongoing trends in the oscillator, aiding in more precise decision-making. Because the candle overlay is cleared as soon as the bar closes, the chart remains uncluttered when scrolling through historical data, ensuring that only the necessary real-time candle information is displayed.
Overall, this indicator is intended for users who wish to track intrabar changes in RSI or Stochastic, with the added choice of standard or Heiken Ashi candle representation. The real-time candle overlay clarifies short-lived fluctuations, while the standard line plots maintain the usual clarity of past data. This approach can be beneficial for those who want deeper insights into how oscillator values develop in real time, without permanently altering the simplicity of the chart’s historical view.
RSI Bands with Volume and EMAThis script is a comprehensive technical analysis tool designed to help traders identify key market signals using RSI bands, volume, and multiple Exponential Moving Averages (EMAs). It overlays the following on the chart:
RSI Bands: The script calculates and plots two bands based on the Relative Strength Index (RSI), indicating overbought and oversold levels. These bands act as dynamic support and resistance zones:
Resistance Band (Upper Band): Plotted when the RSI exceeds the overbought level, typically indicating a potential sell signal.
Support Band (Lower Band): Plotted when the RSI falls below the oversold level, typically indicating a potential buy signal.
Midline: The average of the upper and lower bands, acting as a neutral reference.
Buy/Sell Labels: Labels are dynamically added to the chart when price reaches the overbought or oversold levels.
A "Buy" label appears when the price reaches the oversold (lower) band.
A "Sell" label appears when the price reaches the overbought (upper) band.
Volume Indicator: The script visualizes trading volume as histograms, with red or green bars representing decreasing or increasing volume, respectively. The volume height is visually reduced for better clarity and comparison.
Exponential Moving Averages (EMAs): The script calculates and plots four key EMAs (12, 26, 50, and 200) to highlight short-term, medium-term, and long-term trends:
EMA 12: Blue
EMA 26: Orange
EMA 50: Purple
EMA 200: Green
The combined use of RSI, volume, and EMAs offers traders a multi-faceted view of the market, assisting in making informed decisions about potential price reversals, trends, and volume analysis. The script is particularly useful for identifying entry and exit points on charts like BTC/USDT, although it can be applied to any asset.
RSI and ATR Trend Reversal SL/TPQuick History:
I was frustrated with a standard fixed percent TP/SL as they often were not receptive to quick market rallies/reversals. I developed this TP/SL and eventually made it into a full fledge strategy and found it did well enough to publish. This strategy can be used as a standalone or tacked onto another strategy as a TP/SL. It does function as both with a single line. This strategy has been tested with TSLA , AAPL, NVDA, on the 15 minutes timeframe.
HOW IT WORKS:
Inputs:
Length: Simple enough, it determines the length of the RSI and ATR used.
Multiplier: This multiplies the RSI and ATR calculation, more on this later.
Delay to prevent Idealization: TradingView will use the open of the bar the strategy triggers on when calculating the backtest. This can produce unrealistic results depending on the source. If your source is open, set to 0, if anything else, set to 1.
Minimum Difference: This is essentially a traditional SL/TP, it is borderline unnecessary, but if the other parameters are wacky this can be used to ensure the SL/TP. It multiplies the source by the percent, so if it is set to 10, the SL/TP is initialized at src +- 10%.
Source input: Self Explanatory, be sure to update the Delay if you use open.
CALCULATION:
Parameters Initialization:
The strategy uses Heikinashi values for calculations, this is not toggleable in parameters, but can be easily changed by changing hclose to equal src.
FUNCTION INITIALIZATION:
highest_custom and lowest_custom do the same thing as ta.highest and ta.lowest, however the built in ta library does not allow for var int input, so I had to create my own functions to be used here. I actually developed these years ago and have used them in almost every strategy since. Feel especially free to use these in your own scripts.
The rsilev is where the magic happens.
SL/TP min/max are initially calculated to be used later.
Then we begin by establishing variables.
BullGuy is used to determine the length since the last crossup or crossdown, until one happens, it returns na, breaking the function. BearGuy is used in all the calculations, and is the same as BullGuy, unless BullGuy is na, where BearGuy counts up from 1 on each bar from 0.
We create our rsi and have to modify the second one to suit the function. In the case of the upper band, we mirror the lower one. So if the RSI is 80, we want it to be 20 on the upper band.
the upper band and lower band are calculated the exact same way, but mirrored. For the purpose of writing, I'm going to talk about the lower band. Assume everything is mirrored for the upper one. It finds the highest source since the last crossup or crossdown. It then multiplies from 1 / the RSI, this means that a rapid RSI increase will increase the band dramatically, so it is able to capture quick rally/reversals. We add this to the atr to source ratio, as the general volatility is a massive factor to be included. We then multiply this number by our chosen amount, and subtract it from the highest source, creating the band.
We do this same process but mirrored with both bands and compared it to the source. If the source is above the lower band, it suggests an uptrend, so the lower band is outputted, and vice versa for the upper one.
PLOTTING:
We also determine the line color in the same manner as we do the trend direction.
STRATEGY:
We then use the source again, and if it crosses up or down relative to the selected band, we enter a long or short respectively.
This may not be the most superb independent strategy, but it can be very useful as a TP/SL for your chosen entry conditions, especially in volatile markets or tickers.
Thank you for taking the time to read, and please enjoy.
RSI Multi Timeframe Based on Moving Average By Alireza PhoenixHi. I have prepared for you the multi-time frame RSI indicator based on moving average
You can use it in three different time frames
Open the settings and put the value you want in the Time 1 and Time 2 fields
In the fast and slow section, specify the length of the moving period of fast and slow origins as desired
In the offset section, you can add or reduce the time interval as you wish
This indicator shows you the RSI index in three different time frames along with two different lengths of the moving average based on the RSI index.
You can use this indicator in all financial, forex or crypto markets
The crossing of RSI and moving average lines in different time frames and lengths will give you a buy or sell signal.
Whenever the faster line or smaller RSI total frame succeeds in breaking the slower line or the RSI time is higher than the low, a free signal is issued and vice versa.
I do not guarantee that 100% of the issued signals are accurate and correct, and I have coded this indicator only for your convenience.
I hope you can get help from this indicator and make profit
Love From IRAN
RSI TrueLevel StrategyThis strategy is a momentum-based strategy that uses the Relative Strength Index (RSI) indicator and a TrueLevel envelope to generate trade signals.
The strategy uses user-defined input parameters to calculate TrueLevel envelopes for 14 different lengths. The TrueLevel envelope is a volatility-based technical indicator that consists of upper and lower bands. The upper band is calculated by adding a multiple of the standard deviation to a linear regression line of the price data, while the lower band is calculated by subtracting a multiple of the standard deviation from the same regression line.
The strategy generates long signals when the RSI crosses above the oversold level or when the price crosses above the selected lower band of the TrueLevel envelope. It generates short signals when the RSI crosses below the overbought level or when the price crosses below the selected upper band of the TrueLevel envelope.
The strategy allows for long and short trades and sets the trade size as a percentage of the account equity. The colors of the bands and fills are also customizable through user-defined input parameters.
In this strategy, the 12th TrueLevel band was chosen due to its ability to capture significant price movements while still providing a reasonable level of noise reduction. The strategy utilizes a total of 14 TrueLevel bands, each with varying lengths. The 12th band, with a length of 2646, strikes a balance between sensitivity to market changes and reducing false signals, making it a suitable choice for this strategy.
RSI Parameters:
In this strategy, the RSI overbought and oversold levels are set at 65 and 40, respectively. These values were chosen to filter out more noise in the market and focus on stronger trends. Traditional RSI overbought and oversold levels are set at 70 and 30, respectively. By raising the oversold level and lowering the overbought level, the strategy aims to identify more significant trend reversals and potential trade opportunities.
Of course, the parameters can be adjusted to suit individual preferences.
RSI Trendlines with BreakoutsA pivot-based breakout indicator that attempts to provide traders with a visual aid for finding breakouts on the RSI. Similar to how we use trendlines on our charts, using them on the Relative Strength Index can also give us a sense of direction in the markets.
This script uses its own pivot-based system that checks for real-time swing levels and triggers a new pivot event after every dip and nth bars. The breakout alerts that are given were not designed to be taken as signals since their purpose is to provide an extra bit of confluence. Because of this, I added no other conditions that try to make the alerts "perfect", but instead, print every breakout that is detected. Despite stating this, I did happen to add a condition that checks the difference in RSI and the breakout value, but that's as far as it'll go.
There are alerts built-in to the script, along with adjustable repainting options.
🔳 Settings
Lookback Range: Lookback period to trigger a new pivot point when conditions are met.
RSI Difference: The difference between the current RSI value and the breakout value. How much higher in value should the current RSI be compared to the breakout value in order to detect a breakout?
RSI Settings
Styling Options
🔳 Repaint Options
On: Allows repainting
Off - Bar Confirmation: Prevents repainting and generates alerts when the bar closes. (1 candle later)
🔳 How it Works
Before a trendline is drawn, the script retrieves the slope between the previous pivot point and the current. Then it adds or subtracts the slope x amount of times (based on the lookback range) from the current pivot value until the current x-axis is reached. By doing this we can get a trendline that will detect a breakout accurately.
The result
When using the RSI Difference condition, the script will print breakouts whenever the condition is true, because of this dotted lines were added to track where the alert was triggered.
🔳 Alerts
