RSI Narratives

Description:
The RSI Narratives script aggregates Relative Strength Index (RSI) values across multiple cryptocurrency narratives or sectors, providing an easy-to-read visual and alert system for trend reversals and overbought/oversold conditions. This tool is designed for traders looking to track sector-specific trends and compare performance across AI, DeFi, Level 1 blockchains, and more.

Key Features:

RSI Aggregation by Sector: Calculates average RSI for key narratives, including AI, DeFi, Level 1 blockchains, new memes, and more.
Customizable RSI Settings: Adjust RSI period, line width, and label offsets for personalized analysis.
Dynamic Alerts: Receive alerts when a narrative enters overbought or oversold territory, helping you act quickly on market movements.
Clean Visualization: Overlay sector-specific SMA lines with distinct colors and optional labels for quick interpretation.
Multi-Narrative Comparison: Analyze trends across diverse narratives to identify emerging opportunities.
Parameters for Customization:

RSI Period: Set the lookback period for RSI calculations (default: 14).
Line Width: Adjust the thickness of plotted lines (default: 2).
Label Offset: Control label placement for better chart readability.
Overbought/Oversold Thresholds: Configure the RSI levels for alerts (default: 70/40).
How to Use:

Add the script to your TradingView chart.
Customize the RSI parameters to suit your trading strategy.
Monitor the plotted SMA lines to identify narrative-specific trends.
Set alerts for overbought and oversold conditions to stay informed in real time.
Alerts System:

Alerts trigger when a narrative crosses predefined overbought or oversold levels.
Text notifications suggest potential trading actions, such as selling on overbought or buying on oversold.
Intended Users:
This script is ideal for crypto traders, sector analysts, and market enthusiasts who want to track performance across narratives and gain actionable insights into sector rotations.

Disclaimer:
This script is for educational and informational purposes only. It does not constitute financial advice. Please test on historical data and practice caution when trading.