RSI Trendspotter

Had a bit of a TA epiphany with RSI so bear with me. The time since RSI was last overbought/sold is a solid trend indicator. This may seem obvious but after x number of years trading it hit me like a smack in the face. I've coded this for easy visualisation. They're fairly simple changes but it's making a big difference in my trendspotting already.

In the example CMG hasn't been overbought for 183 days, so the RSI is mostly green:

Before that it hadn't been oversold for 199 days, so RSI is mostly red:

And before that it was ranging like a maf*ckin' sine wave, so the RSI shows green, red, green, red, etc.:

Finally, normal RSI for comparison. Same data, but now with pretty colours:

I've also added overbought/oversold highlights cause that just makes the whole charting thing a lot easier. Enjoy!

Note di rilascio

Bugger, I said overbought when I mean oversold and vice-versa

Note di rilascio

Added plot descriptions so peeps and change colours easily. Thanks to FLOW for the feedback

Note di rilascio

Fixed an issue with colour and the source. Due to Pine Script limitations it's not possible to make this look the same on a black chart, so you will need to manually adjust the colours when you add it to your chart

Script open-source

Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.

scarf

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Script open-source

scarf