RSI Crayons

This simple script colors candles based on the Relative Strength Index. RSI Values > 50 are solid colors, RSI values < 50 are pastels, with additional colors/fills/alerts for overheated and oversold (both user adjustable thresholds) conditions.

As an added bonus, RSI can be calculated by non-traditional methods (not using the running/smoothed moving average) using a variety of different moving averages, but you may have to adjust the time-frame for 'faster' moving averages. An option for plotting the moving average basis is also available.

Value Added:

This indicator can be used to chart RSI without adding an "oscillator frame" to your chart, since we don't normally care too much about RSI values between 30 and 70 under normal conditions.

Note di rilascio

31-Oct-21: Revised script to be more colorful, and to have intermediate values for colors that are not oversold/overheated condition while still retaining logic of up = green/yellowish and down = red/pink/pastel-ish.

Note di rilascio

3-Nov-21: Added timeframe/gaps feature

Note di rilascio

4-Nov-21: consolidated menu more, removed moving averages that don't calculate RSI correctly because of negative numbers (HMA/EHMA/TEMA/LSMA), added Rainbow Gradient

Note di rilascio

21-nov: improved color scheme by adjusting the transparency of the candles based on 100 - math.floor(RSI value). Stronger displays as solid colors, weak as pastels.

Script open-source

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

animecummer

Declinazione di responsabilità

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Script open-source

animecummer