Hamid Double RSI

RSI with Moving Average and Another RSI

This script combines two Relative Strength Index (RSI) indicators with configurable moving averages. It allows traders to track momentum and market strength with adjustable periods for both the RSI and moving averages. The script also allows you to choose different data sources for each RSI, offering flexibility in analysis.

Features:
Two RSIs: One with a shorter period and another with a longer period .

Moving Averages: Each RSI has its own configurable moving average . The moving averages help smooth out the RSI and provide clearer trends.

Customizable Inputs: Adjust the RSI period and the length of the moving averages. You can also choose different sources for each RSI (e.g., close, open, high, low).

Mid Line: A horizontal line at 50, which is commonly used as the neutral level for the RSI. It helps identify whether the RSI is above or below neutral, indicating bullish or bearish conditions.

Overbought and Oversold Levels: Horizontal lines at 70 (overbought) and 30 (oversold) to highlight when the asset might be overbought or oversold according to the RSI.

How it works:
RSI Calculation: The script calculates two RSIs using different lengths
Moving Averages: A Simple Moving Average (SMA) is applied to both RSIs to smooth their values and help identify trends.

Overbought/Oversold Indicators: The script includes horizontal lines at 70 and 30 to show overbought and oversold conditions. The mid line is plotted at 50 to highlight neutral levels.

This indicator is useful for traders who want to compare the behavior of two RSIs over different time periods and use the moving averages to filter out noise. The ability to customize the source data for each RSI makes this script adaptable to different trading strategies.