Xeeder - Comparison RSI IndicatorXeeder - Comparison RSI Indicator (CRI)
The "Xeeder - Comparison RSI Indicator" (CRI) is a sophisticated tool designed to assist traders in analyzing and comparing the Relative Strength Index (RSI) and Moving Averages (MA) of two different securities simultaneously. This indicator is instrumental in identifying potential shifts in market momentum and strength between two assets.
Details of the Indicator:
Security Input Settings: This feature allows traders to input the symbols of two securities they wish to compare. The input is facilitated through text boxes where traders can enter the ticker symbols of their chosen securities.
Moving Average (MA) Settings: Traders have the option to select different types of moving averages such as SMA, EMA, WMA, among others. The settings also allow for the adjustment of the length of the moving average and the standard deviation multiplier for Bollinger Bands.
RSI Settings: This section allows traders to specify the length of the RSI calculation, which is used to analyze the momentum of the securities.
Dynamic RSI and MA Plotting: The indicator plots the RSI and its moving average for both securities dynamically on the chart, with distinct colors for easy differentiation and analysis.
RSI Bands: The indicator displays multiple RSI bands (Upper Band 1 & 2, Middle Band, Lower Band 1 & 2) as dashed horizontal lines, helping traders identify potential overbought and oversold regions.
Gradient Fill for Overbought and Oversold Regions: The indicator features a gradient fill between the RSI plot and the middle line, visually representing the overbought and oversold regions in different colors.
How to Use the Indicator:
Input Security Symbols: Start by entering the symbols of the two securities you wish to compare in the respective input boxes.
Configure MA and RSI Settings: Adjust the settings for the moving average type, length, and RSI length according to your trading strategy and analysis needs.
Analyze RSI and MA Plots: Observe the plotted RSI and moving averages for both securities to analyze and compare their momentum and trend characteristics.
Utilize RSI Bands: Use the RSI bands as reference points to identify potential overbought and oversold regions, and to gauge the relative strength between the two securities.
Interpret Gradient Fill: Pay attention to the gradient fill regions which visually represent overbought and oversold conditions, assisting in the identification of potential reversal points.
Example of Usage:
As a trader with a knack for developing innovative trading strategies, you can utilize the CRI indicator to enhance your swing trading approach. Here's how you might integrate this tool into your strategy:
Select Securities: Choose two securities that you are interested in comparing, perhaps from sectors you have identified as having potential based on your macroeconomic and geopolitical analysis.
Adjust Settings: Configure the RSI and MA settings to align with the characteristics of the selected securities and your trading strategy.
Analysis and Comparison: Analyze the RSI and MA plots to identify potential divergences or correlations between the two securities, which might indicate trading opportunities.
Utilize RSI Bands: Use the RSI bands to identify potential entry and exit points, aligning them with your analysis of broader market conditions and your trading strategy.
Content Creation: Leverage the insights gained from using the CRI indicator to create captivating content for your audience, sharing your analysis and perspectives on the selected securities and market conditions.
Remember, the CRI indicator serves as a powerful tool in your trading arsenal, offering a unique perspective on market dynamics and facilitating a deeper analysis of securities. Always consider the broader market context and your trading strategy when utilizing this tool.
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Zaree - RSI Gradient FillDescription:
The "Zaree - RSI Gradient Fill" (RGF) indicator is a technical analysis tool designed to enhance the interpretation of the Relative Strength Index (RSI) by incorporating visual cues through gradient fill. This indicator aids traders in identifying potential overbought and oversold conditions in the market using the RSI as a key reference.
Details of the Indicator:
The indicator calculates the RSI of a selected source based on user-defined settings for length and source.
Traders have the option to choose from various types of moving averages (SMA, EMA, SMMA, WMA) to calculate the RSI.
RSI values and their corresponding moving average values are plotted on the chart for visual analysis.
The indicator offers customization through input settings for RSI length, RSI source, and moving average type and length.
Upper and lower bands for the RSI are displayed on the chart, providing visual cues for potential overbought and oversold conditions.
A center line is plotted on the chart to help traders identify the equilibrium point of the RSI.
The gradient fill feature enhances the visualization by coloring the space between the RSI plot and the center line based on RSI levels.
How to Use the Indicator:
Specify the RSI length and source for calculation.
Choose the desired moving average type and set the length for the moving average.
Observe the RSI values, moving average lines, and the center line plotted on the chart.
Pay attention to the position of the RSI values relative to the upper and lower bands. Values above the upper band suggest potential overbought conditions, while values below the lower band indicate potential oversold conditions.
Interpret the gradient fill between the RSI plot and the center line. The color changes provide additional visual cues about the RSI's strength compared to the center line.
Example of Usage:
As an experienced swing trader, you can leverage the RGF indicator to fine-tune your trading decisions. Here's an example of how you might use the indicator:
Select your preferred RSI length and source, such as the closing price.
Choose "SMA" as the moving average type and set the length to 14.
Observe the RSI values plotted on the chart along with the upper and lower bands.
Pay special attention to the gradient fill between the RSI plot and the center line. This coloring offers valuable insights into the RSI's position relative to equilibrium.
Look for instances where the RSI values cross above or below the upper and lower bands. These crossings can signal potential trend shifts or reversals.
Use the gradient fill colors to quickly assess the strength of the RSI's deviation from the center line.
Remember that the RGF indicator is a powerful tool to complement your trading strategy. Consider combining its insights with other technical and fundamental analyses for well-informed trading decisions.
Feel free to adjust the indicator settings according to your trading preferences and style. While the RGF indicator provides valuable visual cues, always consider the broader context of the market before making trading choices.
Zaree - FX Index RSI IndicatorDescription:
The "Zaree - FX Index RSI Indicator" (FIRI) is a technical analysis tool designed to provide insights into the relative strength of two selected currency indices using the Relative Strength Index (RSI). It allows traders to compare the RSI values of a primary currency index and a secondary currency index, helping them identify potential overbought and oversold conditions in the currency market.
Details of the Indicator:
The indicator calculates the RSI for both the primary and secondary currency indices based on the user's selections.
Traders can choose from a variety of currency indices to use as the primary and secondary indices for comparison.
The indicator offers settings for customizing the calculation of the RSI, including selecting the type of moving average (SMA, EMA, WMA, SMMA) and adjusting the length of the RSI and moving average.
Upper and lower RSI bands are displayed on the chart to highlight potential overbought and oversold conditions.
The RSI values and their corresponding moving average values are plotted on the chart, allowing traders to visually analyze the relative strength of the indices.
How to Use the Indicator:
Select the primary and secondary currency indices you want to compare from the provided dropdown menus. These indices will serve as the basis for RSI calculation.
Choose the type of moving average (SMA, EMA, WMA, SMMA) to use for RSI calculation and set the desired length for the moving average.
Decide whether you want to visualize the RSI and moving average values for the primary and secondary indices on the chart.
Observe the RSI values and moving averages plotted on the chart. The indicator's upper and lower bands can help you identify potential overbought (above the upper band) and oversold (below the lower band) conditions.
Pay attention to the intersections between the RSI values and the moving average lines. These intersections can provide insights into potential trend changes or reversals in the currency market.
Example of Usage:
Let's say you're a swing trader focusing on currency pairs involving the US Dollar (USD) and Euro (EUR). You want to compare the relative strength of the USD Index (USDINX) and the EUR Index (EURINX) to identify potential trading opportunities. Here's how you can use the FIRI indicator:
Select "USDINX" as the primary index and "EURINX" as the secondary index.
Choose "SMA" as the moving average type and set the RSI length to 14.
Enable the visualization of RSI values for both the primary and secondary indices.
Observe the chart to identify instances where the RSI values of the indices cross above the upper band (potential overbought) or below the lower band (potential oversold).
Look for intersections between the RSI values and the moving average lines. A bullish signal may occur when the RSI crosses above the moving average, indicating potential upward momentum, while a bearish signal may occur when the RSI crosses below the moving average, indicating potential downward momentum.
Remember that the FIRI indicator is a tool to assist you in your analysis. It's important to consider other technical and fundamental factors before making trading decisions.
Feel free to adjust the settings of the indicator based on your trading preferences and strategy. Keep in mind that no indicator is foolproof, and it's recommended to use the FIRI indicator in conjunction with other analysis techniques for a comprehensive trading approach.
Pro RSI CalculatorThe "Pro RSI Calculator" indicator is the latest addition to a series of custom trading tools that includes the "Pro Supertrend Calculator" and the "Pro Momentum Calculator."
Building upon this series, the "Pro RSI Calculator" is designed to provide traders with further insights into market trends by leveraging the Relative Strength Index (RSI) indicator.
Its primary objective remains consistent: to analyze historical price data and make informed predictions about future price movements, with a specific focus on identifying potential bullish (green) or bearish (red) candlestick patterns.
1. RSI Calculation:
The indicator begins by computing the RSI, a widely used momentum oscillator. It calculates two crucial RSI parameters:
RSI Length: This parameter determines the lookback period for RSI calculations.
RSI Upper and Lower Bands: These thresholds define overbought and oversold conditions, typically set at 70 and 30, respectively.
2. RSI Bands Visualization:
The RSI values obtained from the calculation are skillfully plotted on the price chart, appearing as two distinct lines:
Red Line: Represents the RSI when indicating a bearish trend, anticipating potential price declines.
Teal Line: Represents the RSI in bullish market conditions, signaling the possibility of price increases.
3. Consecutive Candlestick Analysis:
The indicator's core functionality revolves around tracking consecutive candlestick patterns based on their relationship with the RSI lines.
To be included in the analysis, a candlestick must consistently close either above (green candles) or below (red candles) the RSI lines for multiple consecutive periods.
4. Labeling and Enumeration:
To communicate the count of consecutive candles displaying consistent trend behavior, the indicator meticulously assigns labels to the price chart.
Label positioning varies depending on the trend's direction, appearing either below (for bullish patterns) or above (for bearish patterns) the candlesticks.
The color scheme aligns with the candle colors: green labels for bullish candles and red labels for bearish ones.
5. Tabular Data Presentation:
The indicator enhances its graphical analysis with a customizable table that prominently displays comprehensive statistical insights.
Key data points in the table include:
- Consecutive Candles: The count of consecutive candles displaying consistent trend characteristics.
- Candles Above Upper RSI: The number of candles closing above the upper RSI threshold during the consecutive period.
- Candles Below Lower RSI: The number of candles closing below the lower RSI threshold during the consecutive period.
- Upcoming Green Candle: An estimated probability of the next candlestick being bullish, derived from historical data.
- Upcoming Red Candle: An estimated probability of the next candlestick being bearish, also based on historical data.
6. Custom Configuration:
To cater to various trading strategies and preferences, the indicator offers extensive customization options.
Traders can fine-tune parameters like RSI length, upper, and lower bands, label and table placement, and table size to align with their unique trading approaches.
Enhanced Smoothed RSIThe "Enhanced Smoothed RSI Factor" indicator is a robust technical analysis tool designed to assist traders in identifying potential trends and reversals. This indicator combines elements of the Relative Strength Index (RSI) with a smoothed factor, enhancing its reliability and responsiveness. By visualizing the Enhanced Smoothed RSI Factor alongside the standard RSI and their associated upper and lower bands, traders gain insights into potential overbought and oversold conditions, facilitating more informed trading decisions.
How to Use:
Inputs Configuration : Adjust the indicator's parameters according to your trading preferences. Modify the source data (source) to suit the price data you want to analyze. Set the RSI period (rsiPeriod) for RSI calculations, the moving average period (movingAvgPeriod) for the bands, and the smoothing factor (factor) for enhanced responsiveness.
Enhanced Smoothed RSI Factor : The indicator calculates the Enhanced Smoothed RSI Factor by applying an exponential moving average (EMA) to the RSI values. This factor reflects changes in price momentum.
Comparison with Standard RSI : Observe the Enhanced Smoothed RSI Factor and the standard RSI side by side on your chart. While the standard RSI offers insights into price momentum, the Enhanced Smoothed RSI Factor adds an extra layer of smoothing for potentially clearer trend indications.
Bands and Bar Coloring : The indicator plots upper and lower bands, which are derived from weighted and simple moving averages of the Enhanced Smoothed RSI Factor. The color of the bars changes based on the position of the Enhanced Smoothed RSI Factor relative to the bands. Green bars indicate values above the upper band, red bars indicate values below the lower band, and gray bars indicate values within the bands.
Overbought and Oversold Levels : The indicator provides horizontal lines at levels 140 and 80. When the Enhanced Smoothed RSI Factor crosses above 140, it suggests a potential bullish trend, while crossing below 80 suggests a potential bearish trend. Additionally, levels 200 and 180 indicate overbought conditions, and levels 100 and 80 indicate oversold conditions.
Additional Insights : The indicator's upper and lower bands provide valuable insights into potential trend reversals. When the Enhanced Smoothed RSI Factor crosses above the upper band, it may signal an overextended bullish trend. Conversely, a crossover below the lower band may indicate an overextended bearish trend.
Important Considerations :
This indicator is most effective when used in conjunction with other technical analysis tools and strategies.
It's recommended to avoid making trading decisions solely based on the Enhanced Smoothed RSI Factor. Combine it with other indicators, chart patterns, and fundamental analysis.
Adjust the overbought and oversold levels to align with your trading strategy and the specific market conditions.
Please remember that trading involves risks, and the indicator's signals are not guaranteed. Always conduct thorough research and consider using a practice account before implementing any trading strategy.
Global & local RSI / quantifytoolsAs the terms global and local imply, global RSI describes broad relative strength, whereas local RSI describes local relative strength within the broad moves. A macro and micro view of relative strength so to speak. Global and local RSI are simply regular RSI and stochastic RSI. Local RSI extremes ( stochastic RSI oversold/overbought) often mark a pivot in RSI which naturally reflects to price. Local RSI extremes are visualized inside the global RSI bands (upper band for overbought, lower band for oversold) in a "heat map" style.
By default:
Stochastic RSI >= 75 = yellow
Stochastic RSI >= 87 = orange
Stochastic RSI >= 100 = pink
Users also have the ability smooth the RSI with their preferred smoothing method ( SMA , EMA , HMA , RMA, WMA ) and length. This leads to different behavior in RSI, rendering the typical RSI extremes (> 70 or < 30) suboptimal or even useless. By enabling adaptive bands, the extremes are readjusted based on typical RSI pivot points (median pivots ), which gives much more relevant reference points for oversold/overbought conditions in both global and local RSI. This feature can be used without smoothing, but it rarely provides a meaningful difference, unless the RSI calculation length is messed with.
Global RSI can be plotted as candles, bars or a line. Candles and bars can be useful for detecting rejections (wicks) in relative strength, the same you would with OHLC data. Sometimes there are "hidden rejections" that are visible in relative strength but not on OHLC data, which naturally gives an advantage. All colors can be adjusted in the input menu. You also have a real-time view of the current RSI states in top right corner. Available alerts are the following: global RSI overbought, global RSI oversold, local RSI overbought and local RSI oversold.
Hancock - RSI [Session]This is an improvement of my RSI Volume indicator.
I have made a session based RSI indicator which helps to aid the decision making upon session opens and gives a good indication of trend during. It also has various fixes for bugs found in the above indicator.
It has multiple settings to configure:
Use session: This toggles the RSI to be session based mode.
Session - Time: The session hours for the RSI .
Session - Days of Week: This is the days for the session based RSI to use.
Session - Mode: The RSI is reset when a new session starts. This mode adjusts how the initial value of the RSI is calculated:
OC: RSI uses the absolute open - close * volume value.
TR: RSI uses the true range * volume value.
VOL: RSI uses the volume value.
TF - Resolution: This is the lower time frame to be used in calculating the wick adjusted buy and sell volume used in the calculation of Volume weighted RSI . A lower time frame produces more accurate buy and sell volumes.
Use Volume: Enabling this produces a Volume weighted RSI . Disabled produces a normal RSI .
Use Wicks: Enabling this adjusts the calculation for buy and sell volume by taking wicks into account.
RSI - Length: This is the length to be used for the RSI . If session based this is the maximum value the RSI length can be - length can be shorter to not include previous session data.
RSI - Overbought: This is the "overbought" level for the RSI .
RSI - Oversold: This is the "oversold" level for the RSI .
RSI - Threshold: This is the threshold used to indicate trend change colours on the RSI .
Happy Trading
Hancock
Indicators: 6 RSI variationsAs we all know, as published by Wilder, RSI makes use of "CLOSE" values. You probably have experimented changing the input to hl2 or hlc3 . I have included many other RSI variations in this chart. Refer to the developers section below to learn how you can use this code in your scripts.
1) RSI with Volume
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Suggested by Morris, this idea adds volume to the RSI indicator. Because volume offers one means of determining whether money is entering or leaving a market, this would provide additional information with which to make trading decisions.
2) RSI using last Open
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This is RSI with yesterday's open, This basically compares two full days of price action and in the process produces a smoother RSI line.
RSI of today's close is used as a signal (blue line).
3) RSI using SMA
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Wilder used his own MA for calculating RSI (check my post on Wilders MA here - -- This closely resembles EMA). One of Morris's suggestion is to try out SMA.
Compared to normal RSI, you will see more squiggles here.
4) RSI using EMA
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Same idea as above, but using EMA.
5) RSI with Fibs
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How much does RSI retrace? This makes it easy to determine that :)
6) RSI of MACD
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As I mentioned earlier, RSI is a pluggable formula. You can substitute "close" with any data series to derive an index out of it.
This shows RSI of MACD. Note that this is range bound.
More info on RSI variations:
drive.google.com
For Pinescript developers:
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You can substitute your favorite indicator in the RSI function. I have made the RSI calculation a separate function in all the indicators above.
Following are the reusable functions (simply copy to your script and call with proper arguments):
* WiMA(src, length)
* calc_rsi(fv, length): This is equivalent to stock rsi() in TV.
* calc_rsi_volume(fv, length)
* calc_rsi_sma(fv, length)
* calc_rsi_ema(fv, length)
* calc_rsi_lastopen(fv, length)
* calc_macd(src, fast, slow)
You can also pick up fibs drawing code and put in on any indicator.
ZigZag Based RSIDescription
ZigZag Trend RSI (ZZ-RSI) is an advanced momentum indicator that combines ZigZag-based trend detection with a trend-adjusted RSI to deliver smarter overbought and oversold signals. Unlike traditional RSI that reacts purely to price movement, this indicator adapts its sensitivity based on the prevailing trend structure identified via the ZigZag pattern.
By dynamically adjusting RSI thresholds according to market direction, ZZ-RSI helps filter out false signals and aligns RSI readings with broader trend context—crucial for trend-following strategies, counter-trend entries, and volatility-based timing.
Core Components
ZigZag Pattern Recognition:
Identifies significant swing highs and lows based on price deviation (%) and pivot sensitivity (length). The most recent pivot determines the prevailing trend direction:
🟢 Bullish: last swing is a higher high
🔴 Bearish: last swing is a lower low
⚪ Neutral: no recent significant movement
Trend-Weighted RSI:
Modifies traditional RSI input by emphasizing price changes in the direction of the trend:
In bull trends, upside moves are magnified.
In bear trends, downside moves are emphasized.
Dynamic RSI Zones:
Overbought and Oversold thresholds adapt to the trend:
In uptrends: higher OB and slightly raised OS → tolerate stronger rallies
In downtrends: lower OS and slightly reduced OB → accommodate stronger sell-offs
In neutral: default OB/OS values apply
How to Use
✅ Entries (Reversal or Mean Reversion Traders):
Look for oversold signals (green triangle) in downtrends or neutrals to catch potential reversals.
Look for overbought signals (red triangle) in uptrends or neutrals to fade momentum.
Confirm with price action or volume for higher conviction.
📈 Trend Continuation (Momentum or Trend-Followers):
Use the trend direction label (Bullish / Bearish / Neutral) to align your trades with the broader move.
Combine with moving averages or price structure for entry timing.
Avoid counter-trend signals unless confirmed by divergence or exhaustion.
🧠 Signal Interpretation Table (top right of chart):
Trend: Indicates the current market direction.
RSI: Real-time trend-adjusted RSI value.
Signal: OB/OS/Neutral classification.
Customization Options
ZigZag Length / Deviation %:
Adjust pivot sensitivity and filter out minor noise.
RSI Length:
Controls how fast RSI responds to trend-adjusted price.
Color Settings:
Personalize visual cues for trend direction and OB/OS backgrounds.
Alerts Included
📢 Overbought/oversold conditions
🔄 Trend reversals (bullish or bearish shift)
These alerts are ideal for automated strategies, mobile notifications, or algorithmic workflows.
Ideal For
Traders seeking smarter RSI signals filtered by market structure
Trend-followers and swing traders looking for reliable reversals
Those frustrated with false OB/OS signals in volatile or trending markets
Best Practices
Use in confluence with price structure, trendlines, or S/R levels.
For intraday: consider lowering ZigZag Length and RSI Length.
For higher timeframes: use higher deviation % and smoother RSI to reduce noise.
Contrarian RSIContrarian RSI Indicator
Pairs nicely with Contrarian 100 MA (optional hide/unhide buy/sell signals)
Description
The Contrarian RSI is a momentum-based technical indicator designed to identify potential reversal points in price action by combining a unique RSI calculation with a predictive range model inspired by the "Contrarian 5 Levels" logic. Unlike traditional RSI, which measures price momentum based solely on price changes, this indicator integrates a smoothed, weighted momentum calculation and predictive price ranges to generate contrarian signals. It is particularly suited for traders looking to capture reversals in trending or range-bound markets.
This indicator is versatile and can be used across various timeframes, though it performs best on higher timeframes (e.g., 1H, 4H, or Daily) due to reduced noise and more reliable signals. Lower timeframes may require additional testing and careful parameter tuning to optimize performance.
How It Works
The Contrarian RSI combines two primary components:
Predictive Ranges (5 Levels Logic): This calculates a smoothed price average that adapts to market volatility using an ATR-based mechanism. It helps identify significant price levels that act as potential support or resistance zones.
Contrarian RSI Calculation: A modified RSI calculation that uses weighted momentum from the predictive ranges to measure buying and selling pressure. The result is smoothed and paired with a user-defined moving average to generate clear signals.
The indicator generates buy (long) and sell (exit) signals based on crossovers and crossunders of user-defined overbought and oversold levels, making it ideal for contrarian trading strategies.
Calculation Overview
Predictive Ranges (5 Levels Logic):
Uses a custom function (pred_ranges) to calculate a dynamic price average (avg) based on the ATR (Average True Range) multiplied by a user-defined factor (mult).
The average adjusts only when the price moves beyond the ATR threshold, ensuring responsiveness to significant price changes while filtering out noise.
This calculation is performed on a user-specified timeframe (tf5Levels) for multi-timeframe analysis.
Contrarian RSI:
Compares consecutive predictive range values to calculate gains (g) and losses (l) over a user-defined period (crsiLength).
Applies a Gaussian weighting function (weight = math.exp(-math.pow(i / crsiLength, 2))) to prioritize recent price movements.
Computes a "wave ratio" (net_momentum / total_energy) to normalize momentum, which is then scaled to a 0–100 range (qrsi = 50 + 50 * wave_ratio).
Smooths the result with a 2-period EMA (qrsi_smoothed) for stability.
Moving Average:
Applies a user-selected moving average (SMA, EMA, WMA, SMMA, or VWMA) with a customizable length (maLength) to the smoothed RSI (qrsi_smoothed) to generate the final indicator value (qrsi_ma).
Signal Generation:
Long Entry: Triggered when qrsi_ma crosses above the oversold level (oversoldLevel, default: 1).
Long Exit: Triggered when qrsi_ma crosses below the overbought level (overboughtLevel, default: 99).
Entry and Exit Rules
Long Entry: Enter a long position when the Contrarian RSI (qrsi_ma) crosses above the oversold level (default: 1). This suggests the asset is potentially oversold and due for a reversal.
Long Exit: Exit the long position when the Contrarian RSI (qrsi_ma) crosses below the overbought level (default: 99), indicating a potential overbought condition and a reversal to the downside.
Customization: Adjust overboughtLevel and oversoldLevel to fine-tune sensitivity. Lower timeframes may benefit from tighter levels (e.g., 20 for oversold, 80 for overbought), while higher timeframes can use extreme levels (e.g., 1 and 99) for stronger reversals.
Timeframe Considerations
Higher Timeframes (Recommended): The indicator is optimized for higher timeframes (e.g., 1H, 4H, Daily) due to its reliance on predictive ranges and smoothed momentum, which perform best with less market noise. These timeframes typically yield more reliable reversal signals.
Lower Timeframes: The indicator can be used on lower timeframes (e.g., 5M, 15M), but signals may be noisier and require additional confirmation (e.g., from price action or other indicators). Extensive backtesting and parameter optimization (e.g., adjusting crsiLength, maLength, or mult) are recommended for lower timeframes.
Inputs
Contrarian RSI Length (crsiLength): Length for RSI momentum calculation (default: 5).
RSI MA Length (maLength): Length of the moving average applied to the RSI (default: 1, effectively no MA).
MA Type (maType): Choose from SMA, EMA, WMA, SMMA, or VWMA (default: SMA).
Overbought Level (overboughtLevel): Upper threshold for exit signals (default: 99).
Oversold Level (oversoldLevel): Lower threshold for entry signals (default: 1).
Plot Signals on Main Chart (plotOnChart): Toggle to display signals on the price chart or the indicator panel (default: false).
Plotted on Lower:
Plotted on Chart:
5 Levels Length (length5Levels): Length for predictive range calculation (default: 200).
Factor (mult): ATR multiplier for predictive ranges (default: 6.0).
5 Levels Timeframe (tf5Levels): Timeframe for predictive range calculation (default: chart timeframe).
Visuals
Contrarian RSI MA: Plotted as a yellow line, representing the smoothed Contrarian RSI with the applied moving average.
Overbought/Oversold Lines: Red line for overbought (default: 99) and green line for oversold (default: 1).
Signals: Blue circles for long entries, white circles for long exits. Signals can be plotted on the main chart (plotOnChart = true) or the indicator panel (plotOnChart = false).
Usage Notes
Use the indicator in conjunction with other tools (e.g., support/resistance, trendlines, or volume) to confirm signals.
Test extensively on your chosen timeframe and asset to optimize parameters like crsiLength, maLength, and mult.
Be cautious with lower timeframes, as false signals may occur due to market noise.
The indicator is designed for contrarian strategies, so it works best in markets with clear reversal patterns.
Disclaimer
This indicator is provided for educational and informational purposes only. Always conduct thorough backtesting and risk management before using any indicator in live trading. The author is not responsible for any financial losses incurred.
True High/Low RSI for DivergenceThis Pine Script creates a highly specialized RSI (Relative Strength Index) indicator designed to provide a more accurate signal for divergence trading. Its official title is "True High/Low RSI for Divergence."
Here is a breakdown of its core features:
1. Dual RSI Calculation based on Highs and Lows:
Unlike a standard RSI that typically uses the closing price of a candle, this indicator calculates two separate RSI lines:
A "High RSI" : This line calculates the RSI based on the high price of each candle. It is intended to track momentum peaks more accurately.
A "Low RSI" : This line calculates the RSI based on the low price of each candle. It is designed to track momentum troughs more accurately.
The main purpose of this separation is to avoid the potential errors that can occur when using an average price (like the close or hl2) during periods of high volatility. By using the true extremes of the price candles, the indicator aims to show a more "true" representation of momentum for identifying divergences between price and the indicator.
2. Dynamic Transparency:
This is a key visual feature. The RSI lines are not always fully visible. They dynamically fade into view as they enter significant overbought or oversold zones:
The Low RSI line (red by default) is invisible when above a value of 50. As it drops from 49 towards 30, it becomes progressively more opaque (more visible). It reaches full opacity at an RSI value of 30, visually alerting the user to strengthening oversold conditions.
The High RSI line (blue by default) is invisible when below a value of 50. As it rises from 51 towards 70, it also becomes progressively more opaque. It is fully opaque at an RSI value of 70, highlighting strengthening overbought conditions.
3. User Customization:
The script allows for user flexibility. You can change:
The colors for both the High and Low RSI lines.
The RSI calculation length (default is 14).
The price source for each RSI line (though they are specifically designed to use high and low).
In summary, this indicator is a purpose-built tool for traders who rely on divergence. It provides a more precise and visually intuitive way to track momentum at its true peaks and troughs, helping to make more informed trading decisions.
Mitsos4 RSI + BB + Dispersion + Trendlines + VIX Fix Mitsos4 RSI + BB + Dispersion + Trendlines + VIX Fix
This powerful custom indicator combines two analytical tools into one view:
RSI-based Bollinger Bands with Dispersion and the Vix Fix volatility spike detector.
It is designed for traders who want early volatility signals and precision RSI insights, all in a single pane.
🧩 What's Included:
✅ 1. RSI + BB (EMA) + Dispersion
RSI-Based Bollinger Bands: Tracks the RSI with Bollinger Bands using an EMA as the basis.
Dispersion Zone: A buffer zone around the moving average band for more sensitive overbought/oversold detection.
Dynamic RSI Coloring:
🟢 Green: RSI breaks above the dispersion zone.
🔴 Red: RSI breaks below the dispersion zone.
🟡 Yellow: RSI inside the zone (neutral).
Trendlines at RSI levels: 40 (green), 50 (yellow), 60 (red).
Alerts when RSI crosses dispersion zones.
✅ 2. CM_Williams_Vix_Fix
Designed to simulate VIX-like volatility spikes on non-VIX instruments.
Detects potential market bottoms by measuring price deviation from recent highs.
Includes:
Bollinger Band range on WVF.
Percentile high/low zones to detect significant volatility moves.
Histogram plot of WVF for quick visual alerts.
Color-coded spikes (green when above upper thresholds).
⚙️ User Controls:
Adjustable RSI, Bollinger Band, and dispersion settings.
Toggle options for:
Viewing high/low VIX percentiles.
Showing standard deviation bands for WVF.
Custom trendline display levels at RSI key areas.
📌 Best Use Cases:
Detect early market reversals and volatility spikes.
Combine RSI strength with volatility-based bottom signals.
Layer dispersion-based logic on top of classic RSI strategies.
MACD of RSI [TORYS]MACD of RSI — Momentum & Divergence Scanner
Description:
This enhanced oscillator applies MACD logic directly to the Relative Strength Index (RSI) rather than price, giving traders a clearer look at internal momentum and early shifts in trend strength. Now featuring a custom histogram, dual MA types, and RSI-based divergence detection — it’s a complete toolkit for identifying exhaustion, acceleration, and hidden reversal points in real time.
How It Works:
Calculates the MACD line as the difference between a fast and slow moving average of RSI. Adds a Signal Line (MA of the MACD) and plots a Histogram to show momentum acceleration/deceleration. Both RSI MAs and the Signal Line can be toggled between EMA and SMA for custom tuning.
Divergence Detection:
Bullish Divergence : Price makes a lower low while RSI makes a higher low → labeled with a green “D” below the curve.
Bearish Divergence : Price makes a higher high while RSI makes a lower high → labeled with a red “D” above the curve.
Configurable lookback window for tuning sensitivity to pivots, with 4 as the sweet spot.
RSI Pivot Dot Signals:
Plots green dots at RSI oversold pivot lows below 30,
Plots red dots at overbought pivot highs above 70.
Helps detect short-term exhaustion or bounce zones, plotted right on the MACD-RSI curve.
RSI 50 Crosses (Optional):
Optional ▲ and ▼ labels when RSI crosses its 50 midline — useful for momentum trend shifts or pullback confirmation, or to detect consolidation.
Histogram:
Plotted as a column chart showing the distance between MACD and Signal Line.
Colored dynamically:
Bright green : Momentum rising above zero
Light green : Weakening above zero
Bright red : Momentum falling below zero
Light red : Weakening below zero
The zero line serves as the mid-point:
Above = Bullish Bias
Below = Bearish Bias
How to Interpret:
Momentum Confirmation:
Use MACD cross above Signal Line with a rising histogram to confirm breakouts or trend entries.
Histogram shrinking near zero = momentum weakening → caution or reversal.
Exhaustion & Reversals:
Dot signals near RSI extremes + histogram peak can suggest overbought/oversold pressure.
Use divergence labels ("D") to spot early reversal signals before price breaks structure.
Inputs & Settings:
RSI Length
Fast/Slow MA Lengths for MACD (applied to RSI)
Signal Line Length
MA Type: Choose between EMA and SMA for MACD and Signal Line
Pivot Sensitivity for dot markers
Divergence Logic Toggle
Show/hide RSI 50 Crosses
Best For:
Traders who want momentum insight from inside RSI, not price
Scalpers using divergence or exhaustion entries
Swing traders seeking entry confirmation from signal crossovers
Anyone using multi-timeframe confluence with RSI and trend filters
Pro Tips:
Combine this with:
Bollinger Bands breakouts and reversals
VWAP or EMAs to filter entries by trend
Volume spikes or BBW squeezes for volatility confirmation
TTM Scalper Alert to sync structure and momentum
Dynamic RSI Regression Bands (Zeiierman)█ Overview
The Dynamic RSI Regression Bands (Zeiierman) is a regression channel tool that dynamically resets based on RSI overbought and oversold conditions. It adapts to trend shifts in real time, creating a highly responsive regression framework that visualizes market sentiment and directional momentum with every RSI-triggered event.
Unlike static regression models, this indicator recalibrates its slope and deviation bands only after the RSI crosses predefined thresholds, helping traders pinpoint new phases of momentum, exhaustion, or reversal.
You’re not just measuring the trend — you’re tracking when and where the trend deserves to be re-evaluated.
█ The Assumption:
"A major momentum shift (RSI crossing OB/OS) signals a potential regime change, and thus, the trend model should be recalibrated from that point."
Instead of using a fixed-length regression (which assumes trend relevance over a static window), this script resets the regression calculation every time RSI crosses into extreme territory. The underlying idea is that extreme RSI levels often represent emotional peaks in market behavior and are statistically likely to be followed by a new price structure.
█ How It Works
⚪ RSI-Based Channel Reset
RSI is monitored continuously
If RSI crosses above the Overbought level, the indicator resets and starts a new regression channel
If RSI crosses below the Oversold level, the same reset logic applies
These events act as “anchor points” for dynamic trend analysis
⚪ Regression Channel Logic
A custom linear regression is calculated from the RSI reset point forward
The lookback grows with each bar after the reset, up to a user-defined max
Regression lines are drawn from the reset point to the current bar
⚪ Standard Deviation Bands
Upper and lower bands are plotted around the regression line using the standard deviation
These serve as dynamic volatility envelopes, great for spotting breakouts or reversals
⚪ Rejection Markers
If price hits the upper/lower band and then closes back inside it, a rejection marker is plotted
Helps visualize failed breakouts and areas of absorption or reversal pressure
█ How to Use
⚪ Detect Trend Shifts
Use the RSI resets to identify when the trend might be starting fresh.
⚪ Watch the Bands for Volatility Extremes
Use the outer bands as soft areas of potential reversal or momentum breakout.
⚪ Spot Rejections for Potential Entry Signals
If price moves outside a band but then quickly returns inside, it often means the breakout failed, and price may reverse.
█ Settings Explained
RSI Length – How many bars RSI uses. Shorter = faster.
OB / OS Levels – Crossing these triggers a regression reset.
Base Regression Length – Max number of bars regression can use post-reset.
StdDev Multiplier – Controls band width from the regression line.
Min Bars After Reset – Ensures channel doesn’t form immediately; waits for structure.
Show Reset Markers – Triangles mark where RSI crossed OB/OS.
Show Rejection Markers – Circles mark where the price rejected the channel edge.
-----------------
Disclaimer
The content provided in my scripts, indicators, ideas, algorithms, and systems is for educational and informational purposes only. It does not constitute financial advice, investment recommendations, or a solicitation to buy or sell any financial instruments. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
Parabolic RSI [ChartPrime]The Parabolic RSI indicator applies the Parabolic SAR directly to the Relative Strength Index (RSI) . This combination helps traders identify trend shifts and potential reversal points within the RSI framework. The indicator provides both regular and strong signals based on whether the Parabolic SAR crosses above or below key RSI thresholds.
⯁ KEY FEATURES
Parabolic SAR Applied to RSI – Tracks momentum shifts within the RSI indicator.
Dynamic SAR Dots – Plots SAR levels directly on the RSI for visual clarity.
Threshold-Based Signal Filtering – Uses upper (70) and lower (30) RSI levels to determine strong signals.
Simple and Strong Signal System :
Big Diamonds (Strong Signals) – Appear when Parabolic SAR crosses above 70 or below 30 RSI, indicating potential reversals.
Small Diamonds (Regular Signals) – Appear when Parabolic SAR flips inside the RSI range, signaling weaker trend shifts.
Chart Overlay Signals – Highlights strong RSI-based trend shifts directly on the price chart.
Fully Customizable – Modify RSI length, SAR parameters, colors, and signal displays.
⯁ HOW TO USE
Look for strong signals (big diamonds) when SAR flips above 70 RSI (overbought) or below 30 RSI (oversold) for potential reversals.
Use regular signals (small diamonds) for minor trend shifts within the RSI range.
Combine with price action and other indicators to confirm entry and exit points.
Adjust the SAR acceleration factors to fine-tune sensitivity based on market conditions.
⯁ CONCLUSION
The Parabolic RSI indicator merges trend-following and momentum-based analysis by applying the Parabolic SAR to RSI. This allows traders to detect trend shifts inside the RSI space with an intuitive diamond-based signal system . Whether used alone or as part of a broader trading strategy, this indicator provides a clear and structured approach to identifying momentum reversals and potential trading opportunities.
Hamid Double RSIRSI 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.
Double RSI OscillatorThe Double RSI Oscillator
Hello Gs,
I came back from the dead and tried to see what a little tweak to RSI could do, and I think it is quite interesting and might be worth checking out.
Warning:
This indicator has lots of false signals unfortunatly
How does the DRSI Oscillator work?
Very simple, the DRSI oscillator at the very base is just 2 RSIs that should smooth each other out, making a smoother trend signal generation for trend analysis. One RSI is set to have lower values, by considering the lowest point of the price, and one RSI is set to have higher values using pretty much the same thing. The trend changes from positive to negative if RSI with higher values crosses negative treshhold, and from negative to positive if RSI with lower value crosses positive treshhold. On top of this I added some additional settings to smooth or speed it further, if these were a good idea, I guess only time will tell :D.
Settings
Here is a guide of what setting changes what and how it might be suitable for you:
RSI Optimism length: length of the RSI with higher values (higher values will be better for longer term, lower for medium term)
RSI Pesimism length: length of the RSI with lower values (higher values will be better for longer term, lower for medium term)
Positive treshhold: The value RSI pesimism needs to pass in order to change trends (in case of using RSI avg. the value the average needs to pass), making this higher can give you faster signals, but expect more false ones
Negative treshholds: The value RSI optimism needs to pass in order to change trends (in case of using RSI avg. the value the average needs to pass), lowering this can give you faster signals, but expect more false ones
Smoothing type: Select the type of smoothing (or none) to smooth your signals as you want, this one you need to play around with.
Smoothing length: The length of your smoothing method (if none is selected it wont change anything)
Use RSI average instead: self-explanatory, go figure
Above/Below Mean Trend: Changes the way trend logic works
Why consider using this indicator?
The DRSI Oscillator is a tool that has huge flexibility (due to tons of settings that base RSI doesnt, like trend treshholds), and is smoother allowing traders and investors to get high quality or high speed signals, allowing great entries and exits
Median RSI SD| QuantEdgeB📈 Introducing Median RSI SD by QuantEdgeB
🛠️ Overview
Median RSI SD is a hybrid momentum tool that fuses two powerful techniques: Median Price Filtering and RSI-based Momentum. The result? A cleaner, more responsive oscillator designed to reduce noise and increase clarity in trend detection and potential reversals.
By applying the RSI not to raw price but to the percentile-based median, the indicator adapts better to real structural shifts in the market while filtering out temporary price spikes.
✨ Key Features
🔹 Smoothed RSI Momentum
Utilizes a percentile-based median as input to RSI, reducing volatility and enhancing signal reliability.
🔹 Volatility-Weighted SD Zones
Automatically detects overbought/oversold extremes using ±1 standard deviation bands on the median, adapting to current market volatility.
🔹 Trend Signal Overlay
A directional trend signal (Long / Short / Neutral) is derived from the RSI crossing custom thresholds, combined with position relative to SD bands.
🔹 Visual Labeling System
Optional in-chart labels for Long / Short signals and fully color-customizable theme modes.
📊 How It Works
1️⃣ Median RSI Calculation
Instead of using the close price directly, the script first computes a smoothed median via percentile ranking. RSI is then applied to this filtered stream, improving reactivity without overfitting to short-term noise.
2️⃣ Standard Deviation Filtering
Upper and lower SD bands are calculated around the median to identify extreme conditions. A position near the upper SD while RSI is below the short threshold triggers bearish bias. The reverse applies for longs.
3️⃣ Signal Generation
• ✅ Long Signal → RSI crosses above the Long Threshold (default: 65) and price holds above lower SD.
• ❌ Short Signal → RSI crosses below the Short Threshold (default: 45), typically within upper SD range.
4️⃣ Contextual Highlighting
Zone fills on the chart and RSI subgraph indicate Overbought (>75) and Oversold (<25) conditions for added clarity.
⚙️ Custom Settings
• RSI Length → Default: 21
• Median Length → Default: 10
• Long Threshold → Default: 65
• Short Threshold → Default: 45
• Color Mode → Choose from Strategy, Solar, Warm, Cool, Classic, Magic
• Signal Labels Toggle → Optional in-chart long/short labels
👥 Who Should Use It?
✅ Swing & Momentum Traders → Filter entries based on confirmed directional RSI setups.
✅ Range-Bound Traders → Use SD thresholds to spot fakeouts or exhaustion zones.
✅ Intraday Strategists → Enhanced signal clarity makes it usable even on lower timeframes.
✅ System Builders → Combine this signal with price action or confluence layers for smarter rules.
📌 Conclusion
Median RSI SD by QuantEdgeB is more than just a modified oscillator—it's a robust momentum confirmation framework designed for modern volatility. By replacing noisy price feeds with a statistically stable input and layering RSI + SD logic, this tool provides high-clarity signals without sacrificing responsiveness.
🔹 Key Takeaways:
1️⃣ Median-filtered RSI eliminates noise without lag
2️⃣ Standard deviation bands identify exhaustion zones
3️⃣ Reliable for both trend continuation and mean-reversion strategies
📌 Disclaimer: Past performance is not indicative of future results. No trading strategy can guarantee success in financial markets.
📌 Strategic Advice: Always backtest, optimize, and align parameters with your trading objectives and risk tolerance before live trading.
Modified RSIModified RSI (Round Number RSI)
Category: Oscillator / Momentum
Description
The Modified RSI (Round Number RSI) is an enhanced version of the classic Relative Strength Index (RSI), designed to provide clearer and more structured signals by rounding its values to whole numbers. This modification helps traders filter out noise, making trend analysis and overbought/oversold conditions easier to interpret.
Key Features:
✔ Rounded RSI Values – Instead of fluctuating with decimals, this RSI rounds values to whole numbers (e.g., 30, 50, 70) for clearer decision-making.
✔ Easier Signal Interpretation – Helps traders identify key RSI levels without distractions from small fluctuations.
✔ Customizable Lookback Period – Allows adjustment of RSI sensitivity to fit different trading strategies.
✔ Works on All Timeframes & Assets – Can be applied to stocks, forex, crypto, and futures.
How to Use It:
📌 Overbought & Oversold Levels:
RSI ≥ 70 → Market may be overbought (potential reversal or correction).
RSI ≤ 30 → Market may be oversold (potential buying opportunity).
📌 Trend Confirmation:
RSI staying above 50 signals bullish momentum.
RSI staying below 50 signals bearish momentum.
📌 Divergence Trading:
Price makes a new high, but RSI does not → Bearish Divergence (Possible Downtrend).
Price makes a new low, but RSI does not → Bullish Divergence (Possible Uptrend).
Best Used For:
📈 Day Traders & Swing Traders looking for simplified RSI signals.
📉 Trend Confirmation with moving averages or volume analysis.
⚡ Confluence Trading with support/resistance zones.
Why Use This Over Traditional RSI?
🔹 Removes unnecessary noise by rounding RSI values.
🔹 Helps traders focus on key levels (30, 50, 70).
🔹 Reduces decision fatigue for fast-paced trading.
Supertrend with RSI FilterThis indicator is an enhanced version of the classic Supertrend, incorporating an RSI (Relative Strength Index) filter to refine trend signals. Here is a detailed explanation of its functionality and key advantages over the traditional Supertrend.
1. Indicator Functionality
The indicator uses ATR (Average True Range) to calculate the Supertrend line, just like the classic version. However, it introduces an additional condition based on RSI to strengthen or weaken the Supertrend color based on market momentum.
2. Interpretation of Colors
The indicator displays the Supertrend line with dynamic colors based on trend direction and RSI strength:
- Uptrend (Supertrend in buy mode):
- Dark green (Teal): RSI above the defined threshold (default 50) → Strong bullish confirmation.
- Light gray: RSI below the threshold → Indicates a weaker uptrend or lack of confirmation.
- Downtrend (Supertrend in sell mode):
- Dark red: RSI below the threshold → Strong bearish confirmation.
- Light gray: RSI above the threshold → Indicates a weaker downtrend or lack of confirmation.
The opacity of the color dynamically adjusts based on how far RSI is from its threshold. The greater the difference, the more vivid the color, signaling a stronger trend.
3. Key Advantages Over the Classic Supertrend
- Filters out false signals: The RSI integration helps reduce false signals by only validating trends when RSI aligns with the Supertrend direction.
- Weakens uncertain signals: When RSI is close to its threshold, the color becomes more transparent, alerting traders to a less reliable trend.
- Classic mode available: The 'Use Classic Supertrend' option allows switching to a standard Supertrend display (fixed red/green) without the RSI effect.
4. Customizable Parameters
- ATR Length & ATR Factor: Define the sensitivity of the Supertrend.
- RSI Period & RSI Threshold: Allow refining the RSI filter based on market volatility.
- Classic mode: Enables/disables the RSI filtering to revert to the original Supertrend.
This indicator is especially valuable for traders looking to refine their trend signals based on market momentum measured by RSI.
This indicator is for informational purposes only and should not be considered financial advice. Trading involves risks, and past performance does not guarantee future results. Always conduct your own analysis before making any trading decisions.
Normalized RSI Oscillator with DivergencesNormalized RSI with Divergences {A Next-Level Trading Tool}
The Normalized RSI with Divergences indicator is a powerful and innovative tool designed to enhance your trading precision. By normalizing the Relative Strength Index (RSI) and detecting divergences between the standard and normalized RSI, this script helps traders identify potential trend reversals and continuations with remarkable clarity.
Key Features
🔹 Advanced RSI Normalization
• Transforms the traditional RSI into a normalized range of , making overbought and oversold conditions more intuitive.
• Utilizes a dynamic lookback period to adapt to market conditions.
🔹 Divergence Detection for Smarter Trading
• Identifies Bullish, Hidden Bullish, Bearish, and Hidden Bearish divergences by analyzing RSI pivot points.
• Provides early signals of trend reversals and continuations for better trade execution.
🔹 Clear & Visual Trade Signals
• Divergences are automatically labeled on the chart:
o Bullish Divergence: 🟢 “Bull” (Green) – Possible upward reversal.
o Hidden Bullish Divergence: 🟢 “Hid.” (Lime) – Continuation of an uptrend.
o Bearish Divergence: 🔴 “Bear” (Red) – Possible downward reversal.
o Hidden Bearish Divergence: 🟠 “Hid.” (Orange) – Continuation of a downtrend.
🔹 Fully Customizable Inputs
• Adjust RSI period, normalization lookback, and divergence parameters to fit your strategy.
• Tailor the indicator to your preferred trading style and market conditions.
________________________________________
How It Works
🔹 RSI Normalization Formula:
Norm=2×(RSI−MinMax−Min)−1\text{Norm} = 2 \times \left(\frac{\text{RSI} - \text{Min}}{\text{Max} - \text{Min}}\right) - 1Norm=2×(Max−MinRSI−Min)−1
• Min & Max represent the lowest and highest RSI values over the selected lookback period.
🔹 Divergence Detection Process:
• Identifies pivot points in both the normalized RSI and the standard RSI.
• Compares their directions to detect potential trading signals.
🔹 Real-Time Chart Labeling:
• Uses label.new to visually highlight divergence points for quick and efficient decision-making.
________________________________________
Input Parameters
• Source: Price source for RSI calculation (Default: hlc3).
• Signal Period: RSI calculation period (Default: 50).
• Lookback Range: Normalization period (Default: 200, Max: 5000).
• Trend Length: Smoothing period for normalized RSI (Default: 5).
• Band Width: Center line & bands calculation period (Default: 34).
• Divergence Range: Lookback period for divergence detection (Default: 5).
________________________________________
How to Use
1. Add the script to your trading chart.
2. Customize the settings to match your trading approach.
3. Watch for divergence labels to identify potential market moves:
o 🟢 Bullish Divergence: Possible upward reversal.
o 🟢 Hidden Bullish Divergence: Continuation of an uptrend.
o 🔴 Bearish Divergence: Possible downward reversal.
o 🟠 Hidden Bearish Divergence: Continuation of a downtrend.
________________________________________
Why Use This Indicator?
✅ Enhanced RSI Analysis: Normalization simplifies overbought/oversold conditions.
✅ Crystal-Clear Divergence Signals: Instantly spot key trend shifts.
✅ Fully Customizable: Adjust settings for your specific strategy.
✅ Improve Trade Accuracy: Gain an edge with precise divergence detection.
________________________________________
⚠️ Disclaimer
This script is for educational and informational purposes only. It does not constitute financial advice. Always conduct thorough research and backtesting before using it in live trading.
📜 License
This script is released under the Mozilla Public License 2.0.
Enjoy the Normalized RSI with Divergences indicator, and happy trading! 🚀📈
— Kerem Ertem
Waldo's RSI Color Trend Candles
TradingView Description for Waldo's RSI Color Trend Candles
Title: Waldo's RSI Color Trend Candles
Short Title: Waldo RSI CTC
Overview:
Waldo's RSI Color Trend Candles is a visually intuitive indicator designed to enhance your trading experience by color-coding candlesticks based on the integration of Relative Strength Index (RSI) momentum and moving average trend analysis. This innovative tool overlays directly on your price chart, providing a clear, color-based representation of market sentiment and trend direction.
What is it?
This indicator combines the power of RSI with the simplicity of moving averages to offer traders a unique way to visualize market conditions:
RSI Integration: The RSI is computed with customizable parameters, allowing traders to adjust how momentum is interpreted. The RSI values influence the primary color of the candles, indicating overbought or oversold market states.
Moving Averages: Utilizing two Simple Moving Averages (SMAs) with user-defined lengths, the indicator helps in identifying trend directions through their crossovers. The fast MA and slow MA can be toggled on/off for visual clarity.
Color Trend Candles: The 'Color Trend Candles' feature uses a dynamic color scheme to reflect different market conditions:
Purple for overbought conditions when RSI exceeds the set threshold (default 70).
Blue for oversold conditions when RSI falls below the set threshold (default 44).
Green indicates a bullish trend, confirmed by both price action and RSI being bullish (fast MA crossing above slow MA, with price above the slow MA).
Red signals a bearish trend, when both price and RSI are bearish (fast MA crossing below slow MA, with price below the slow MA).
Gray for neutral or mixed market sentiment, where signals are less clear or contradictory.
How to Use It:
Waldo's RSI Color Trend Candles is tailored for traders who appreciate visual cues in their trading strategy:
Trend and Momentum Insight: The color of each candle gives an immediate visual representation of both the trend (via MA crossovers) and momentum (via RSI). Green and red candles align with bullish or bearish trends, respectively, providing a quick reference for market direction.
Identifying Extreme Conditions: Purple and blue candles highlight potential reversal zones or areas where the market might be overstretched, offering opportunities for contrarian trades or to anticipate market corrections.
Customization: Users can adjust the RSI length, overbought/oversold levels, and the lengths of the moving averages to align with their trading style or the specific characteristics of the asset they're trading.
This customization ensures the indicator can be tailored to various market conditions.
Simplified Decision Making: Designed for traders who prefer a visual approach, this indicator simplifies the decision-making process by encoding complex market data into an easy-to-understand color system.
However, for a robust trading strategy, it's recommended to use it alongside other analytical tools.
Control Over Display: The option to show or hide moving averages and to enable or disable the color-coding of candles provides users with control over how information is presented, allowing for a cleaner chart or more detailed analysis as preferred.
Conclusion:
Waldo's RSI Color Trend Candles offers a fresh, visually appealing method to interpret market trends and momentum through the color of candlesticks. It's ideal for traders looking for a straightforward way to gauge market sentiment at a glance. While this indicator can significantly enhance your trading setup, remember to incorporate it within a broader strategy, using additional confirmation from other indicators or analysis methods to manage risk and validate trading decisions. Dive into the colorful world of trading with Waldo's RSI Color Trend Candles and let the market's mood guide your trades with clarity and ease.
Dynamic RSI Bollinger Bands with Waldo Cloud
TradingView Indicator Description: Dynamic RSI Bollinger Bands with Waldo Cloud
Title: Dynamic RSI Bollinger Bands with Waldo Cloud
Short Title: Dynamic RSI BB Waldo
Overview:
Introducing an experimental indicator, the Dynamic RSI Bollinger Bands with Waldo Cloud, designed for adventurous traders looking to explore new dimensions in technical analysis. This indicator overlays on your chart, providing a unique perspective by integrating the Relative Strength Index (RSI) with Bollinger Bands, creating a dynamic trading tool that adapts to market conditions through the lens of momentum and volatility.
What is it?
This innovative indicator combines the traditional Bollinger Bands with the RSI in a way that hasn't been commonly explored. Here's a breakdown:
RSI Integration: The RSI is calculated with customizable length settings, and its values are used not just for momentum analysis but as the basis for the Bollinger Bands. This means the position and width of the bands are directly influenced by the RSI, offering a visual representation of momentum within the context of price volatility.
Dynamic Bollinger Bands: Instead of using price directly, the Bollinger Bands are calculated using a scaled version of the RSI. This scaling is done to fit the RSI values into the price range, ensuring the bands are relevant to the actual price movement. The standard deviation for these bands is also scaled accordingly, providing a unique volatility measure that's momentum-driven.
Waldo Cloud: Named after a visual representation concept, the 'Waldo Cloud' refers to the colored area between the Bollinger Bands, which changes based on various conditions:
Purple when RSI is overbought.
Blue when RSI is oversold.
Green for bullish conditions, defined by the fast-moving average crossing above the slow one, RSI is bullish, and the price is above the slow MA.
Red for bearish conditions, when the fast MA crosses below the slow MA, the RSI is bearish, and the price is below the slow MA.
Gray for neutral market conditions.
Moving Averages: Two simple moving averages (Fast MA and Slow MA) are included, which can be toggled on or off, offering additional trend analysis through crossovers.
How to Use It:
Given its experimental nature, this indicator should be used with caution and in conjunction with other analysis methods:
Identifying Market Conditions: Use the color of the Waldo Cloud to gauge market sentiment. A green cloud might suggest a good time to consider long positions, while a red cloud could indicate potential shorting opportunities. Purple and blue clouds highlight extreme conditions that might precede reversals.
Volatility and Momentum: The dynamic nature of the Bollinger Bands based on RSI provides insight into how momentum is affecting price volatility. When the bands are wide, it might indicate high momentum and potential trend continuation or reversal, depending on the RSI's position relative to its overbought/oversold levels.
Trend Confirmation: The moving average crossovers can act as confirmation signals. For instance, a bullish crossover (fast MA over slow MA) within a green cloud might strengthen a buy signal, whereas a bearish crossover in a red cloud might reinforce a sell decision.
Customization: Adjust the RSI length, overbought/oversold levels, and moving average lengths to suit different trading styles or market conditions. Experiment with these settings to find what works best for your strategy.
Combining with Other Indicators: Since this is an experimental tool, it's advisable to use it alongside established indicators like traditional Bollinger Bands, MACD, or trend lines to validate signals.
Conclusion:
The Dynamic RSI Bollinger Bands with Waldo Cloud is an experimental venture into combining momentum with volatility visually and interactively. It's designed for traders who are open to exploring new methods of market analysis.
Remember, due to its experimental status, this indicator should be part of a broader trading strategy, and backtesting or paper trading is recommended before applying it in live trading scenarios. Keep an eye on how the market reacts to the signals provided by this indicator and always consider risk management practices.
