Double Relative Strength Index (Double RSI)# Double Relative Strength Index (Double RSI) Indicator
The Double Relative Strength Index (Double RSI) is a custom trading indicator for the TradingView platform. It provides traders with two Relative Strength Index (RSI) bands, a fast RSI, and a slow RSI, which can be helpful in identifying potential entry and exit points in the market.
## Features
- **Uses 2 RSI Bands:** The indicator displays two RSI lines on the chart, providing insights into the short-term and long-term strength of the asset's price movement.
- **Fast and Slow RSI:** The fast RSI uses a shorter length, while the slow RSI uses a longer length, allowing traders to observe different time frames of price momentum.
- **Smoothing:** To reduce noise and improve the readability of the RSI lines, the indicator offers multiple smoothing options such as RMA, SMA, EMA, WMA, and HMA.
- **Crossover and Crossunder Signals:** The indicator identifies potential trading signals when the fast RSI crosses above or below the slow RSI. These events are visually highlighted on the chart with color-coded candlesticks.
- **RSI Bands:** The indicator also includes colored bands that represent different RSI levels, such as 80%, 75%, 60%, 50%, 45%, 25%, and 20%. These bands help visualize the RSI's current position relative to overbought and oversold conditions.
## How to Use
1. Add the "Double RSI" indicator to your TradingView chart.
2. Customize the input parameters according to your preferences, such as the lengths of the fast and slow RSIs and the smoothing method.
3. The indicator will display two RSI lines on the chart, each with its own color.
4. Look for crossover events where the fast RSI line crosses above the slow RSI line, indicating a potential bullish signal.
5. Watch for crossunder events where the fast RSI line crosses below the slow RSI line, indicating a potential bearish signal.
6. The colored bands represent different RSI levels. When the RSI is in the overbought (high) or oversold (low) regions, it may suggest a potential reversal in price direction.
## Disclaimer
Please remember that the Double RSI indicator is provided for informational purposes only and should not be considered as financial advice or a standalone trading strategy. Always perform your own research, use additional tools and indicators, and consider risk management techniques before making any trading decisions.
**Note:** This code is subject to the terms of the Mozilla Public License 2.0. For more details, refer to the (mozilla.org).
Doublersi
Double RSI TrendThis is my Double RSI Trend Indicator. It issues Buy and Sell signals based on the Supertrend and a double RSI . The RSIs cross near or at the same time as the Supertrend fires. It has the ability to change if you want signals based on the RSI cross on the same candle, one candle before, and two candles before. I find this one extremely good at catching reversals as long as you filter out some of the signals based on trend.
Double RSIThis is double RSI script which plots one time frame higher RSI along with the current time frame i.e
For Weekly chart it display Weekly and Monthly RSI
For Daily chart it display Daily and Weekly RSI
For Intraday chart it display Intraday and Daily RSI.
Usage:
If Daily RSI is above 60 and weekly above 40 and moving up then stock is in a good uptrend look for buying when Daily takes support at 60. Usually First test of Daily produces a good entry for subsequent entries probability decreases.
For Downtrend look for Daily RSI below 40 and weekly below 60.
