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Relative Strength Index (RSI)

RSI - Dynamic Overbought/Oversold RangeDefault overbought/oversold levels of RSI does not hold good for instruments which are trending well. It happens often that instruments keep trading in single half of the range for prolonged time without even touching the other half. This also came up often in tradingview pine chat discussions where I participate regularly. Hence, thought of creating this script to help other scriptors in finding different methods to derive dynamic high/low range of RSI. This can also be adopted for other range bound oscillators - though not inlcuded in this script. ⬜ Method ▶ Derive multitimeframe RSI. Parameters - Resolution, Source and Length are pretty straight forward. Repaint when unchecked uses previous bar value. ▶ Dynamic range detection follows below steps. Get highest and lowest of the oscillator source for Range Length period. Use Detection method further to refine the highest and lowest range. If detection method is "highlow", then it looks for lowest value for high range and highest value for low range. If not, uses moving average. ◽Note: Detection range length is used only for finding highest and lowest of Oscillator value ranges. Further detection range method of highlow and other moving average types use Oscillator length.
Pine Script™ indicator
by Trendoscope
11
Oscillator EdgesAnother simple script to be added on top of other indicators. Simply provides a symbol of varying color depending on the value of the oscillator. Allows up to 4 different colors in each direction. Includes alerts conditions. Demonstration is the indicator being applied to the RSI (purple) included in Market Cipher B. To use, simply add it to your indicator, and choose and oscillator of your choice in the Input Settings. Alternatively, you can just keep it on 'close' and use the built in RSI. Or, you can use the RSI formula on top of something else (if that's your thing). The names are silly, so I hope this is okay with all of you. Let me know what you think, and if there are any problems, questions, or concerns!
Pine Script™ indicator
by jarzido
2
Baekdoo multi OverSold OverBuy colored CandleHi forks, I'm trader Baekdoosan who trading Equity from South Korea. This Baekdoo multi OverSold OverBuy colored candle will give you the idea of multiple indicators in one shot with colored candle. Those indicators tell us that oversold or overbuy statistically. For the color, you can freely change based on your comfort. For me, in Korea white candle has red color and black candle has blue color. So somewhat confusing for you. Anyway you can easily modify color in the script. Please refer this line. barcolor(open<close and result_pos == 4 ? color.new(color.red, 0) : open<close and result_pos == 3 ? color.new(color.red, 25) : open<close and result_pos == 2 ? color.new(color.red, 50) : open<close and result_pos == 1? color.new(color.red, 75) : na) you can see I put different transparency at color.new() function with color code. Let me divide and conquer to explain for up candle white candle and black candle. 1. White candle with 4 oversold signal case with white candle tells us it is almost reached real bottom and try to rebound. In this case, I put vivid color (no transparency) on the candle. And all 4 signal case, I put text on "OverSold". It will not happen frequently. Then 2 approaches can be made. (a) short term approach You can buy on this time. and you set stop loss with open price. This is mainly aimed for technical rebound. (b) long term approach You can accumulate based on your budget with 5 times dividing. At that day might not be the very bottom but those period will most probably real bottom. You can put more weight on latter buy. Let say, 1 : 1.25 : 1.5 : 1.75 : 2.5. So for example, if you have $8,000 to investigate then, buy $1,000 and then $1,250, $1,500, accordingly. If price rebound then don't adding weight on accumulation but with the first amount that you buy(i.e., $1,000 with above example). With this approach, you will not have much stress and you will get profit well. If this is grand bottom case, then you can HODL this long term. What you needs is stick to the plan. :) with 3 signals the color is less vivid, 2 signals is much less vivid, accordingly. 2. Black candle The approaches are opposite to above. The signal will tells us for 4 overBuy signals, then vivid blue candle will be shown. Our strategy is distribute to sell. Please do not sell in one shot. As Newton said, "I can calculate the motions of the heavenly bodies, but not the madness of the people". Strong buy phase, we don't know how far will it go. But indicators will tell us it is quite overSold situation. So what I can suggest you is sell it 10% to 20% on resistance price, and put 50% of lower than certain support price. Remember, accumulation and distribution will always better than one shot trading if you want to survive long time on this war field. Hope this will help your trading on equity as well as crypto. I didn't try it on futures. Best of luck all of you. Gazua~!
Pine Script™ indicator
by traderbaekdoosan
Quick-Glance RSIThis script will draw a live, updating-RSI on the main chart. As the price updates, the RSI line will self-adjust between the highest high an the lowest low for the RSI period. Settings/Customizations: RSI Length : Calculate RSI and draw RSI Line for specified period Overbought Level : Draw maroon box from OB level to highest high. Oversold Level : Draw green box from lowest low to OS level. Scale Offset : Fine-tune location of 0-100 scale. Show Scale : Draw 0-100 levels to the right of the RSI line. Show RSI Line : Draw a line from the start of the RSI period to the current price. Show OB/OS Boxes : Enable or disable background for overbought and oversold areas. Realtime : Draw all data in real time. RSI on overlay chart is same as current RSI on bottom chart RSI without scale, boxes, or RSI Line “Repainting” Note : The current RSI level is calculated in real time as each price changes, so yes this does “repaint” on the current bar. This is by design and will not change the effectiveness of the script. However, if you are using this script to generate signals, uncheck “Realtime” and/or use “once per bar close” for alerts.
Pine Script™ indicator
by xxattaxx
13
Multi timeframes RSI Screener & indicator by noop42Since my previous x4 multi timeframes Stochastic RSI script seems to have been appreciated, I decided to make a 2nd version of this tool which focuses on the RSI indicator only. Default parameters RSI length : 14 Timeframes: 5, 15, 60, 240 OB/OS zones : 70 & 30 Repaint mode: enabled Display lines: enabled Display screener: enabled Convergence warnings: timeframes 1, 2 & 3 Details Repaint mode : Disabling it makes the indicator wait for the current candle to close before to change its value Display lines: Allows you to disable RSI lines drawings, in order to move the screener on your main chart for example. Display screener: Allows you to disable the screener, in order to use RSI lines only OB/OS convergences warnings : Allows you to select which timeframe(s) must be taken into consideration for convergence signals (Selected timeframes can be distinguished in the screener, followed by a * char in the timeframes column) Note The Stochastic RSI version of this tool is available here
Pine Script™ indicator
by noop-noop
3
Take Profit On Trend (by BHD_Trade_Bot)The purpose of strategy is to detect long-term uptrend and short-term downtrend so that you can easy to take profit. The strategy also using BHD unit to detect how big you win and lose, so that you can use this strategy for all coins without worry about it have different percentage of price change. ENTRY The buy order is placed on assets that have long-term uptrend and short-term downtrend: - Long-term uptrend condition: ema200 is going up (rsi200 greater than 51) - Short-term downtrend condition: 2 last candles are down price (use candlestick for less delay) CLOSE The sell order is placed when take profit or stop loss: - Take profit: price increase 1 BHD unit - Stop loss: price decrease 2 BHD units The strategy use $15 and trading fee is 0.1% for each order. So that, in the real-life, if you are using trade bot, it will need $1500 for trading 100 coins at the same time. Pro tip : The 1-hour time frame for altcoin/USDT has the best results on average.
Pine Script™ strategy
by BHD_Trade_Bot
PSAR + EMA/TEMA/RSI/OBVThe Parabolic Stop-and-Reservse (PSAR) is a trend indicator, intended to capture reversal signals and show entry and exit points. The PSAR is bullish when the PSAR is below the candle body (usually indicated by a dot) and bearish when the PSAR is above the candle body. The PSAR generally only moves in the direction of the trend, making it useful for markets with an upward or downward trend, as well as swing markets. It is weaker when the market it sideways, as it can be prone to frequent flips (bull-to-bear or vice versa) in markets where a predominant trend is not present. In order to combat the tendency for rapid swings in the PSAR, it is commonly paired with a second indicator. Often, this is a moving average (MA) to confirm the PSAR signal. Here is a common example: PSAR + 2 EMAs: A trade would consider entering long when the PSAR is bullish and the fast EMA is above the short EMA. PSAR + 3 EMAs: As above, but the trader could also add a very long EMA (200, for example) and use that as an additional filter. In addition to using EMA, other MAs can be used and may be more appropriate to certain instruments and timeframes. Using TEMA, for example, may result in less lag but introduce more noise. Likewise, the Ehler's MAMA is an option. Some traders use other indicators as PSAR confirmation signals, such as the relative strength index (RSI) on on-balance volume (OBV). The strategy is similar: bullish PSAR + RSI oversold = consider long entry bullish PSAR + OBV oscillator > 0 = consider long entry The strategy presented here is based on my PSAR + EMA + TEMA study. Any of the above strategies are supported by this script: 1. The PSAR is the primary signal. 2. Confirmation is provided by any of the following: EMA , TEMA , Ehler's MAMA , RSI , or OBV. 3. You may use a third EMA (set to 200 as the default) to filter entries -- if used, the strategy will only show signals if the price is above the third (additional) EMA . For example, a normal long signal would be a bullish PSAR + fast EMA > slow EMA + price > ema 200. In addition, you may use a SL, which is set to the PSAR dots shown. You may also limit the backtesting dates. (Please note in the chart above, I do not have a limit on the trading dates. I believe this exaggerates the success of the strategy, but the house rules demand I not limit the timeframe to show you a more accurate picture.)
Pine Script™ strategy
by UnknownUnicorn19826629
6
Multi timeframe Stochastic RSI Screener by noop42Here is a custom x4 timeframes Stochastic RSI screener to add on your charts. Options Repaint mode : if enabled: values are updated in live, if disabled: values are updated once the concerned candle is closed Default parameters Timeframes: 1, 5, 15, 60 Repaint mode: enabled Notes Use the lowest timeframe configured on the screener to get real values A classic x3 multi-timeframe Stochastic RSI indicator is also available
Pine Script™ indicator
by noop-noop
19
ExTreeMe IndicatorThis indicator can plot of 6 time frame ema with pre-calculated length for each interval. Additionally with EMA, it calculates 6 timeframe RSI and show green zones on the chart. Green zone can be short/mid/long term. Short term zones(only for scalping) are decided based on first 3 EMAs. Mid term zones are decided based on first 2nd-4th EMAs. Long Term are decided on last 3 EMAs. Mid term zones are most effective for positional trades. Green colour is the entry zone. 2 condition will give better chance of a trendy upmove. 1. EMAs have crossover-ed recently and all are very near to each other and current price 2. Green zone appears after long consolidation. There is other colour zone which indicates RSI is in no man's land(51-49), need to be cautious then. Exit when white band appears. This indicator is totally independent of current chart timeframe and stays same irrespective of which time frame you select for your chart. Creator: DeeJay Strategy By: Express Tree from NiftyBN
Pine Script™ indicator
by kajermail
1
EMR Strategy [H1 Backtesting]EMR Strategy base on EMA, MACD and RSI to supply signal on time frame H1. Details of Rule as below: === 1.EMA + Time frame: H1 + Periods: 25, 100 (~ EMA 25 H4), 600 (~ EMA 25 D1) === 2.MACD + Time frame: H1 + Periods: 12,26,9 === 3.RSI + Time frame: H1 + Periods: 14 === 4.Trading Rule 4.1.Long Position + MACD>0 and RSI>50 and close price moving above EMA 25 + Close price crossed EMA 100 or crossed EMA 600 at the first time 4.2.Short Position + MACD<0 and RSI<50 and close price moving below EMA 25 + Close price crossed EMA 100 or crossed EMA 600 at the first time === 5.Money Management + This strategy concentrate into winrate. + So use trailing stop to protect your profits. + And use stoploss to avoid big loss on trades.
Pine Script™ strategy
by inno14
2
RSI Candle with Advanced RSI fomulaRSI Advanced As the period value is longer than 14, the RSI value sticks to the value of 50 and becomes useless. Also, when the period value is less than 14, it moves excessively, so it is difficult for us to see the movement of the RSI. So, using the period value and the RSI value as variables, I tried to make it easier to identify the RSI value through a new function expression. This is how RSI Advanced was developed. Period values ​​below 14 reduce the volatility of RSI, and period values ​​greater than 14 allow wider fluctuations, allowing overbought and oversold zones to work properly and give you a better view of the trend. I also changed the RSI by applying the appropriate function expression so that the RSI with a period value of 168 (=14*12) on a 5 minute timeframe has the same value as the RSI on a 60 minute timeframe with a period value of 14. As another example, an RSI with a period value of 56 (=14*4) in a 15-minute time frame has the same value as an RSI with a period value of 14 in a 60-minute time frame. Compare the difference in the RSI with a period value of 200 in the snapshot. ------------------------------------------------------------------------------------------ RSI Candlestick RSI derives its value using only the closing price as a variable. I solved the RSI equation in reverse and tried to include the high and low prices of candlesticks in the equation. As a result, 'if the high or low was the closing price, the value of RSI would be like this' was implemented. Just like when a candle comes down after setting a high price, an upper tail is formed when RSI Candle goes down after setting a high price!! In divergence, we had to look only at the relationship between closing prices, but if we use RSI candles, we can find divergences in highs and highs, and lows and lows. Then enjoy my RSI! ---------------------------------------------------------------------------------------- RSI Advanced 기간값이 14보다 길어질수록 RSI값은 50값에 달라붙게되어서 쓸모가 없어집니다. 또 기간값이 14보다 줄어들수록 과도하게 움직여서 우리는 RSI의 움직임을 보기가 힘듭니다. 그래서 기간 값과 RSI 값을 변수로 사용하여 새로운 함수 식을 통해 RSI 값을 식별하기 편하도록 해보았습니다. 이렇게 RSI Advanced가 개발되었습니다. 기간값이 14보다 낮으면 rsi의 변동폭이 줄어들고, 기간값이 14보다 크면 변동폭이 넓어져 과매수 및 과매도 영역이 제대로 작동하여 추세를 더 잘 볼 수 있습니다. 또한 저는 5분 타임프레임의 기간값이 168(=14*12)인 RSI가 주기 값이 14인 60분 타임프레임의 RSI와 동일한 값을 갖도록 적절한 함수 표현식을 적용하여 RSI를 변경했습니다. 다른 예로, 15분 시간 프레임에서 기간값이 56(=14*4)인 RSI는 60분 시간 프레임의 기간값이 14인 RSI와 동일한 값을 갖습니다. 기간값이 200인 RSI의 차이를 스냅샷에서 비교해보십시오. ----------------------------- RSI Candlestick RSI는 종가만을 변수로 사용하여 값을 도출해냅니다. 저는 RSI 식을 역으로 풀어내어서 캔들스틱의 고가와 저가를 식에 포함시켜보았습니다. 결과적으로, '만약 고가나 저가가 종가였다면 RSI의 값이 이럴것이다'를 구현해내었습니다. 캔들이 고가를 찍고 내려오면 윗꼬리가 생기듯 RSI Candle에서도 고가를 찍고 내려오면 윗꼬리가 생기는겁니다!! 다이버전스 또한 원래는 종가끼리의 관계만 봐야했지만 RSI 캔들을 이용한다면 고가와 고가, 저가와 저가에서도 다이버전스를 발견할 수 있습니다. 그럼 잘 사용해주십시오!!!
Pine Script™ indicator
by Dicargo_Beam
24
EM_RSI Gradient Candles I've missed the beautiful trend visualization of Heiken Ashi candles ever since I first learned they don't play well with other indicators largely due to the method with which they're plotted. I wanted to color code a gradient onto candles to help visualize trend strength, and the Relative Strength Index was the first thing to come to mind. For coloring, it's possible the new color.from_gradient function would have worked, but I couldn't guarantee a highly customizable indicator with a single gradient so I took a more classic approach. First, RSI was calculated using Tradingview's built-in RSI code. Then I broke down the RSI's range of 1-100 into 10 tiers and assigned each a color option with the ability to turn any particular tier off if desired. I found it to be extremely modular and helpful in visualizing both trend strength and identifying potential trend reversals due to a reduction in strength. You can use it on every candle to help inform decisions, or keep all but <10 and >90 turned off so that it only changes candle color during the most extreme trends. Or anything in between! This is my first self-coded indicator so I'm already proud. Please let me know what you think, and feel free to suggest improvements for future versions in the comments!
Pine Script™ indicator
by EffyewMoney
8
RSI Rising Crypto Trending StrategyThis is crypto and stock market trending strategy designed for long timeframes such as 4h+ From my tests it looks like it works better to trade crypto against crypto than trading against fiat. Indicators used: RSI for rising/falling of the trend BB sidemarket ROC sidemarket Rules for entry For long: RSI values are rising, and bb and roc tells us we are not in a sidemarket For long: RSI values are falling, and bb and roc tells us we are not in a sidemarket Rules for exit We exit when we receive an opposite direction. Cuation: Because this strategy uses no risk management, I recommend you takje care with it. If you have any questions, let me know !
Pine Script™ strategy
by exlux
6
Matrix Altcoin Perpetual A-BIt is collection of RSI values for following group of altcoins which are listed as perpetual. 1INCHUSDT AAVEUSDT ADAUSDT AKROUSDT ALGOUSDT ALICEUSDT ALPHAUSDT ANKRUSDT ATAUSDT ATOMUSDT AUDIOUSDT AVAXUSDT AXSUSDT BAKEUSDT BALUSDT BANDUSDT BATUSDT BCHUSDT BELUSDT BLZUSDT BNBUSDT BTSUSDT BTTUSDT BZRXUSDT Color Codes: Dark Green : RSI increases from last closure Light Green : RSI increases from last two closure consecutively Dark Red : RSI decreases from last closure Light Red : RSI decreases from last two closure consecutively Idea originator is @MetinCakir. Thx for his great work. All rights permissions had been taken from originator.
Pine Script™ indicator
by emreyavuz84
4
RSI Strategy with alerts via TradingConnector to ForexSoftware part of algotrading is simpler than you think. TradingView is a great place to do this actually. To present it, I'm publishing each of the default strategies you can find in Pinescript editor's "built-in" list with slight modification - I'm only adding 2 lines of code, which will trigger alerts, ready to be forwarded to your broker via TradingConnector and instantly executed there. Alerts added in this script: 12 and 17. How it works: 1. TradingView alert fires. 2. TradingConnector catches it and forwards to MetaTrader4/5 you got from your broker. 3. Trade gets executed inside MetaTrader within 1 second of fired alert. When configuring alert, make sure to select "alert() function calls only" in CreateAlert popup. One alert per ticker is required. Adding stop-loss, take-profit, trailing-stop, break-even or executing pending orders is also possible. These topics have been covered in other example posts. This routing works for Forex, indices, stocks, crypto - anything your broker offers via their MetaTrader4 or 5. Disclaimer: This concept is presented for educational purposes only. Profitable results of trading this strategy are not guaranteed even if the backtest suggests so. By no means this post can be considered a trading advice. You trade at your own risk. If you are thinking to execute this particular strategy, make sure to find the instrument, settings and timeframe which you like most. You can do this by your own research only.
Pine Script™ strategy
by Peter_O
5