SB_Compliment_RSI StrategyThe strategy modifies the original rsi strategy with the addition of compliment si (i.e. 100-rsi).
Strategy Idea: Previous rsi high and low value is recorded when the rsi crosses overBought(70) and OverSold(30) values.
Now when the rsi crosses above the overSold range, the rsi is matched with the compliment of previous high rsi value. If the compliment i.e.(100-prev_rsi_high) is less than or equal to rsi then long position is taken.
For short position, when the rsi crosses below the overBought range, the rsi is matched with the compliment of previous low rsi value. If compliment i.e.(100-prev_rsi_low) is greater than or equal to rsi.
Below s the code for the indicator present in the chart.
//@version=3
study(title="SB_Compliment_Relative Strength Index", shorttitle="RSI")
src = close, len = input(14, minval=1, title="Length")
up = rma(max(change(src), 0), len)
down = rma(-min(change(src), 0), len)
rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down))
plot(rsi, color=purple)
plot(100-rsi, color=orange)
band1 = hline(70)
band0 = hline(30)
fill(band1, band0, color=purple, transp=90)
The code also has switch code also which means it will enter the overBrought or overSold block one after the other.
Future modifications: Currently the value of rsi tracked is the one in which it crosses the overSold or OverBought range and not the highest/lowest value when the value is above/below OverBought/OverSold range.
Comment the perfect combination of indicators for it and will try to incorporate those indicators into it in the next version.
Message if you think of any modifications/ enhancements/ any opportunities. :)
Donations/Tips... :) -
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