OPEN-SOURCE SCRIPT
Cyclic RSI High Low With Noise Filter
Updated
█ OVERVIEW
This indicator displays Cyclic Relative Strength Index based on Decoding the Hidden Market Rhythm, Part 1 written by Lars von Thienen.
To determine true or false for Overbought / Oversold are unnecessary, therefore these should be either strong or weak.
Noise for weak Overbought / Oversold can be filtered, especially for smaller timeframe.
█ FEATURES
█ LEGENDS
◍ Weak Overbought / Oversold
OB ▼ = Strong Overbought
OS ▲ = Strong Oversold
█ USAGE / TIPS
█ CREDITS
LoneSomeTheBlue
WhenToTrade
This indicator displays Cyclic Relative Strength Index based on Decoding the Hidden Market Rhythm, Part 1 written by Lars von Thienen.
To determine true or false for Overbought / Oversold are unnecessary, therefore these should be either strong or weak.
Noise for weak Overbought / Oversold can be filtered, especially for smaller timeframe.
█ FEATURES
- Display calculated Cyclic Relative Strength Index.
- Zigzag high low based on Cyclic Relative Strength Index.
- Able to filter noise for high low.
█ LEGENDS
◍ Weak Overbought / Oversold
OB ▼ = Strong Overbought
OS ▲ = Strong Oversold
█ USAGE / TIPS
- Recommend to be used for Harmonic Patterns such as XABCD and ABCD.
- Condition 1 (XABCD) : When ▼ and ▲ exist side by side, usually this outline XA, while the next two ◍ can be BC.
- Condition 2 (ABCD) : When ▼ and ▲ exist side by side, usually this outline AB, while the next one ◍ can be BC, strong ABCD.
- Condition 3 (ABCD) : When ▼ or ▲ exist at Point A, the next two ◍ can be Point B and Point C, medium ABCD.
- Condition 4 (ABCD) : When ◍ exist at Point a, the next two ◍ can be Point b and Point c, weak ABCD usually used as lower case as abcd.
█ CREDITS
LoneSomeTheBlue
WhenToTrade
Release Notes
Remove hline(0) and hline(100) for better visibility.Release Notes
Add switch for RSI and Cyclic RSI.Update name for input.
Add option for noise label.
Add credits into comment.
Release Notes
Add Collapsible code sections for line 13, 24, 34, 39, 52, 77, 90 and 128Release Notes
Add alert.Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.