OPEN-SOURCE SCRIPT
Rich Robin Index, The Crypto Fear & Greed Index with RSI Trend
Updated
The Relative Strength Index (RSI) is a technical indicator based on price movements that is used to determine whether a particular asset is overbought or oversold. It measures the ratio of rising to falling prices over a certain period of time.
The Fear & Greed Index, on the other hand, is a composite index that tracks the sentiment of the crypto market. It is based on seven indicators, each of which measures a different aspect of market behavior. These indicators are: Safe Haven Demand, Stock Price Breadth, Market Momentum, Stock Price Strength, Put and Call Options, Junk Bond Demand, and Market Volatility.
The combination of the RSI and the Fear & Greed Index can provide valuable insights for crypto traders. The RSI can help identify overbought and oversold conditions, while the Fear & Greed Index can give an overall sense of the sentiment in the market. Together, they can provide a more complete picture of the market conditions. For example, if the RSI is indicating that an asset is overbought, but the Fear & Greed Index is showing that the market is still in a state of fear, it may be a good time to sell. On the other hand, if the RSI is indicating that an asset is oversold, but the Fear & Greed Index is showing that the market is in a state of greed, it may be a good time to buy.
Overall, the combination of the RSI and the Fear & Greed Index can provide useful information for traders to make more informed decisions, by giving a sense of the market conditions, and providing a way to identify overbought and oversold conditions.
The Fear & Greed Index, on the other hand, is a composite index that tracks the sentiment of the crypto market. It is based on seven indicators, each of which measures a different aspect of market behavior. These indicators are: Safe Haven Demand, Stock Price Breadth, Market Momentum, Stock Price Strength, Put and Call Options, Junk Bond Demand, and Market Volatility.
The combination of the RSI and the Fear & Greed Index can provide valuable insights for crypto traders. The RSI can help identify overbought and oversold conditions, while the Fear & Greed Index can give an overall sense of the sentiment in the market. Together, they can provide a more complete picture of the market conditions. For example, if the RSI is indicating that an asset is overbought, but the Fear & Greed Index is showing that the market is still in a state of fear, it may be a good time to sell. On the other hand, if the RSI is indicating that an asset is oversold, but the Fear & Greed Index is showing that the market is in a state of greed, it may be a good time to buy.
Overall, the combination of the RSI and the Fear & Greed Index can provide useful information for traders to make more informed decisions, by giving a sense of the market conditions, and providing a way to identify overbought and oversold conditions.
Release Notes
The Rich Robin Index + Stochastic RSI is a powerful technical analysis tool that combines two popular indicators to provide valuable insights into market trends. The Fear & Greed Index is a composite of several market factors, including stock price strength and momentum, market volatility, and put and call options. The RSI is a momentum indicator that helps identify overbought and oversold conditions in the market. Together, these indicators provide a comprehensive view of the market's health and direction. The script plots both the FGI and RSI on the same chart, making it easy to see how they interact and giving traders a clear signal of when to buy or sell. With its precision calculations and easy-to-read chart, the Rich Robin Index + Stochastic RSI is a must-have tool for any serious trader looking to stay ahead of the game.Release Notes
The Rich Robin Index + Stochastic RSI is a custom indicator designed to provide a comprehensive market analysis by combining the Fear & Greed Index (FGI) and the Relative Strength Index (RSI). This indicator aims to help traders identify potential overbought and oversold conditions in the market while also providing insights into the overall market sentiment.Features:
Fear & Greed Index (FGI): The FGI is a composite index that incorporates seven market indicators to provide a single value representing the market's sentiment. A higher value indicates a more overbought or greedy market, while a lower value suggests an oversold or fearful market. This indicator is useful for identifying market extremes and potential trend reversals.
Stochastic RSI: The Stochastic RSI is a momentum oscillator that measures the level of the RSI relative to its high-low range over a specific period. It is helpful in identifying potential entry and exit points in the market.
Background Color: The indicator uses a background color to visually represent the current state of the Fear & Greed Index. A red background indicates a more overbought market, while a green background suggests a more oversold market.
Custom Y-axis Labels: The indicator includes custom Y-axis labels with tooltips for better understanding and visibility. These labels provide context for the different levels of the Fear & Greed Index and RSI.
This indicator is suitable for traders looking for a comprehensive market analysis tool that combines market sentiment and momentum indicators. The Rich Robin Index + Stochastic RSI can be used as a standalone indicator or in conjunction with other technical analysis tools to develop a complete trading strategy.
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
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