OPEN-SOURCE SCRIPT
MTF RSI + Average (Multi-Timeframe) [TH]
Updated
Multi-Timeframe Relative Strength Index --- MTF RSI
Eliminates having to change time intervals to view a different Time Interval's RSI value (up to 5 time intervals possible through the settings).
The RSI values from Multiple Time Frames can be averaged together to show one single RSI.
A table overlay (info box) makes it easy to quickly identify RSI values on the multiple different time frames.
Eliminates having to change time intervals to view a different Time Interval's RSI value (up to 5 time intervals possible through the settings).
The RSI values from Multiple Time Frames can be averaged together to show one single RSI.
A table overlay (info box) makes it easy to quickly identify RSI values on the multiple different time frames.
Release Notes
Added Alerts1. Add the indicator to the chart then, the go into its settings
2. Scroll to the bottom and check off each piece of criteria you want for the alerts
3. Create Alert
4. Set condition to "MTF RSI + Average"
5. Select create
Note: Only timeframes that are greater or equal to a chart's current timeframe can be used. (incorrect data will be displayed otherwise). Added a warning that needs to be checked when applying the indicator to the chart.
Release Notes
Improved the settings layout.The time labels within the RSI info box are now togglable to correspond to the color its RSI line.
Release Notes
Bug Fixes.Release Notes
Settings Improvements.Added RSI divergences (bullish/bearish regular and hidden).
Added ability to plot 2 separate RSI averages, instead of only one.
Labels indicating which timeframes are included in the RSI average and the current value of the the RSI average.
Release Notes
Chart Updated.Release Notes
Fix.Release Notes
Major Changes:-Repainting settings. The 'Repaint' option only should be disabled if any timeframe is set to something other than 'chart'. (when repaint is disabled, everything references the prior confirmed bar). The ability to reference a prior confirmed bar is necessary if a higher timeframe than the chart is used because the higher timeframe close is not known on every close of the current timeframe.
-Fixed Divergences to reference RSI source instead of wicks.
-Moving Averages can be applied to any individual RSI or the two Average RSIs using SMA, Bollinger Bands, EMA, DEMA, TEMA, SMMA (RMA), WMA, VWMA, HMA (HULL), ALMA, VWAP , VIDYA, Karobein, LSMA, eVWMA, COVWMA, KAMA, ESS 2 (Ehler's Super Smoother - 2 Pole), and ESS 3 (Ehler's Super Smoother - 3 Pole).
-Signals can be applied to any individual RSI or the two Average RSIs for Exit OB/OS, Weakening OB/OS, Enter OB/OS, MA cross, and 50-Cross. Another signal called 'RSI Difference' (not sure if very useful yet) was added to see the difference between two RSIs (for example if the RSI difference is none, then the line is plotted on the 50 line, if the RSI difference is 25, then the line is plotted at 75).
Minor Changes:
-Table reformatting.
-Settings reformatting.
-Ability to select which individual RSI or Average RSI divergences are applied to (only one at a time can be applied).
-Tooltips added.
Default settings modified: Currently, this indicator is displaying an average RSI of the periods 14, 42, and 168, for the
5min timeframe. Which corresponds similarly to a 14 period RSI for a 5min, 15min, and
1 hour timeframe averaged together. Referencing the different periods instead of
timeframes provides quicker information than referencing the prior close of a higher
timeframe to prevent repainting. (You can do this though by disabling the 'repaint' setting)
Release Notes
Fixed Chart.Release Notes
Removed unused inputs.Release Notes
Bug fix.Release Notes
Alerts now have a 'Confirm' and 'Potential' option.Confirm = alert waits until bar close occurs while criteria is true (prevents repainting).
Potential = alert occurs immediately when criteria is true (since this does not wait until a bar closes, the criteria can become invalid a the signal can dissapear)
Release Notes
This update introduces several variations of Wilder's original Relative Strength Index (RSI). Descriptions of the formulas used for each calculation are provided below.RSI (Relative Strength Index)
Description: The Relative Strength Index (RSI) is a momentum oscillator developed by J. Welles Wilder. It measures the speed and change of price movements, oscillating between 0 and 100. RSI values above 70 typically indicate overbought conditions, while values below 30 suggest oversold conditions. Traders use RSI to identify potential reversal points and to gauge the strength of a trend.
MFI (Money Flow Index)
Description: The Money Flow Index (MFI) is a momentum indicator that uses both price and volume to identify overbought or oversold conditions. It's sometimes referred to as the volume-weighted RSI. MFI values above 80 indicate overbought conditions, while values below 20 suggest oversold conditions.
Laguerre (Laguerre Filtered RSI)
Description: Laguerre RSI applies a Laguerre filter to the RSI calculation, reducing noise and lag. This results in a more responsive indicator that adapts quickly to price changes while smoothing out minor fluctuations.
Connors (Connors RSI)
Description: Connors RSI is a composite indicator developed by Larry Connors for short-term trading. It combines three components: a short-term RSI, the number of consecutive up or down closes (streak), and the Rate of Change (ROC) percentile ranking. This provides a nuanced view of price momentum and volatility.
Cutlers (Cutler's RSI)
Description: Cutler's RSI is a variation of the traditional RSI that uses a simple moving average (SMA) instead of Wilder's exponential moving average for calculating average gains and losses. This approach can provide a different perspective on momentum by equally weighting each period.
Cumulative (Cumulative RSI)
Description: Cumulative RSI involves applying a second RSI calculation to the standard RSI values. This method deepens trend filtering and can smooth out signals, potentially reducing false positives in volatile markets.
Hann (Hann Windowed RSI)
Description: The Hann Windowed RSI applies a Hann window function to smooth the RSI calculation. This reduces noise and highlights the underlying trend by weighting data points within the calculation.
Harris (Harris RSI)
Description: The Harris RSI enhances the traditional RSI by adjusting the period based on the number of up and down movements, aiming for increased responsiveness and precision in volatile markets.
VRSI (Volume-Weighted RSI)
Description: Volume-Weighted RSI adjusts the traditional RSI by incorporating volume into the calculation, giving more weight to price changes that occur with higher trading volume.
PVRSI (Price & Volume Weighted RSI)
Description: PVRSI further refines the volume-weighted approach by considering both the price change and the change in volume, providing a more nuanced weighting of the RSI.
EVRSI (Exponential Volume-Weighted RSI)
Description: EVRSI adjusts the RSI to respond more quickly to volume-weighted price changes by applying exponential weighting, making it more sensitive to recent significant movements.
RMI (Relative Momentum Index)
Description: The Relative Momentum Index (RMI) extends the concept of the RSI by measuring the momentum of price changes over a specified number of periods, rather than just single-period price changes.
DRSI (Dynamic RSI)
Description: Dynamic RSI adapts the RSI period length based on market volatility, measured by the correlation between price and momentum. This allows the RSI to adjust to changing market conditions for potentially more accurate signals.
True (True RSI)
Description: True RSI aims to increase the precision of the RSI by using SMA (Simple Moving Average) for average gains and losses instead of Wilder's smoothing method, and by adjusting the formula slightly.
Trix (Trix RSI)
Description: Trix RSI applies a triple exponential moving average to the rate of change (ROC) before calculating the RSI. This method reduces lag and smooths the indicator, potentially providing earlier signals.
Weighted (Weighted RSI)
Description: Weighted RSI applies weighting factors to the gains and losses in the RSI calculation, emphasizing certain periods (e.g., recent periods). This can make the RSI more sensitive to recent price changes.
Adaptive (Adaptive RSI)
Description: Adaptive RSI adjusts the RSI calculation based on market volatility, making the indicator more reliable in different market conditions. It modifies the smoothing factors to adapt to changing volatility.
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.
tanhef.com/
Scripts and content from TanHef are solely for information and education. Past performance does not guarantee of future results.
Scripts and content from TanHef are solely for information and education. Past performance does not guarantee of future results.
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.