OPEN-SOURCE SCRIPT
VRSI-MARSI B
Updated
I wanted to create an indicator which resembles price movement, aside to volume movement.
MARSI (= MA RSI(close)) = "yellow-blue" line which is the MA(5) of the RSI (9) of closing price.
VRSI (= MA RSI(Volume)) = "orange" line which is the MA(5) of the RSI (9) of Volume .
(Default plot of RSI and VRSI is not visible but can be made visible ("Settings" > "Style" > set "Opacity" of "RSI & VRSI"))
Because it still is a RSI indicator, the midline (50), and Oversold/Overbought area's (20-30 & 70-80) are important to watch, especially the MARSI!
Comparing the price movement with the "orange" Volume VRSI line helps to spot a possible trend change,
for example when price goes up and an ascending Volume VRSI line starts to flatten or starts descending,
this could be a sign that the Bullish trend is weakening, predicting a possible trend change.
Or, when for example a downwards price movement is accompanied with a rising Volume VRSI line, this can be a sign of large Bearish power.
This study comes with Bollinger Bands as an assisting tool, it is default made not visible but can be made visible
("settings" > "style" > Set "Opacity" of "basis, upper & lower")
You can see where the MARSI ("yellow-blue" line) crosses the "basis", or bounces off the bands, ...
All this is seen in "VRSI-MARSI B"
"VRSI-MARSI A" contains the alerts:
1) Long/Short = "Triangle UP/DOWN", color: lime/red
Condition: Movement of MA(5) of RSI (9) of price (close )
2) Long2/Short2 = ">", color: lime/red
Condition: Long/Short condition is true for 2 or more bars (= continuation)
3) Long3/Short3 = "•", color: lime/red
Condition: MA RSI (Close) crosses MA RSI ( Volume )
1 or more alerts can easily be disabled if desired (settings > inputs)
Thanks!
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More information available in the script ;-)
MARSI (= MA RSI(close)) = "yellow-blue" line which is the MA(5) of the RSI (9) of closing price.
VRSI (= MA RSI(Volume)) = "orange" line which is the MA(5) of the RSI (9) of Volume .
(Default plot of RSI and VRSI is not visible but can be made visible ("Settings" > "Style" > set "Opacity" of "RSI & VRSI"))
Because it still is a RSI indicator, the midline (50), and Oversold/Overbought area's (20-30 & 70-80) are important to watch, especially the MARSI!
Comparing the price movement with the "orange" Volume VRSI line helps to spot a possible trend change,
for example when price goes up and an ascending Volume VRSI line starts to flatten or starts descending,
this could be a sign that the Bullish trend is weakening, predicting a possible trend change.
Or, when for example a downwards price movement is accompanied with a rising Volume VRSI line, this can be a sign of large Bearish power.
This study comes with Bollinger Bands as an assisting tool, it is default made not visible but can be made visible
("settings" > "style" > Set "Opacity" of "basis, upper & lower")
You can see where the MARSI ("yellow-blue" line) crosses the "basis", or bounces off the bands, ...
All this is seen in "VRSI-MARSI B"
"VRSI-MARSI A" contains the alerts:
1) Long/Short = "Triangle UP/DOWN", color: lime/red
Condition: Movement of MA(5) of RSI (9) of price (close )
2) Long2/Short2 = ">", color: lime/red
Condition: Long/Short condition is true for 2 or more bars (= continuation)
3) Long3/Short3 = "•", color: lime/red
Condition: MA RSI (Close) crosses MA RSI ( Volume )
1 or more alerts can easily be disabled if desired (settings > inputs)
Thanks!
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
More information available in the script ;-)
Release Notes
The Bollinger Bands can now be easily enabled/disabled:> Settings > Inputs > just switch the "BB_basis" (centre line) checkbox and/or "BB_upper_lower" (upper & lower bands) checkbox on/off
Also, The RSI-VRSI plot can now easily be made visible:
> Settings > Inputs > switch off the "MARSI_MAVRSI" checkbox and you'll see the "RSI-VRSI" plot,
switching the "MARSI_MAVRSI" checkbox back on
gives you the "MA RSI(close) - MA RSI(volume)".
Release Notes
Added extra "Traffic Lights", for better visibility (default = off)(settings > inputs > Checkbox "Traffic_lights" (= on/off)
- Upper "Yellow/Blue" square-band:
- "MA RSI(close)" ascending = "Yellow coloured"
- "MA RSI(close)" descending = "Blue coloured"
- Lower "Lime/Red" square-band:
- "MA RSI(close) > MA RSI(volume) = "Lime coloured"
- "MA RSI(close) < MA RSI(volume) = "Red coloured"
When this plot is switched on, the crossing of "MA RSI(close)" and "MA RSI(volume)" isn't visible between Lines "20-30" and "70-80"
(then they are just plain red & green, otherwise it is 2 times the same thing). If the plot "Traffic_lights" is switched off, the colour fill
between Lines "20-30" and "70-80" will be visible again and will represents the crossing of "MA RSI(close)" and "MA RSI(volume)" once more.
Release Notes
Some changes:Buttons (Settings > Inputs):
- ON = MARSI/MAVRSI, OFF = RSI/VRSI:
Changes the plot between MARSI/MAVRSI & RSI/VRSI;
Bollinger Bands "BB basis", "BB upper & lower bands" and "Traffic lights" changes together with the plot change (= NEW)!
- Traffic Lights ON/OFF, changes with plot ("MARSI/MAVRSI" or "RSI/VRSI")
- BB basis ON/OFF, changes with plot ("MARSI/MAVRSI" or "RSI/VRSI")
- BB upper & lower bands ON/OFF, changes with plot ("MARSI/MAVRSI" or "RSI/VRSI")
Release Notes
Hi!- Added my "Divergences (Pivots)" (PivDiv 3)
Different options for Divergences:
- 'Long Period', default checks 25 bars to the Left (="History") and 1 bar to the Right (="Future")
- 'Medium Period', default checks 15 bars to the Left (="History") and 1 bar to the Right (="Future")
- 'Short Period', default checks 5 bars to the Left (="History") and 1 bar to the Right (="Future")
Each Bar checks an amount of Bars at the Left (="History") and Bars to the Right (="Future"), insuring this particular Bar is the Highest or Lowest of them all at "close",
this is compared to the or or and so we have our Divergences.
There is always a slight delay (number of Bar(s) at the Right side (="Future")
> You can alter both sides in a way that suits you best
If you like a setting, where the amount of “RightBars” equals the ”LeftBars” you can enable the " > Only change 'LeftBars'" button.
Then you only have to adjust the amount of “LeftBars” and the amount of “RightBars” automatically will be the same.
- Sensitivity Divergences, default x = '5'
x ⩾ 2 compares the value with ⩾ 2 previous values instead of 1, making the sensitivity higher
Bullish divergences are "Green":
- "⇡︎" = 'Short' "period"
- "↑︎" = 'Medium' "period"
- "⇧" = 'Long' "period"
Bearish divergences are "Red"
- "⇣︎" = 'Short' "period"
- "↓︎" = 'Medium' "period"
- "⇩︎" = 'Long' "period"
Hidden Bullish divergences are "White":
- "⇡︎" = 'Short' "period"
- "↑︎" = 'Medium' "period"
- "⇧" = 'Long' "period"
Hidden Bearish divergences are "White"
- "⇣︎" = 'Short' "period"
- "↓︎" = 'Medium' "period"
- "⇩︎" = 'Long' "period"
While evaluating be sure to check other time frames as well!
- Added symbols when MARSI of RSI (depends on the plot you're seeing) crosses the Median line (basis) of Bollinger Bands
(Green circle when crossover, Red circle when crossunder)
- Source of Divergences can be changed,
"MARSI" or "MAVRSI" when "ON = MARSI/MAVRSI, OFF = RSI/VRSI" = "ON"
"RSI" or "VRSI" when "ON = MARSI/MAVRSI, OFF = RSI/VRSI" = "OFF"
When "ON = MARSI/MAVRSI, OFF = RSI/VRSI" is changed, EVERYTHING changes with it,
Bollinger Bands, Lines, backgrounds, Divergences, Long/Short indicators, Cross MARSI or RSI and BB, Traffic Lights (TL), ...
- Added Alerts
Thank you very much!
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.
LuxAlgo Dev: luxalgo.com
PineCoder: pinecoders.com
- We cannot control our emotions,
but we can control our keyboard -
PineCoder: pinecoders.com
- We cannot control our emotions,
but we can control our keyboard -
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