OPEN-SOURCE SCRIPT
RSI in Candlestick MODE
Updated
Description:
The "RSI Bar" indicator is a versatile tool designed to enhance your technical analysis on trading charts. This Pine Script™ code calculates the Relative Strength Index (RSI) for open, close, high, and low prices, and represents the results as bars on the chart. The bars are color-coded based on whether the closing RSI is higher or lower than the opening RSI.
Additionally, the indicator incorporates advanced features such as Pareto analysis and Gaussian smoothing. The Pareto analysis helps identify significant lows and highs in the RSI, providing insights into potential trend reversals. The Gaussian smoothing further refines the analysis, contributing to a more accurate representation of the average RSI trend.
Key Features:
The "RSI Bar" indicator is a versatile tool designed to enhance your technical analysis on trading charts. This Pine Script™ code calculates the Relative Strength Index (RSI) for open, close, high, and low prices, and represents the results as bars on the chart. The bars are color-coded based on whether the closing RSI is higher or lower than the opening RSI.
Additionally, the indicator incorporates advanced features such as Pareto analysis and Gaussian smoothing. The Pareto analysis helps identify significant lows and highs in the RSI, providing insights into potential trend reversals. The Gaussian smoothing further refines the analysis, contributing to a more accurate representation of the average RSI trend.
Key Features:
- RSI calculation for open, close, high, and low prices.
- Color-coded bars for easy visualization of RSI trends.
- Pareto analysis to highlight key RSI levels indicating potential reversals.
- Gaussian smoothing for improved trend analysis and visualization.
- Heiken-Ashi
Release Notes
+Modified SAR is added to the technical analyse.Release Notes
+input GUI is updatedRelease Notes
- Tag for the amount is added.
- Track line is Added.
Release Notes
- Displaying static lines are now migrated to the GUI
- Banner is added to the indicator, and at the time if the pareto could not be calculated a warning message would be generated.
Release Notes
A suggestion for Sell and Buy depends on the position of Pareto_Low and Pareto_High respect to the T.O (Take-Off) line (publisher experience). I add this feature to the indicator to give a suggestion for buy/sell in the trading. But please consider that it is just an indicator, and indicators could sometimes give you false signals. Release Notes
New feature:Observation of 40 Symbol simultaniously, and show the results in tags for Buy/Sell/Changed categories.
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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