OPEN-SOURCE SCRIPT
Everything RSI
This indicator includes:
RSI Candles set to the default 14 length (un check Borders in the Style tab to see the candlesticks better)
I like using the wicks as an early warning for a possible trend change, which is generally in the opposite direction of the wicks.
It's also easier for me to draw trend lines using the RSI Candles vs the rsi plot line.
40 ema of the RSI Candles
2nd RSI set to the 20 length, which plots just inside the wicks of the RSI Candles. This RSI also highlights Oversold and Overbought levels.
I sometimes leave the RSI Candle Borders checked and use the 20 RSI plot with the wicks of the RSI Candles
Signals to look for Short or Long opportunities, which use the 5 sma of the RSI Candles crossing under the overbought and over the
oversold levels. If you'd like to plot the 5 sma, remove the // at the beginning of the code on line 72.
3nd RSI set to the default 14 length which can be set to a different timeframe as the current chart. Default setting is the 1h.
This RSI plots a + at the top of the indicator when it's above the 50 level and an x at the bottom of the indicator when it's below the 50 level.
For me, this is just a visual aid when I'm scalping on lower timeframes.
If the 1h RSI is above the 50 level, I focus on long scalps. If the 1h RSI is below the 50 level, I focus on short scalps.
RSI Cloud which is formed by filling in the area between the 14 ema of both the 7 RSI and 28 RSI.
I used part of FnM_Capital 's Trend-Sniper script for my RSI Candles. Thank you! You're extremely talented and deserve all of the credit for your work.
I'd also like to thank @SeanNance for answering all of my random coding questions!!!
I've added the indicator to the example twice to show a couple of the ways I view the RSI's.
The top indicator shows the RSI Candle Borders "un checked" and without the 2nd RSI plot.
The bottom indicator shows RSI Candle Borders "checked", using 2nd RSI plot with the RSI Candle Wicks.
RSI Candles set to the default 14 length (un check Borders in the Style tab to see the candlesticks better)
I like using the wicks as an early warning for a possible trend change, which is generally in the opposite direction of the wicks.
It's also easier for me to draw trend lines using the RSI Candles vs the rsi plot line.
40 ema of the RSI Candles
2nd RSI set to the 20 length, which plots just inside the wicks of the RSI Candles. This RSI also highlights Oversold and Overbought levels.
I sometimes leave the RSI Candle Borders checked and use the 20 RSI plot with the wicks of the RSI Candles
Signals to look for Short or Long opportunities, which use the 5 sma of the RSI Candles crossing under the overbought and over the
oversold levels. If you'd like to plot the 5 sma, remove the // at the beginning of the code on line 72.
3nd RSI set to the default 14 length which can be set to a different timeframe as the current chart. Default setting is the 1h.
This RSI plots a + at the top of the indicator when it's above the 50 level and an x at the bottom of the indicator when it's below the 50 level.
For me, this is just a visual aid when I'm scalping on lower timeframes.
If the 1h RSI is above the 50 level, I focus on long scalps. If the 1h RSI is below the 50 level, I focus on short scalps.
RSI Cloud which is formed by filling in the area between the 14 ema of both the 7 RSI and 28 RSI.
I used part of FnM_Capital 's Trend-Sniper script for my RSI Candles. Thank you! You're extremely talented and deserve all of the credit for your work.
I'd also like to thank @SeanNance for answering all of my random coding questions!!!
I've added the indicator to the example twice to show a couple of the ways I view the RSI's.
The top indicator shows the RSI Candle Borders "un checked" and without the 2nd RSI plot.
The bottom indicator shows RSI Candle Borders "checked", using 2nd RSI plot with the RSI Candle Wicks.
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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