OPEN-SOURCE SCRIPT

Reverse Double Smoothed Relative Strength Index Bands[CC]

The Reverse Double Smoothed Relative Strength Index Bands is a custom script of mine that is another part of my RSI indicator series, which I will be publishing over the next week or so. This takes my Double Smoothed Relative Strength Index script and applies the Reverse RSI formula to create a new Bollinger Bands type indicator. This concept can work for almost any oscillator with some slight tweaking. I have a reverse RSI being calculated for each major RSI level to give you an approximation of what the price would look like if that RSI level was hit. Feel free to tweak the RSI levels of course. I will publish more Reverse indicators since that doesn't seem to be a topic that is touched on very frequently. I have color coded the indicator to show darker colors when it is a strong signal and lighter colors for normal signals. Buy when the lines turn green and sell when they turn red.

This was a custom request from kerpiciwuasile so let me know if you want to see me publish another custom script!

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.

Want to use this script on a chart?

cheatcountry

I created the largest stock indicator library:
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