OPEN-SOURCE SCRIPT

RSI+ by Wilson (alt)

Updated

Extension of the excellent RSI+ script by Wilsonlibero. I tweaked the parameters to better fit crypto markets, and I added a few more visuals, such as midline, overbought/oversold threshold lines and areas, background coloration depending on RSI trend above or below midline, and a few other tweaks especially colors (fixed the transp parameter deprecation for example). The color theme is by default more optimized for dark mode charts, but all colors can be configured, and all drawings can be enabled/disabled/tweaked in the parameters.

I'm just giving back to the community since I could modify this script only because it was open-source. If you like this script, please don't give me any credit, but please show some love to the original author Wilsonlibero:

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just to show a more complete example of what the indicator can show

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Named all colors adequately to ease customization

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Converted to pinescript v5

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fix interverted bearish and bullish trends background color names

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improve default colors for background highlight of bearish/bullish trends, especially for colorblinds / filtered screens.

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Update:
* Add possibility to assign a specific timeframe
* Moved RSI status bar below volume and resized to reduce space used on-screen
* Added simple stochastic RSI, by default rescaled between overbought and oversold thresholds to minimize space used on-screen
* Enabled RSI status bar and stochastic RSI by default

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Rework parameters screen, by thematically grouping parameters and adding more tooltips to explain what a few atypical parameters do.

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add RSI Cloud, which shows the max and min values attained during a candle, instead of only at close.

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Small optimization for the cloud calculation (deduplicated calculations)

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Rename RSI Cloud to RSI Shadow (more accurate) + clarify in tooltip what it reflects

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New features:
* Update calculation of RSI Shadow to be accurate.
* Add RSI Shadow Sentiment as a bar instead of a background highlight, so that this visualization can be stacked below the RSI Status bar. Also, instead of having a black background for uncertain sentiment, these parts are colored in yellow, similarly to the RSI Status bar.

Both of these features were extracted from this other indicator I made:

Release Notes

* Display RSI Shadow Sentiment incongruent bars in gray instead of yellow, so as to differentiate between incongruent bars (gray) and undecided trends bars due to the distance between the two bounds being below the margin (yellow). Essentially, incongruent bars should be discounted, hence the gray color, whereas undecided bars may indicate an upcoming reversal, or at least reflect that the current market's sentiment is undecided.
* Set default RSI Shadow Sentiment Margin to 1 instead of 0.

Release Notes

Change RSI Shadow Sentiment Margin default value to 2 from 1 (empirical tests suggest this is a good middle ground between sensitivity and false positives rate). How to use: compare the colors of both RSI Status and RSI Shadow Sentiment bars, when they are in agreement, especially for longer strings, the sentiment is stronger than if sentiment is only indicated by either bar alone. RSI Shadow Sentiment bar can also sometimes show a trend reversal earlier, although it is unreliable (it is highly sensitive to market participants emotions), hence using it as a reversal tool should always be combined with other indicators/readings from RSI (e.g. , RSI MA cloud, RSI midline sentiment with background highlight, etc...).

Release Notes

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Update:
* Very minor change, fix name of one hidden line (Shadow Sentiment Bar bottom line)

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Changelog:
* Slightly increase intensity of background highlight of RSI trend around midline, to better display on lower intensity screens, and with a different value for blue and red to compensate the psychovisual difference between these colors to the human eye (ie, blue appears less bright than red, for the same intensity).

Release Notes

Update:

Avoid overshadowing the native function type() (renamed type to matype and matype2)
The 2nd moving average never used the user defined matype2, it always used matype (so the same type as the first MA) (:facepalm:). This is now fixed, the top sentiment/status bar is much more accurate as a result (because it now uses ALMA for the second MA by default, which was the intended default).

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.

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