Supertrended RSI [AlgoAlpha]🚀📈 Introducing the Supertrended RSI Indicator by AlgoAlpha!
Designed to empower your trading decisions, this innovative Pine Script™ creation marries the precision of the Relative Strength Index (RSI) with the dynamic prowess of the SuperTrend methodology. Whether you’re charting the course of cryptos, riding the waves of stock markets, or navigating the futures landscape, our SuperTrended RSI Indicator is your go-to tool for uncovering unique trend insights and crafting trading strategies. 🌟
Key Features:
🔍 Enhanced RSI Analysis: Combines the traditional RSI with a supertrend calculation for a dynamic look at market trends.
🔄 Multiple Moving Averages: Offers a selection of moving averages including SMA, HMA, EMA, and more for tailored analysis.
🎨 Customizable Visuals: Choose your own color scheme for uptrends and downtrends to match your trading dashboard.
📊 Flexible Input Settings: Tailor the indicator with customizable lengths, factors, and smoothing options.
⚡ Real-Time Alerts: Set alerts for bullish and bearish reversals to stay ahead of market movements.
Quick Guide to Using the Supertrended RSI Indicator
Maximize your trading with the Supertrended RSI by following these streamlined steps! 🚀✨
🛠 Add the Indicator: Search for "Supertrended RSI " in TradingView's Indicators & Strategies. Customize settings like RSI length, MA type, and Supertrend factors to fit your trading style.
🎨 Visual Customization: Adjust uptrend and downtrend colors for clear trend visualization.
📊 Market Analysis: Watch for the Supertrend color change for trend reversals. Use the 70 and 30 lines to spot overbought/oversold conditions.
🔔 Alerts: Enable notifications for reversal conditions to capture trading opportunities without constant chart monitoring.
How It Works:
At the core of this indicator is the combination of the Relative Strength Index (RSI) and the Supertrend framework, it does so by applying the SuperTrend on the RSI. The RSI settings can be adjusted for length and smoothing, with the option to select the data source. The Supertrend calculation takes into account a specified trend factor and the Average True Range (ATR) over a given period to determine trend direction.
Visual elements include plotting the RSI, its moving average, and the Supertrend line, with customizable colors for clarity. Overbought and oversold conditions are highlighted, and trend changes are filled with distinct colors.
🔔 Alerts: Enable alerts for crossover and crossunder events to catch every trading opportunity.
🌈 Whether you're a seasoned trader or just starting, the Supertrended RSI offers a fresh perspective on market trends. 📈
💡 Tip: Experiment with different settings to find the perfect balance for your trading style!
🔗 Explore, customize, and enhance your trading experience with the Supertrended RSI Indicator! Happy trading! 🎉
Relativestrength
Relative Strength Scatter Plot [LuxAlgo]The Relative Strength Scatter Plot indicator is a tool that shows the historical performance of various user-selected securities against a selected benchmark.
This tool is inspired by Relative Rotation Graphs®. Relative Rotation Graphs® is a registered trademark of JOOS Holdings B.V. This script is neither endorsed, nor sponsored, nor affiliated with them.
🔶 USAGE
This tool depicts a simple scatter plot using the relative strength ratio as the X-axis and its momentum as the Y-axis of the user-selected symbols against the selected benchmark.
The graph is divided into four quadrants, and the interpretation of the graph is done depending on where a point is situated on the graph:
A point in the green quadrant would indicate that the security is leading the benchmark in strength, with positive strength momentum.
A point in the yellow quadrant would indicate that the security is leading the benchmark in strength, with negative strength momentum.
A point in the blue quadrant would indicate that the security is lagging behind the benchmark in strength, with positive strength momentum.
A point in the red quadrant would indicate that the security is lagging behind the benchmark in strength, with negative strength momentum.
The trail of each symbol allows the user to see the evolution of the relative strength momentum relative to the relative strength ratio. The length of the trail can be controlled by the "Trail Length" setting.
🔶 DETAILS
Our relative strength ratio estimate is first obtained from the relative strength between the symbol of interest and the benchmark, the result is then smoothed using a linearly weighted moving average (wma). This result is then normalized with a wma of the smoothed relative strength, this ratio is again smoothed with the wma and multiplied by 100.
The relative strength momentum estimate is obtained from the ratio between the previously estimated RS-Ratio and its wma, this ratio is then multiplied by 100.
🔶 SETTINGS
Calculation Window: Calculation window of the RS-Ratio and RS-Momentum metrics.
Symbols: Symbols used for the computation of the graph, each settings line allows us to determine whether the symbol is to be displayed on the graph as well as its color.
Benchmark: Benchmark symbol used for the computation of the graph. Indices are commonly used as a benchmark.
🔹 Graph Settings
Trail Length: Number of past data points to display on the graph for each symbol.
Resolution: Controls the horizontal length of the graph.
LevelUp^ Trend Follower All-In-OneLevelUp is an all-in-one collection of the most popular trend following tools merged into one indicator. LevelUp automates many aspects of technical analysis to find and highlight chart patterns and signals based on the principles of William O'Neil, Stan Weinstein, Jesse Livermore and other well-known trend followers.
The 10-EMA, 21-EMA and 50-SMA are foundational in LevelUp. LevelUp uses the term moving average alignment to refer to patterns that meet your specific requirements as it relates to moving averages and their relationship to price and one another. For example, you can request the start of MA alignment begin when the low is > 21-EMA, the 21-EMA is > 50-SMA and the 50-SMA is trending up.
LevelUp includes indicators for intraday, daily and weekly timeframes.
Key Features:
Daily Timeframe:
▪ Configure moving average alignment and preferred price action.
▪ Custom RS Line:
▪ Symbol overlays showing new RS highs.
▪ Custom moving average with optional cloud.
▪ View 10-week SMA on daily chart.
▪ Set exit criteria based on moving averages and % below entry.
▪ Stats table to simplify calculating entry/exit points.
▪ Signals table to quickly view if stock is trending up.
▪ Power trend tools and analysis.
Daily & Weekly Timeframe:
▪ Flat base detection with custom configuration.
▪ Consolidation detection with custom configuration.
▪ Highlight lower lows and lower closes (pullbacks).
▪ Highlight 52-week highs.
Weekly Timeframe:
▪ Customizable tight closes.
▪ Customizable up weeks.
Intraday Timeframe:
▪ View daily 10-EMA, 21-EMA and 50-SMA.
▪ 1-day and 2-day AVWAP.
▪ 5-day moving average.
All Timeframes:
▪ Marked highs/lows with lines showing support/resistance.
▪ Custom moving averages.
Daily Chart Examples
The following charts show a range of examples on customization and features in LevelUp when viewing a daily chart.
Weekly Chart Examples
Weekly charts are helpful for identifying longer-term trends and patterns. Trend followers often limit the number of indicators and signals on a weekly timeframe, making for a cleaner chart with less noise.
Intraday Chart Examples
Daily 10-EMA, 21-EMA and 50-SMA on an intraday chart.
AVWAP and marked highs/lows.
RS Line ~ Relative Strength
The RS Line compares a stock's performance to the S&P 500 index. A rising RS Line means the stock is outperforming the overall market. Another important signal is when the RS Line reaches a new high before price. When this occurs, it indicates strong demand for the stock and may precede a significant price increase as buyers accumulate shares. Both signals are customizable within LevelUp providing multiple visual cues when the required conditions are met.
LevelUp also adds a few unique visuals as it relates to the typical RS Line. Included are options to show symbols on the RS line that represent RS Line new high and RS Line new high before price. This provides an at-a-glance view of the trend. Additionally, LevelUp allows for custom moving averages to be applied to the RS Line as well as an optional cloud to help identify support/resistance levels.
Power Trends
When a power trend is active, there is a stronger than usual uptrend underway. The concept of a power trend was created by Investor's Business Daily (IBD) based on extensive backtesting and historical analysis.
A power trend by definition uses a major index, such as the Nasdaq Composite (IXIC), as the data source for determining a power trend's state, either off or on. The LevelUp indicator builds upon this concept by allowing the current active chart symbol to be the data source for the power trend.
What Starts A Power Trend:
▪ Low is above the 21-day EMA for at least 10 days.
▪ 21-day EMA is above the 50-day SMA for at least five days.
▪ 50-day SMA is in an uptrend.
▪ Close up for the day.
What Ends A Power Trend:
▪ 21-day EMA crosses under 50-day SMA and the close is below prior day close.
▪ Close below the 50-day SMA and low is 10% below recent high.
Important Note: The power trend as created by IBD uses the daily 21-EMA and 50-SMA. Hence, the power trend is only shown when on the daily timeframe.
AVWAP - Anchored VWAP
The Anchored Volume Weighted Average Price (AVWAP) , created by Brian Shannon, is used to assess the average price at which an asset has traded since a specific time, event or milestone. This could be the beginning of a trading day, the release of important news, or any other event deemed significant. By anchoring the VWAP to a specific point in time, it helps market participants analyze how prices have evolved relative to that anchor.
If a stock is above a rising AVWAP, buyers are in control, while a declining AVWAP indicates sellers are in control. By analyzing AVWAP, traders can make informed decisions on timing entries, managing losses and profits, or deciding to stay on the sidelines during periods of market indecision.
Tight Weeks And Up Weeks
William O'Neil primarily focused on weekly charts. Two common patterns he looked for were tight weeks and up weeks.
Tight weeks occur when there are small variations in price from one week to the next. This indicates a lack of supply and accumulation by institutions. You can configure the minimum number of weeks and the maximum % change in price from week to week.
Up weeks are defined as multiple weeks where each close is higher than the previous week. This pattern is often a signal of institutional buying. At a minimum, O'Neil looked for three weeks of upward price action. You can configure the minimum number of up weeks required.
Flat Base
A flat based is relatively tight price action within a range. A flat base takes 5+ weeks (25+ days) to form. Although flat bases are often found after a more significant advance in price, this isn't always the case. With that in mind, LevelUp does not currently have requirements for a prior uptrend while scanning for flat bases.
In a flat base, price declines should be no more than 15% from intraday peak to trough. This is an important distinction, as with a consolidation (see below) the maximum depth is based on the high of first bar that started the base.
Default Requirements:
▪ Daily minimum length: 25 days.
▪ Weekly minimum length: 5 weeks.
▪ Depth maximum: 15% (daily or weekly).
Consolidation
A consolidation differs from a flat base in that the former can be much deeper and last longer. In addition, the fluctuations in price of a flat base are often tighter than a consolidation.
Unlike a flat base, the maximum depth is calculated from the high at the start of the consolidation. The minimum length and maximum depth can be customized for all flat base and consolidation patterns.
Default Requirements:
▪ Daily minimum length: 30 days.
▪ Weekly minimum length: 6 weeks.
▪ Depth maximum: 35% (daily or weekly).
Pullback In Price And Potential Bounce
A pullback occurs when the price declines after an initial advance. This is normal price action as prior support levels are tested. Pullbacks also act as a way to shakeout weak holders before the primary trend resumes.
With LevelUp you specify the type of pullback to track: lower lows, lower closes or both. You also set the minimum number of bars required. Different values can be set for daily and weekly charts. Once your requirements are met, LevelUp will highlight the bar after the pullback is complete. This is often a potential entry/add point.
52-Week Highs
A 52-week high refers to the highest closing price within the past 52 weeks. Trend followers often use the 52-week high as a signal to identify assets with upward momentum, considering it as an indication of a potential trend continuation. This approach assumes that assets that have reached a 52-week high are more likely to experience further price appreciation.
52-week highs can be shown on both weekly and daily charts. You can set the location where the 52-week high symbol is shown: above the bar, below the bar, at the top of the chart or at the bottom of the chart.
Marked Highs And Lows
Marked highs/lows, often referred to as pivot highs/lows, can be helpful to find areas of potential support and resistance. As defined by William O'Neil, on a daily chart, a marked high is the highest high going back nine bars and forward nine bars. The number of days forward/backward is referred to as the period. The same concept applies to finding marked lows.
One benefit of LevelUp marked highs/lows is that you can customize the high and low periods on all timeframes.
There is an additional option when viewing marked highs/lows to see where a breakout occurs. The highlight is shown if the current bar high is above the most recent pivot high.
Comparing Stock Performance
With two or more copies of LevelUp installed, you can configure different settings and compare and contrast how indicators and signals perform relative to one another.
This is a great way to come up with your own custom layout for each timeframe, tailored to your preferences and trading style.
Stats And The Signals Table
The stats and signal tables can be very helpful to see price information and patterns at a glance. For example, you can quickly determine potential stoploss placement based on the distance to/from a moving average. The signals tables show the status of several key trend indicators, including 52-week highs, RS Line new high and RS Line new high before price.
Managing Long Term Trends
Depending on your trading style, there are many ways to take advantage of long term trends. For example, the chart that follows show how an uptrend can be a profitable trade whether holding for the duration or taking shorter term trades along the way.
Saay RS NavigatorDescription:
The Saay RS Navigator is a comprehensive indicator designed to measure and visualize the Relative Strength (RS) of a stock or security against a benchmark across multiple time frames. This tool plots three distinct RS lines representing Short Term, Medium Term, and Long Term perspectives, each customizable in length and color to suit various trading strategies and preferences.
Functionality:
1. Short Term RS (Green Line): Offers a rapid view of the stock's strength, ideal for identifying short-term trends or quick market reactions. The default period is set to 10 days.
2. Medium Term RS (Blue Line): Balances between short-sighted and long-term views, reflecting medium-term market momentum and trends. The default period is set to 55 days.
3. Long Term RS (Yellow Line): Provides insights into the overarching market trend, helping users understand long-term strength and directional bias. The default reference time is set to 16 June 2023.
4. Zero Line (Red Line): Acts as a baseline for comparison, aiding in the visual distinction of strength or weakness relative to the benchmark.
Each line's color and period can be tailored to individual trading needs, allowing for a personalized analysis experience. By understanding a stock's strength against a benchmark across different periods, traders can make more informed decisions about entry and exit points, trend following, or potential reversals. The Saay RS Navigator is a versatile tool for traders who want to enhance their market analysis with multi-timeframe insights, providing a clearer picture of relative performance and helping to identify key trends and reversals. Whether you're a short-term trader or a long-term investor, this indicator can add depth to your technical analysis arsenal.
Trend-based Price Action StrategyThis is a strategy script that combines trend-based price action analysis with the Relative Strength Index (RSI) and Exponential Moving Averages (EMA) as trend filters. Here's a summary of the key components and logic:
Price Action Candlestick Patterns:
Bullish patterns: Engulfing candle and Morning Star.
Bearish patterns: Engulfing candle and Evening Star.
RSI Integration:
RSI is used to identify overbought and oversold conditions.
EMA Trend Filter:
Three EMAs with different periods: Fast , Medium and Slow.
Long trend condition occur when the fast EMA is above the medium and the medium is above the slow EMA.
Short trend condition occur when the slow EMA is above the medium and the medium is above the fast EMA.
Long entry conditions: RSI is oversold, RSI is decreasing, bullish candlestick pattern, and EMA trend filter conditions are met.
Short entry conditions: RSI is overbought, RSI is decreasing, bearish candlestick pattern, and EMA trend filter conditions are met.
Exit conditions:
Take profit or stop loss is reached.
Plotting:
Signals are plotted on the chart when entry conditions are met.
EMAs are plotted when the EMA trend filter is enabled.
This script aims to capture potential trend reversal points based on a combination of candlestick patterns, RSI, and EMA trend analysis.
Traders can use this script as a starting point for further customization or as a reference for developing their own trading strategies. It's important to note that past performance is not indicative of future results, and thorough testing and validation are recommended before deploying any trading strategy.
RS for VPAThis is a supporting Indicator for the Volume Price Analysis Script VPA 5.0.
Purpose
To indicate the performance of the stock compared to an Index or any other selected stock. It also provides an idea about the strength of the Reference Index as well.
Description
The indicator is an unbound oscillator moving around a zero line. If the stock is strong then the values are positive and if it is weak the values are negative. If the stock is performing better (Stronger) than the Index the indicator is positive and colored green. If the stock is weaker than the Index it is negative and is colored Red.
The background indicates the strength of the Reference Index/Stock. Bullishness/up trend of the Index/Stock is indicated by yellow colour. Short term uptrend, Mid term uptrend and Long term trends are indicated by different shades of yellow varying from light to Dark. The bearishness / down trend is indicated by blue back ground.
How it Works
The relative strength is calculated by using the formula
RS = Gain of the stock / (Gain of the Ref. Index -1)
= (Stock Price today / Stock Price (N period ago)) /
(Index Price today / Index price (N period ago)) – 1
The Index strength is calculated as below
Short term trend up = 5 ema > 22 ema
Mid Term trend up = 22 ema > 60 ema
Long term trend up = 60 ema > 130 ema
Trend down = 5 ema < 22 ema
How to use
Use this indicator to assist your Price Action Analysis using VPA 5.0. When the Price action and volume indicates Bullishness, you can check if the relative strength is also supporting (Positive and in green Territory). This adds credibility to the Price action. Also check if the index is also positive (the Back ground is yellow). This makes the Price action even stronger. Ideally both the stock and index should be strong. Many time you would find the that the stock is in green territory but the index is in blue territory. This calls for some caution in evaluating the Price Action.
When the price action is positive but the relative strength is negative then one should be cautious and wait for the relative strength to turn positive before any entry decision.
Option for the Indicator
One can select the following from the setting for the indicator
1. Index or reference stock – Default is CNX 500
2. Relative Strength Calculation period – Default is 22
3. The EMA periods for the Index/Reference stock strength calculation
Anchored Relative StrengthThe Anchored Relative Strength (RS) Indicator is a tool designed for traders to compare the performance of a selected stock or security against a benchmark index or another security starting from a specific point in time.
Traditional Relative Strength
The traditional RS line is a popular tool used to compare the performance of a stock, typically calculated as the ratio of the stock's price to a benchmark index's price. It helps identify outperformers and underperformers relative to the market or a specific sector.
The Anchored Approach
The Anchored RS line enhances the traditional concept of the RS line by introducing an anchored approach, where calculations begin from a user-defined date. This feature provides the flexibility to start the comparison from a specific historical event, earnings, market peak, trough, or any date significant to the trader's analysis.
Calculating Relative Strength
The RS value is calculated by dividing the close price of the chosen stock by the close price of the comparative symbol (SPX by default). This calculation is performed for each bar since the Anchor Date.
Indicator Features
🔶Custom Start Date
🔶Custom Comparison Symbol
🔶RS Line Moving Average
🔶Comparison Symbol Line
🔶Customize Colors & Appearance
Users can change the anchor date simply by clicking on the indicator and dragging the anchor point.
Webby's Quick & Grateful Dead RSWebby's Quick & Grateful Dead RS combines a Relative Strength Line and Moving Averages to help traders hold a core position in a winning stock by identifying moments of strength and weakness in a stocks advance.
The Relative Strength (RS) line is something many investors are familiar with. It is used to measure a stocks performance versus the S&P 500 (default setting) and is typically calculated by dividing the closing price of the stock by the closing price of the S&P. This means if a stock moves up and the S&P moves down or the stock moves up more than the S&P the RS line will increase, if the stock moves down while the S&P moves up the line will decrease.
While the RS Line by itself is a powerful tool, adding moving averages to the RS line can help better understand trends. This work was done by Mike Webster (Webby) as he tried to reverse engineer how William O'Neil was able to hold some of his biggest winning positions.
This indicator plots the RS line along with two moving averages and clearly labels and alerts the 3 signals shared by Webby:
Quick Break - RS line crosses below the fast moving average
Quicksand - RS line moves lower than it was at the time of the Quick Break
Grateful Dead Break - RS line crosses below the slow moving average
To ensure your chart doesn't get skewed, please use the multiplier in the setting to adjust the vertical offset of the RS line and moving averages.
RSI PRECISION v.3RSI PRECISION v.3 (MACD, StochRSI, SMA Signals)
Developed by Giorgos Protonotarios (2021-2023)
RSI PRECISION is an alternative to the classic Relative Strength Index (RSI). The indicator aims to enhance the classic RSI and make it more accurate on longer timeframes. Additionally, the indicator works as an advanced signaling machine, offering five different categories of leading trading signals. RSI PRECISION is an ideal tool for analyzing highly volatile markets, such as cryptocurrency and small-cap stocks.
In this 3rd version, the core formula remains the same, however, there are new trading signals and a great number of new parameters. Traders have the opportunity to fully customize the indicator according to their needs.
What is new ?
The RSI formula remains the same, however, there are additional features:
• Selected StochRSI signals
• Low-timeframe SMA signal (<60 minutes)
• High-timeframe SMA signal (>60 minutes)
• SMA on the RSI PRECISION readings
• Ability to customize everything in settings (tooltips added)
Note: You can turn off any trading signal by unselecting it in Settings>Style.
□ NEW TRADING SIGNALS (v.3)
■ SELECTED STOCHRSI SIGNALS
The selected StochRSI signals are visualized by a cross (+) on the top and bottom of the indicator. The settings for StochRSI are the classic 8.5.3 (customizable). By default, the crossover is generated when StochRSI crosses above 25, and the crossunder when StochRSI crosses below 75.
(i) Bullish StochRSI cross
• Symbol: Cross (+) on the Top
• Event: StochRSI crosses above level 25
(ii) Bearish StochRSI cross
• Symbol: Cross (+) on the Bottom
• Event: StochRSI crosses below level 75
■ SMA CROSSOVERS (LOW/HIGH TIMEFRAMES)
These trading signals are generated when the price of an asset crosses above or below a preset SMA.
There are two different SMAs, one shown on low timeframes, and one on high timeframes. You can adjust the periods for both, by default 200 periods.
(i) Low-Timeframe SMA Cross (<60 minutes)
• Symbol: Bullish (↥) on the top of the indicator and bearish (↧) on the bottom
• Event: The price crosses above or below the selected SMA on low timeframes
(ii) High-Timeframe SMA Cross (>60 minutes)
• Symbol: Bullish (↥) on the top of the indicator and bearish (↧) on the bottom
• Event: The price crosses above or below the selected SMA on high timeframes
■ SMA LINE ON RSI PRECISION
This is just a simple SMA line on the RSI PRECISION readings. By default, it is set at 50 periods.
• SMA Line (blue-dashed)
You can turn it off by unselecting it in Settings>Style.
□ OLDER TRADING SIGNALS
The 3rd version of RSI PRECISION also includes all previous signals.
■ RSI PRECISION CROSSES
This signal corresponds to a bullish/bearish RSI PRECISION cross. By default, it is 5 for a bullish crossover and 100 for a bearish crossunder. These numbers are indicative and can be customized.
(i) Bullish RSI PRECISION Cross
• Symbol: Green arrow (▲) on the Top
• Event: RSI PRECISION crosses above level 5
(ii) Bearish RSI PRECISION Cross
• Symbol: Red arrow (▼) on the Bottom
• Event: RSI PRECISION crosses below level 100
■ MACD CROSSOVER SIGNALS
The MACD signals are visualized by a green/red dot (•). The default settings are the standard MACD settings (12,6,9).
(i) Bullish MACD cross
• Symbol: Green Dot (•) on the Top
• Event: MACD crosses above its signal line
(ii) Bearish MACD cross
• Symbol: Red Dot (•) on the Bottom
• Event: MACD crosses below its signal line
NOTE: In lower timeframes, MACD generates too many signals. You can switch off “MACD BULLISH & BEARISH CROSSOVERS” by clicking on ‘SETTINGS’, then ‘STYLE’, and then unselecting ‘Bullish MACD Cross’ and ‘Bearish MACD Cross’.
■ GOLDEN/DEATH CROSSES (SMA CROSSOVERS)
The cross of the 50-day moving average above the 200-day moving average is called a golden cross, and it is considered a bullish signal. The cross of the 50-day moving average below the 200-day moving average is called a death cross, and it is considered a bearish signal.
The Golden/Death crosses are visualized by (X). By default, 50 periods for the fast SMA and 200 periods for the slow SMA (both are customizable).
(i) Bullish SMA Cross
• Symbol: (X) on the Top
• Event: The fast SMA crosses above the Slow SMA
(ii) Bearish RSI Cross
• Symbol: (X) on the Bottom
• Event: The fast SMA crosses below the Slow SMA
□ More about the Indicator
■ MISSION
Enhancing the classic Relative Strength Index (RSI) and making it more accurate on longer timeframes, during choppy market conditions, and especially near market tops/bottoms.
■ OBJECTIVES
(1) Creating a better RSI that works as an “All-in-one” indicator
(2) Identifying overbought/oversold market levels in a simple and user-friendly manner
(3) Making precise calculations near market tops and bottoms, where price volatility is always booming
(4) Making precise calculations on longer timeframes (weekly, monthly) where the classic RSI readings are hardly readable
(5) Offering five different categories of trading signals (RSI, StochRSI, MACD, Golden/Death Crosses, SMAs) in a single indicator
■ RSI PRECISION CALCULATIONS
The RSI PRECISION formula consists of three (3) different components:
(a) Relative Strength Index component (the classic RSI)
(b) Periodic Price Volatility component (PPV, essential)
(c) RSI Volatility component (less important)
RSI PRECISION FORMULA ADJUSTMENTS
(i) CLASSIC RSI
This measurement corresponds to the classic RSI. If the other two components of the formula are set to zero (0%), then by entering 100% here, the RSI PRECISION becomes identical to the classic RSI.
-By default, 100%
(ii) PERIODIC PRICE VOLATILITY -PPV
The Periodic Price Volatility (PPV) is an advanced measurement of price volatility and an essential component of the core RSI PRECISION formula. You can easily adjust the weight of PPV in the formula.
-By default, 100%
(iii) RSI VOLATILITY
This is an extra measurement of volatility. This time the focus is exclusively on periodic RSI volatility, not on price volatility.
-By default, 5%
■ FINAL THOUGHTS
RSI PRECISION v.3 is an improved RSI indicator offering five leading trading signals. Everything is combined in one place to create an all-in-one TA tool. I have been using it as my only indicator for quite some time.
As always, happy trading, and remember, if you want to rule the world, create code, not war.
□ Giorgos Protonotarios,
Financial Analyst, Building Web
(October 5th 2023)
K's Reversal Indicator IIIK's Reversal Indicator III is based on the concept of autocorrelation of returns. The main theory is that extreme autocorrelation (trending) that coincide with a technical signals such as one from the RSI, may result in a powerful short-term signal that can be exploited.
The indicator is calculated as follows:
1. Calculate the price differential (returns) as the current price minus the previous price.
2. the correlation between the current return and the return from 14 periods ago using a lookback of 14 periods.
3. Calculate a 14-period RSI on the close prices.
To generate the signals, use the following rules:
* A bullish signal is generated whenever the correlation is above 0.60 while the RSI is below 40.
* A bearish signal is generated whenever the correlation is above 0.60 while the RSI is above 60.
Bollinger RSI BandsIndicator Description:
The "Bollinger RSI Bands" is an advanced technical analysis tool designed to empower traders with comprehensive insights into market trends, reversals, and overbought/oversold conditions. This multifaceted indicator combines the unique features of candle coloration and Bollinger Bands with the Relative Strength Index (RSI), making it an indispensable tool for traders seeking to optimize their trading strategies.
Purpose:
The primary purpose of the "Bollinger RSI Bands" indicator is to provide traders with a holistic view of market dynamics by offering the following key functionalities:
Candle Coloration: The indicator's signature candle colors - green for bullish and red for bearish - serve as a visual representation of the prevailing market trend, enabling traders to quickly identify and confirm market direction.
RSI-Based Moving Average: A smoothed RSI-based moving average is plotted, facilitating the detection of trend changes and potential reversal points with greater clarity.
RSI Bands: Upper and lower RSI bands, set at 70 and 30, respectively, help traders pinpoint overbought and oversold conditions, aiding in timely entry and exit decisions.
Bollinger Bands: In addition to RSI bands, Bollinger Bands are overlaid on the RSI-based moving average, offering insights into price volatility and highlighting potential breakout opportunities.
How to Use:
To maximize the utility of the "Bollinger RSI Bands" indicator, traders can follow these essential steps:
Candle Color Confirmation: Assess the color of the candles. Green candles signify a bullish trend, while red candles indicate a bearish trend, providing a clear and intuitive visual confirmation of market direction.
Overbought and Oversold Identification: Monitor price levels relative to the upper RSI band (70) for potential overbought signals and below the lower RSI band (30) for potential oversold signals, allowing for timely adjustments to trading positions.
Trend Reversal Recognition: Observe changes in the direction of the RSI-based moving average. A transition from bearish to bullish, or vice versa, can serve as a valuable signal for potential trend reversals.
Volatility and Breakout Opportunities: Keep a watchful eye on the Bollinger Bands. Expanding bands signify increased price volatility, often signaling forthcoming breakout opportunities.
Why Use It:
The "Bollinger RSI Bands" indicator offers traders several compelling reasons to incorporate it into their trading strategies:
Clear Trend Confirmation: The indicator's distinct candle colors provide traders with immediate confirmation of the current trend direction, simplifying trend-following strategies.
Precise Entry and Exit Points: By identifying overbought and oversold conditions, traders can make more precise entries and exits, optimizing their risk-reward ratios.
Timely Trend Reversal Signals: Recognizing shifts in the RSI-based moving average direction allows traders to anticipate potential trend reversals and adapt their strategies accordingly.
Volatility Insights: Bollinger Bands offer valuable insights into price volatility, aiding in the identification of potential breakout opportunities.
User-Friendly and Versatile: Despite its advanced features, the indicator remains user-friendly and versatile, catering to traders of all experience levels.
In summary, the "Bollinger RSI Bands" indicator is an indispensable tool for traders seeking a comprehensive view of market dynamics. With its unique combination of candle coloration and Bollinger Bands, it empowers traders to make more informed and strategic trading decisions, ultimately enhancing their trading outcomes.
Note: Always utilize this indicator in conjunction with other technical and fundamental analysis tools and exercise prudence in your trading decisions. Past performance is not indicative of future results.
Ultimate RSI [LuxAlgo]The Ultimate RSI indicator is a new oscillator based on the calculation of the Relative Strength Index that aims to put more emphasis on the trend, thus having a less noisy output. Opposite to the regular RSI, this oscillator is designed for a trend trading approach instead of a contrarian one.
🔶 USAGE
While returning the same information as a regular RSI, the Ultimate RSI puts more emphasis on trends, and as such can reach overbought/oversold levels faster as well as staying longer within these areas. This can avoid the common issue of an RSI regularly crossing an overbought or oversold level while the trend makes new higher highs/lower lows.
The Ultimate RSI crossing above the overbought level can be indicative of a strong uptrend (highlighted as a green area), while an Ultimate RSI crossing under the oversold level can be indicative of a strong downtrend (highlighted as a red area).
The Ultimate RSI crossing the 50 midline can also indicate trends, with the oscillator being above indicating an uptrend, else a downtrend. Unlike a regular RSI, the Ultimate RSI will cross the midline level less often, thus generating fewer whipsaw signals.
For even more timely indications users can observe the Ultimate RSI relative to its signal line. An Ultimate RSI above its signal line can indicate it is increasing, while the opposite would indicate it is decreasing.
🔹 Smoothing Methods
Users can return more reactive or smoother results depending on the selected smoothing method used for the calculation of the Ultimate RSI. Options include:
Exponential Moving Average (EMA)
Simple Moving Average (SMA)
Wilder's Moving Average (RMA)
Triangular Moving Average (TMA)
These are ranked by the degree of reactivity of each method, with higher ones being more reactive (but less smooth).
Users can also select the smoothing method used by the signal line.
🔶 DETAILS
The RSI returns a normalized exponential average of price changes in the range (0, 100), which can be simply calculated as follows:
ema(d) / ema(|d|) × 50 + 50
where d represent the price changes. In order to put more emphasis on trends we can put higher weight on d . We can perform this on the occurrence of new higher highs/lower lows, and by replacing d with the rolling range instead (the rolling period used to detect the higher highs/lower lows is equal to the length setting).
🔶 SETTINGS
Length: Calculation period of the indicator
Method: Smoothing method used for the calculation of the indicator.
Source: Input source of the indicator
🔹 Signal Line
Smooth: Degree of smoothness of the signal line
Method: Smoothing method used to calculation the signal line.
MarketSmith VolumesThe 'MarketSmith Volumes' is to be used with the 'MarketSmith Indicator' and 'EPS & Sales' in order to mimic fully MarketSmith Graphs with the maximum number of indicators allowed by a free Tradingview Plan: 3
This indicator is no more than a simple volume indicator where all parameters are already adjusted to resemble MarketSmith graphical volumes.
Also you will find integrated:
High Volumes Bars Peak :
They allow us to see peak volumes at a glance.
10-Week Average Volume :
When viewing a weekly chart, this line represents a 10-week moving average volume level. It allows you to see if the current Volume Bar of the week is above or under the average volume traded in the past 10 Weeks.
50-Day Average Volume :
When viewing a daily chart, this line represents a 50-day moving average volume level. Whether or not volume is above or below the average for a certain period could have a significant impact on your stock chart analysis.
MarketSmith IndicatorThis script provides you with several indicators that will enable you to mimic MarketSmith charts, even with a free TradingView plan.
You can use this script with my ' EPS & Sales ' indicator.
MarketSmith-style bars
The script offers an original approach to managing candlesticks within the code, making them almost identical to those on MarketSmith.
For a perfect display, select ' Bars ' on your chart and set the opacity of your candles to 100% to display only the candles proposed by this indicator.
If you don't want them, you can simply disable them in the ' Style ' tab by unchecking 'MarketSmith Bars' and 'Chars'.
These candles are designed to be used with a fix chart. (No beautiful result with zooming in or out.)
Normally, the display will still be correct by right-clicking, and ' Reset Chart '.
Simple customizable moving averages
With automatic distinction of the weekly time unit. You can choose to display them or not, select the calculation method and modify their length via the panel.
The RS Rating indicator
I've integrated the RS Rating indicator into this script, as the RS Rating is a fundamental component of this layout.
High and valley points
These points are used by MarketSmith to detect bases, patterns, cup & handle.
Designed for US Market only you won't be able to screen correctly the India market for example.
The Bull Trader's ZonesTBT Zones - Preferably used on the 4H chart. You should combine this script with other technical indicators as well.
In general the script helps find buy and sell opportunities early enough so as to make better decisions before taking a trade. Basically, it uses the rsi indicator, the long lower and long upper shadow candle sticks to create buy and sell zones.
The script is visibly engaging so one could easily know when the price is reverting into an Overbought or Sell zone after an uptrend, or reverting into an Oversold or Buy zone after an downtrend.
There is also the well known Bollinger Band Indicator, and it could be safer taking short trades when the price of the asset is above the Bollinger Basis, preferably close to the upper Bollinger Band. Vice-versa for long trades.
Adding the Camarilla L3 and H3 strategy could give an edge. Respecting the zones, if the open price is between H3 and L3;
BUY when the price moves back above L3 after going below L3. Target will be H1, H2, H3 levels. Stop loss can be placed at L4 level. Or trail an SL,
SELL when the price moves back below H3 after going above H3. Target will be L1,L2 L3 levels and stop loss above H4. Or trail an SL. Or simply take realistic profits.
By default the zones will extend left (back in history) which could give a view on how the zone previously performed. This option could be unchecked in the options. However, information on past performance is not necessarily a guide to future performance. Trade safe. Get out on time. Wait for another opportunity to set up.
When you add this indicator to your chart you can set up alerts to be informed when a new zone is formed.
Much thanks to @cyatophilum, the pinescript coder who made this a reality.
Relative Daily Change% by SUMIT
"Relative Daily Change%" Indicator (RDC)
The "Relative Daily Change%" indicator compares a stock's average daily price change percentage over the last 200 days with a chosen index.
It plots a colored curve. If the stock's change% is higher than the index, the curve is green, indicating it's doing better. Red means the stock is under-performing.
This indicator is designed to compare the performance of a stock with specific index (as selected) for last 200 candles.
I use this during a breakout to see whether the stock is performing well with comparison to it`s index. As I marked in the chart there was a range zone (red box), we got a breakout with good volume and it is also sustaining above 50 and 200 EMA, the RDC color is also in green so as per my indicator it is performing well. This is how I do fine-tuning of my analysis for a breakout strategy.
You can select Index from the list available in input
**Line Color Green = Avg Change% per day of the stock is more than the Selected Index
**Line Color White = Avg Change% per day of the stock is less than the Selected Index
If you want details of stocks for all index you can ask for it.
Disclaimer : **This is for educational purpose only. It is not any kind of trade recommendation/tips.
RedK Relative Strength Ribbon: RS Ribbon and RS ChartsRedK Relative Strength Ribbon (RedK RS_Ribbon) is TA tool that plots the Relative Strength of the current chart symbol against another symbol, or an index of choice. It enables us to see when a stock is gaining strength (or weakness) relative to (an index that represents) the market, and when it hits new highs or lows of that relative strength, which may lead to better trading decisions.
I searched TV for existing RS indicators but didn't find what I really wanted, so I put this together and added some additional features for my own use. It started as a simple RS line with new x-weeks Hi/Lo markers, then evolved into what you see here in v1.0 with the ability to plot a full RS chart in regular or HA candle types. Hope this will be useful to some other growth traders here on TV.
What is Relative Strength (RS)
------------------------------------
(RS is a comprehensive concept in TA, below is a quick summary - please research further if it's not already a familiar topic)
Relative Strength (RS) is a technical concept / indicator used mainly by growth / swing / momentum traders to compare the performance of one security or asset against another. RS measures the price performance of a specific security relative to a benchmark, such as an index or another asset. It's not to be confused with the famous Relative Strength Index (RSI) technical indicator
For example, In the context of comparing a stock's relative strength to the SPY (S&P 500) index, the relative strength calculation involves dividing the stock's price or price-related value (e.g., close price) by the corresponding value of the SPY index. The resulting ratio (and its trend over time) indicates the relative performance of the stock compared to the index.
Traders and investors use relative strength analysis to identify securities that have been showing relative strength or weakness compared to a benchmark, which can help in making investment decisions or identifying the "market leaders" and potential trading opportunities.
There are so many books and documentation about the RS concept and its importance to identify market leaders, especially when recovering from a bear market - if you're interested in the concept, please search more about it and review some of that literature. There's also a more detailed definition of Relative Strength in this article on Invstopedia
RedK RS_Ribbon features and options
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The indicator settings provide many options and features - see the settings box below
- Change / choose base symbol
The default is to use SPY as the base symbol - so we're comparing the chart's symbol to a proxy of the S&P 500 - Some traders may prefer to use the QQQ - or other index or ETF that acts as a proxy for the industry / sector / market they are trading
- RS Calculation / RS line
we use the simple form of the RS calculation,
RS = closing price of current chart symbol / closing price of the base symbol (default is SPY) * 100
some RS documentation will use the Rate of Change (RoC) - but that's not what we're using here.
- The RS_Ribbon
* Once the RS line is plotted, it made sense to add couple of moving averages to it, to make it easier to observe the trend of the RS and the changes in that trend as you can see in the sample chart on top.
* The RS_Ribbon is made up of a fast and slow moving averages and will change color (green / red) based on detected trend RS direction - the 2 MA types and lengths can be changed until you get the setup that provides the best view for you of the RS trend over time. My preferred settings are used as defaults here.
- Identifying New (x)Week Hi/Lo RS Values
* Most traders would be interested when the calculated RS hits a new 52-week high or low value.
* There are cases where we may want to see when a new RS Hi/Lo has been hit for a different period - for example, a quarter (13 weeks)
* the number of weeks can be changed as well as adjusting the numbers of trading days per week (if needed for certain symbols/exchanges)
- Working with Different Timeframes
* Now these "markers" will only be available in the daily and weekly timeframes and there is a good reason for that, it's not the fact that i'm lazy :) and that enabling this in timeframes lower than 1D would have been some heavy lifting, but the reality is that with RS, we're really interested if a "day's close" hits a new RS high or low value against the moving window of x weeks (and the weeks close also) - if you think of this more, at lower TF, RS can hit a lower value that never end up registering on the daily closing and that causes a lot of visual confusion. So i took the "cleaner way out" of that issue.
* note that you can choose a different timeframe for the RS_Ribbon than the chart - if you do, please make sure the chart is at a lower timeframe than the indicator's - (and in that case remember to hide the candles because they won't make much sense)
i wanted to leverage TV's built-in multi-Timeframe (MTF) support with the caveat that using the indicator at lower TF with a chart at a higher TF (example chart at 1Wk and indicator at 1D) will show inaccurate results. If this sounds confusing, keep the indicator TF same as the chart.
the example here shows a 2-Hr chart against 1D RS_Ribbon
- Using RS Charts and RS Candles
* Beside the ability to plot the RS "closing" value with the RS line, the indicator provides the ability to show a "full" RS Chart with candles that represent the relative values of open, high, low. and close against the base symbol.
* the RS Charts can be used for regular chart analysis, for example, we can identify common chart patterns like Cup & Handle, VCP, Head & Shoulder..etc using these charts .. which can provide some edge over the price charts
* for the Heikin Ashi fans, I added the ability to choose classic or HA candles for the chart. note you have to enable the option to show the RS candles first before you choose the option to switch to HA.
The chart below shows a side-by-side comparison on the 2 RS chart types
Closing remarks
-----------------------
* RS is a good way to identify market/sector leaders (who will usually recover from a bear market before others) - and enable us to see the strength that comes from the broader makrket versus the one that comes from the stock's own performance and identify good trading opportunities
* I'll continue to update this work and alerts will come in next version - but wanted to check initial reaction and value
* as usual, if you decide to use this in your chart analysis, it's necessary to combine with other momentum, trend, ...etc indicators and do not make trading decision only based on the signales from a single indicator
RSI Supreme Multi-Method [MyTradingCoder]Introducing the "RSI Supreme Multi-Method" indicator, a powerful tool that combines the Relative Strength Index (RSI) with selectable manipulation methods to identify overbought and oversold conditions in the market, along with the ability to detect divergences for enhanced trading insights.
The indicator features four distinct manipulation methods for the RSI, each providing valuable insights into market conditions:
1. Standard RSI Method: The indicator uses the traditional RSI calculation to identify overbought and oversold areas.
2. Volatility Weighted RSI Method: This method applies a volatility formula to the RSI calculation, allowing for a more responsive indication of market conditions during periods of heightened volatility. Users can adjust the length of the volatility formula to fine-tune this method.
3. Smoothed RSI Method: The smoothed RSI method utilizes a smoothing algorithm to reduce noise in the RSI values, presenting a clearer representation of overbought and oversold conditions. The length of the smoothing can be adjusted to match your trading preferences.
4. Session Weighted RSI Method: With this innovative method, users can specify multipliers for different time sessions throughout the day to manipulate the base RSI. Each session can be customized with start and end times, enabling or disabling specific sessions, and specifying the multiplier for each session. This feature allows traders to adapt the RSI to different market sessions dynamically.
Additionally, the "RSI Supreme Multi-Method" indicator draws divergences on the oscillator, providing an extra layer of analysis for traders. Divergences occur when the direction of the RSI differs from the direction of the price movement, potentially signaling trend reversals.
Key Settings:
RSI Length: Adjust the length of the base RSI before applying any manipulation.
RSI Source: Determine the data source for the base RSI calculation.
Overbought Value: Set the RSI value at which overbought conditions are indicated.
Oversold Value: Set the RSI value at which oversold conditions are indicated.
RSI Type: Choose from four options: Standard, Smoothed, Volatility Manipulated, or Session Manipulated.
Volatility Manipulated Settings: Adjust the length of the volatility formula (applicable to Volatility Manipulated method).
Smoothed Settings: Adjust the length of the smoothing (applicable to Smoothed method).
Session Manipulated Settings: Customize six different time sessions with start and end times, enable or disable specific sessions, and specify multipliers for each session.
Divergence Color: Adjust the color of the drawn divergences to suit your chart's aesthetics.
Divergence Tuning: Fine-tune the sensitivity of the divergence detection for more accurate signals.
The "RSI Supreme Multi-Method" indicator is a versatile and comprehensive tool that can be used to identify overbought and oversold areas, as well as to spot potential trend reversals through divergences. However, like all technical analysis tools, it should be used in conjunction with other indicators and analysis methods to make well-informed trading decisions.
Enhance your trading insights with the "RSI Supreme Multi-Method" indicator and gain an edge in identifying critical market conditions and divergences with precision.
Market Smith IndicatorsMarket Smith has a collection of tools that are useful for identifying stocks. On their charts they have a 21/50/200 day moving averages, high and low pivot points, a relative strength line, and a relative strength rating. This script contains indicators for the following:
21/50/200 Day Moving Averages
High and Low pivot points
A Relative Strength line
A Relative Strength rating
21/50/200 Day Moving Averages
The 21/50/200 Day moving averages are simple moving averages. They are visible in any chart increment but to use them properly you need to set you charts to be by day. Labels will appear on the right of the lines to show that they are representative of 21/50/200 day moving averages.
High and Low pivot points
The High and Low pivot points are green for high pivot points and red for low points. They are show in the Market Smith style with the numbers simply above the pivot points.
Relative Strength line
The Relative Strength line is a line that shows the strength of the stock compared to the S&P 500. In this case we utilize the SPX ticker to compare the stock to. This line is almost identical to the Market Smith tool and is an excellent tool to determine how a stock is doing compared to the market. When movements in the stock and shown with sideways trending of the RS line that means that the stock is following the market. When a stock is outperforming the market the RS line will follow.
Relative Strength rating
Thank you to ©Fred6724 for the RS Rating inspiration. They wrote excellent open source code for a RS Rating comparable to Market Smith. As the RS Rating in Market Smith is not open source it is difficult to know exactly how it is being calculated. After simplifying Fred's code and building upon a few ideas I had I compared the RS Rating to multiple Market Smith Ratings. The rating is close but often off by multiple points. If there is anyone who has a better idea on how to get this rating or how to improve on the code please send me a PM or fork this project. This rating is a good indicator to see how a certain stock compares to other stocks in the market. In Market Smith they are able to utilize their database to compare it to all other stocks. Since we do not have access to the same tools we are only able to compare it to the percentage of stocks above the 200, 150, 100, 50, and 20 day moving average.
Using these tools together are a small fraction what make people like Bill O'neill and Jim Roppel so successful. I plan on updating the RS Rating as I continue to work on this project so if there is anyone who has ideas then please send me a PM. Ultimately the goal of this project is to have a solution that is identical to Market Smith.
RSI Divergence Screener by zdmreThis screener tracks the following for up to 20 assets:
-All selected tickers will be screened in same timeframes (as in the chart).
-Values in table indicate that how many days passed after the last Bullish or Bearish of RSI Divergence.
For example, when BTCUSDT appears Bullish-Days Ago (15) , Bitcoin has switched to a Bullish Divergence signal 15 days ago.
Thanks to @QuantNomad and @MUQWISHI for building the base for this screener.
*Use it at your own risk
Note:
Screener shows the information about the RSI Divergence Scanner by zdmre with default settings.
Based indicator:
@tk · fractal rsi levels█ OVERVIEW
This script is an indicator that helps traders to identify the RSI Levels for multiple fractals wherever the current timeframe is. This script was based on RSI Levels, 20-30 & 70-80 by abdomi indicator, that calculates the Relative Strenght Index levels based on the asset's price and plots it into the chart, creating a "wave" style indicator. The core feature of this indicator is the fractal rays, so trader can visualize each of the oversold and overbought levels of multiple timeframe on the current timeframe that he is on. The indicator will plots multiple rays after the chart bars. indicating where is the oversold and overbought levels for others fractals.
█ MOTIVATION
Since the RSI Levels, 20-30 & 70-80 by abdomi indicator helps a lot to identify the possible price levels when the asset is oversold or overbought, I saw myself drawing multiple horizontal lines on these levels in lower timeframes so, in an uptrend or downtrend, I can try to get a pullback of these trends when the asset reaches oversold or overboght levels. So, I get the idea to make those lines visible in multiple timeframes so I don't need to draw it myself manually anymore.
█ CONCEPT
The trading concept to use this indicator is the concept to make entries on uptrend or downtrend pullbacks when the asset price reaches oversold or overbought levels. But this strategy don't works alone. It needs to be aligned together with others indicators like Exponential Moving Averages, Chart Patterns, Support and Resistance, and so on... Even more confluences that you have, bigger are your chances to increase the probability for a successful trade. So, don't use this indicator alone. Compose a trading strategy and use it to improve your analysis.
█ CUSTOMIZATION
This indicator allows the trader to customize the following settings:
GENERAL
Text size
Changes the font size of the labels to improve accessibility.
Type: string
Options: `tiny`, `small`, `normal`, `large`.
Default: `small`
RSI LEVELS · SETTINGS
Pre-oversold Level
Changes the RSI Level to calculate the "pre-oversold" price level on the chart.
Type: int
Min: 1
Max: 49
Default: 33
Pre-overbought Level
Changes the RSI Level to calculate the "pre-overbought" price level on the chart.
Type: int
Min: 51
Max: 100
Default: 67
Show "Pre-over" Levels
Enables / Disables the pre-oversold and pre-overbought levels on the chart.
Type: bool
Default: true
FRACTAL RAYS · SETTINGS
Length
Changes the base length for the RSI calculation.
Type: int
Min: 1
Default: 14
Source
Changes the base source for the RSI calculation.
Type: float
Default: close
FRACTAL RAYS · STYLE
Ray Color
Changes the color of all fractal rays and its label.
Type: color
Default: color.rgb(187, 74, 207)
Ray Style
Changes the style of all fractal rays.
Type: string
Options: `line.style_solid`, `line.style_dashed`, `line.style_dotted`
Default: line.style_dotted
Ray Length
Changes the length of all fractal rays.
Type: int
Default: 15
FRACTAL RAYS · OVERSOLD
Oversold Level
Changes the base RSI Level for fractal rays calculation.
Type: int
Min: 1
Default: 30
Oversold Prefix
Customizes the fractal ray label with a prefix text.
Type: string
Default: 🚀
Oversold Suffix
Customizes the fractal ray label with a suffix text.
Type: string
Default: (empty)
FRACTAL RAYS · OVERBOUGHT
Overbought Level
Changes the base RSI Level for fractal rays calculation.
Type: int
Min: 1
Default: 70
Overbought Prefix
Customizes the fractal ray label with a prefix text.
Type: string
Default: 🐻
Overbought Suffix
Customizes the fractal ray label with a suffix text.
Type: string
Default: (empty)
FRACTAL RAYS · VISIBILITY RULES
These rules are applied for each of fractal rays so, the traders can choose what timeframes they wants to show the fractal rays for each of it. The rule will be applied as the following condition: `if timeframe != CURRENT_TIMEFRAME and timeframe <= CHOSEN_OPTION`. Actually, the fractal rays are on the chart but, isn't visible because it was applied a transparent color, so it is visually not on the chart to prevent chart's over polution.
LABELS
Show Labels on Price Scale
Shows labels on price scale.
Type: bool
Default: false
Show Price on Fractal Rays
Shows the RSI Level price on each of fractal rays respectively.
Type: bool
Default: false
█ EXTERNAL LIBRARIES
This script uses the `tk` library to calculate RSI Levels. It is a library that contains various functions that helps pine script developers to calculate RSI Levels.
█ FUNCTIONS
The library contains the following functions:
fn_fractalVisibilityRule(string visibilityRule)
Converts the fractal rays timeframe visibility rule label to timestamp int.
Parameters:
visibilityRule: (string) Fractal ray visibility rule label.
Returns: (int) Fractal ray visibility rule timestamp.
fn_requestFractal(string period, expression)
Converts the fractal rays timeframe visibility rule label to timestamp int.
Parameters:
period: (string) Timeframe period for the desired fractal.
expression: (mixed) Security expression that will be applied for calculation.
Returns: (mixed) A result determined by expression.
fn_plotRay(float y, string label, color color, int length)
Plots ray after chart bars for the current time.
Parameters:
period: (string) Timeframe period for the desired fractal.
expression: (mixed) Security expression that will be applied for calculation.
Returns: (void) This function only plots the elements into the chart
fn_plotRsiLevelRay(simple string period, simple int level, color color)
Plots RSI Levels ray after chart bars for the current time.
Parameters:
period: (simple string) Timeframe period.
level: (simple int) Relative Strength Index level.
color: (color) The color of both, ray and label text.
Returns: (void) This function only plots the elements into the chart
Rough AverageThe Rough Average indicator is a unique technical tool that calculates a modified average to provide insights into market conditions. It incorporates a combination of mathematical operations and existing indicators to offer traders a different perspective on price movements.
The Rough Average indicator aims to capture market dynamics through a specific calculation method. It utilizes two main components: a check for the approximate scale of the price and a profile calculation based on the Relative Strength Index (RSI) of the closing price.
Methodology:
Approximate Scale: The indicator determines the approximate scale of the price by analyzing the magnitude of the closing price. This step involves a mathematical process that identifies the power of 10 that best represents the scale. This function reduces overall lag and gives a better smoothing to the output of the calculation
Profile Calculation: The indicator calculates a profile value by summing the absolute values of the RSI of the closing price over a specified period. The RSI provides insights into the strength or weakness of price movements. The profile calculation considers a range of prices based on the determined scale.
Indicator Calculation:
The Rough Average is derived by applying the Exponential Moving Average (EMA) to the calculated profile. The EMA is a smoothing technique that emphasizes recent price data. The resulting value represents the modified average of the indicator.
Utility:
The Rough Average indicator offers traders an alternative perspective on market conditions. By utilizing a modified average calculation, it can reveal potential trends, reversals, or periods of market strength or weakness. Traders can use the Rough Average to complement their analysis and identify possible trading opportunities.
It is important to note that the effectiveness of the Rough Average indicator may vary depending on the specific market and trading strategy. It is recommended to combine its analysis with other technical indicators and conduct thorough testing before making trading decisions.
Key Features:
Customizable OB\OS Levels
Bar coloring methods: Trend, Reversions, Extremities
Example Charts:
RSI Momentum TrendThe "RSI Momentum Trend" indicator is a valuable tool for traders seeking to identify momentum trends.
By utilizing the Relative Strength Index (RSI) and customizable momentum thresholds, this indicator helps traders spot potential bullish and bearish signals.
you can adjust input parameters such as the RSI period, positive and negative momentum thresholds, and visual settings to align with their trading strategies.
The indicator calculates the RSI and evaluates two momentum conditions: positive and negative.
The positive condition considers the previous RSI value, current RSI value, and positive change in the 5-period exponential moving average (EMA) of the closing price.
The negative condition looks at the current RSI value and negative change in the 5-period EMA.
Once a momentum condition is met, the indicator visually represents the signal on the chart.
The "RSI Momentum Trend" indicator provides you with a quick and effective way to identify momentum trends using RSI calculations.
By incorporating visual cues and customizable parameters, it assists traders in making informed decisions about potential market movements.
