[SK] RSI/CCI Correlating OscillatorThe combination of RSI and CCI can be a powerful tool to efficiently signal the strength of the trend and upcoming reversals.
The magic comes when you're able to correlate both indicators correctly, this is the power I give you with the RSCCIO.
I've added additional features to each indicator that make signals more clear and easier to identify.
On the RSI
Directional color coding similar to what you can find on a MACD. This helps to identify the general trend ( above or below midline ) and the of the movement within.
For precise correlation the RSI is adjusted to a midline of 0. You can still enter the overbought/oversold levels as you'd expect on a regular RSI and it will be automatically adjusted.
On the CCI
Extreme strength / weakness color coding when the value exceeds the range makes signals more clear.
For precise correlation with the RSI, we need to scale down the value of the CCI with the Sensitivity Input. The default value works overall but feel free to play around to adjust the scale of the CCI movement.
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RSI Relative Strength Index
The RSI is a momentum indicator that measures the magnitude of recent price changes. An asset is usually considered overbought when the RSI is above 70% and oversold when it is below 30%.
CCI Commodity Channel Index
The CCI was originally developed to spot trend changes. Use the CCI on the longer-term chart to establish the dominant trend and on the shorter-term chart to isolate pullbacks and generate trade signals.
Rsicci
RSI - Rate of ChangeCode based on RSI lower value crossing over higher value
RSI Rate of Change of different lengths used in all parts of code
ADX and CCI use is limited in V1.0
Script provides 3 RSIs and overbrought and oversold for each of these RSIs. When RSI cross over each other clearly Buy and Sell signals are fired.
Lime is buy and Maroon means sell. Use it along with EMA
