OPEN-SOURCE SCRIPT
Relative Strength Index(RSI) by RNP
This indicator is designed to provide an enhanced visualization of the Relative Strength Index (RSI) by incorporating key features that aid in decision-making:
Key RSI Levels:
Horizontal lines at 20, 30, 40, 50, 60, 70, and 80 are highlighted to help identify critical zones for overbought, oversold, and neutral market conditions.
Background Fill:
Weak Zone (RSI ≤ 40): A red background indicates bearish momentum or stock weakness.
Neutral Zone (40 < RSI < 60): A gray background signals a neutral market with no strong trend.
Strength Zone (RSI ≥ 60): A green background shows bullish momentum or stock strength.
Moving Average of RSI:
A simple moving average (SMA) is plotted on the RSI to smooth out fluctuations and identify trends.
Bollinger Bands for RSI:
Bollinger Bands around the RSI (with customizable standard deviation) help detect overbought and oversold conditions more effectively.
Custom Alerts:
Alerts can be set for when RSI touches key levels like 20, 40, 60, or 80, making it easier to act on potential trading opportunities.
This indicator provides a comprehensive view of the RSI, allowing traders to quickly identify market conditions, potential reversal zones, and trending phases. It is a valuable tool for technical analysis and effective trade execution.
Key RSI Levels:
Horizontal lines at 20, 30, 40, 50, 60, 70, and 80 are highlighted to help identify critical zones for overbought, oversold, and neutral market conditions.
Background Fill:
Weak Zone (RSI ≤ 40): A red background indicates bearish momentum or stock weakness.
Neutral Zone (40 < RSI < 60): A gray background signals a neutral market with no strong trend.
Strength Zone (RSI ≥ 60): A green background shows bullish momentum or stock strength.
Moving Average of RSI:
A simple moving average (SMA) is plotted on the RSI to smooth out fluctuations and identify trends.
Bollinger Bands for RSI:
Bollinger Bands around the RSI (with customizable standard deviation) help detect overbought and oversold conditions more effectively.
Custom Alerts:
Alerts can be set for when RSI touches key levels like 20, 40, 60, or 80, making it easier to act on potential trading opportunities.
This indicator provides a comprehensive view of the RSI, allowing traders to quickly identify market conditions, potential reversal zones, and trending phases. It is a valuable tool for technical analysis and effective trade execution.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.
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