This script improves the default RSI. First. it identifies regions of the RSI which are oversold and overbought by changing the color of RSI from white to red. Second, it adds additional reference lines at 20,40,50,60, and 80 to better gauge the RSI value. Finally, the coolest feature, the middle 50 line is used to indicate which cycle the price is currently at. A green color at the 50 line indicates a bullish cycle, a red color indicators a bearish cycle, and a white color indicates a neutral cycle.
The cycles are determined using the RSI as follows: if RSI is overbought, cycle switches to bullish until RSI falls below 40, at which point it becomes neutral if RSI is oversold, cycle switches bearish until RSI rises above 60, at which point it becomes neutral a neutral cycle is exited at either overbought or oversold conditions
Very useful, please give it a try and let me know what you think
this is one of the most under appreciated scripts on tradingview.
very nice work mate!
really appreciate it
do you have some other indicators as well or any subscription services?
thanks and regards
raj
TradeCalmly
⋅
@dheerajsood, click on my profile for other indicators
ernestvandyke93
⋅
does the neutral mean the market is ranging, also very good indicator
Kostinay
⋅
WOW An outstanding piece of art. This is in my opinion the best Indicator anyone can find on Tradingview, simple, easy, and powerful. I just wish it is more Alert friendly. Like how to make an alert on changing of color of line 50!! from white to green to red.
Leon300c
⋅
Hi. how to set alerts as it is marked in the picture. when the red line appears on top and bottom it gives an alert
bvbroker1
⋅
This has been very useful and very accurate for ORB's and pullbacks. How would I set an alert for the green cycler?
dheerajsood
⋅
I need your help in coupling this script with something i have.
I want to make a strategy out of this.
can i pm you?
TradeCalmly
⋅
@dheerajsood, sure send me a PM but I’m not sure it’s something I would do for free.
very nice work mate!
really appreciate it
do you have some other indicators as well or any subscription services?
thanks and regards
raj