wbburgin

RSI Pacing

wbburgin Updated   
The RSI Pacing indicator compares the movement of the RSI directly with the movement of the asset to help identify divergences.

Bullish Divergences

  • The RSI is increasing at a greater rate than the pace of the asset.
  • The RSI is decreasing at a lesser rate than the pace of the asset.

Bearish Divergences

  • The RSI is decreasing at a greater rate than the pace of the asset.
  • The RSI is increasing at a lesser rate than the pace of the asset.

Warning: Does not yet work on higher timeframes yet. Working on getting the pace normalized to the RSI's bounds.
Release Notes:
Adjusted pace calculation to be relevant in all timeframes.
Release Notes:
Adjustments to interface
Release Notes:
Adjusted defval for lookback to make indicator less sensitive to abrupt fluctations.
Release Notes:
Separated PaceMA from RSIMA
Release Notes:
Updated Overbought/Oversold lines to be consistent with normalized RSI bounds.
Release Notes:
Added visual that shows the difference between the RSI and the pace.

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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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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