™TradeChartist RSI Donchian Channels is a helpful RSI based indicator that helps visualize the RSI trend (using 4 plot styles including RSI Candles) by plotting Donchian Channels of user preferred length.
Features of ™TradeChartist RSI Donchian Channels ===========================================
Plots RSI using user preferred plot style (RSI Candles, Line, Histogram and Area).
Plots RSI Donchian Channels of user preferred DC Length (Default - 14, Min - , based on RSI source price (Default - ohlc4), RSI Length (Default - 14) and EMA smoothing of RSI (Default - 5)
Option to highlight Overbought and Oversold zones.
Highlights Bull and Bear RSI Trend of RSI Donchian Channels.
Displays various RSI Zones using Background fill.
Helps visualize Divergences by plotting RSI Highs and Lows.
The indicator's Trend Identifier Connects to ™TradeChartist Plug and Trade or other compatible TV Scripts as Oscillatory Signal to Generate trade entries, Targets etc. This feature is purely for testing purposes and shouldn't be used on its own for trading.
Note: The RSI Donchian Channels trend alone as a standalone indicator cannot be used for trades as non-trending zones and divergence zones will have significant drawdowns on higher time frames. Also, every asset/timeframe shows different but stable dynamic with RSI Donchian Channels in my limited research. Works very well for certain assets on 4hr for Forex pairs. Nevertheless, it is a very good addon to use to confirm RSI Trend especially for RSI based traders.
Example Charts1. EUR-USD 4hr chart using RSI Source - hl2, RSI Length - 14, Smoothing - 10 and DC Length - 21 connected to Plug and Trade.2. BTC-USD Daily chart using RSI Source - close, RSI Length - 14, Smoothing - 5 and DC Length - 21 connected to Plug and Trade.
the RSI DC is amazing! I like the great visual of top to bottom reversal using this tool. This is better then using RSI by it self. Thank you! I love your work!
TradeChartist
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@rocketcoin777, Thank you for your support. All the best.