PROTECTED SOURCE SCRIPT
RSI 34 with Candle Color Change by Mani
RSI 34 along with over bought and oversold
The RSI calculates the average gains and losses over the last 34 periods.
The formula roughly is:
๐ ๐๐ผ=100โ100
1+๐ ๐
RSI=100โ1+RS100
Where RS (Relative Strength) = Average Gain / Average Loss over 34 periods.
RSI values above 75 usually indicate the market is overbought (potential price reversal down or consolidation).
RSI values below 35 usually indicate the market is oversold (potential price reversal up or consolidation).
Overbought Zone (RSI > 75):
Market is likely overextended to the upside.
Candles can turn red or a bearish shade to signal potential selling pressure or caution.
Oversold Zone (RSI < 35):
Market is likely overextended to the downside.
Candles can turn green or a bullish shade to signal potential buying opportunities.
Neutral Zone (RSI between 35 and 75):
Market is balanced.
Candles remain in their default color (usually white, blue, or black depending on the chart style).
The RSI calculates the average gains and losses over the last 34 periods.
The formula roughly is:
๐ ๐๐ผ=100โ100
1+๐ ๐
RSI=100โ1+RS100
Where RS (Relative Strength) = Average Gain / Average Loss over 34 periods.
RSI values above 75 usually indicate the market is overbought (potential price reversal down or consolidation).
RSI values below 35 usually indicate the market is oversold (potential price reversal up or consolidation).
Overbought Zone (RSI > 75):
Market is likely overextended to the upside.
Candles can turn red or a bearish shade to signal potential selling pressure or caution.
Oversold Zone (RSI < 35):
Market is likely overextended to the downside.
Candles can turn green or a bullish shade to signal potential buying opportunities.
Neutral Zone (RSI between 35 and 75):
Market is balanced.
Candles remain in their default color (usually white, blue, or black depending on the chart style).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations โ learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.