OPEN-SOURCE SCRIPT
RSI Heatmap
Heatmap showing version measurement lengths of RSI (user selectable)
For each bar on the chart, the script calculates RSI at that point for multiple RSI lengths (e.g. 3, 7, 14, 16 etc) and displays them vertically top to bottom, fastest RSI to slowest RSI respectively. It indicates the actual RSI reading (0 to 100) by way of a colour (green for overbought, red for oversold).
So for example, if the indicator shows a cluster of reds, you know that price is oversold on several RSI lengths simultaneously.
Idea was taken from an article.
For each bar on the chart, the script calculates RSI at that point for multiple RSI lengths (e.g. 3, 7, 14, 16 etc) and displays them vertically top to bottom, fastest RSI to slowest RSI respectively. It indicates the actual RSI reading (0 to 100) by way of a colour (green for overbought, red for oversold).
So for example, if the indicator shows a cluster of reds, you know that price is oversold on several RSI lengths simultaneously.
Idea was taken from an article.
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 publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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