OPEN-SOURCE SCRIPT
Updated RSI TREND FILTER
RSI TREND Filter on Chart
RSI scaled to fit on chart instead of oscillator, Trend Analysis is easy and Hidden Divergence is revealed using this indicator. This indicator is an aim to reduce confusing RSI Situations. The Oversold and Overbought lines help to determine the price conditions so its easy to avoid Traps.
Oversold and Overbought conditions are marked on Chart to make it useful to confirm a Buy or Sell Signals.
RSI 50 level is plotted with reference to EMA50 and Oversold and Overbought Conditions are calculated accordingly.
Disclaimer: Use Solely at your own Risk.
RSI scaled to fit on chart instead of oscillator, Trend Analysis is easy and Hidden Divergence is revealed using this indicator. This indicator is an aim to reduce confusing RSI Situations. The Oversold and Overbought lines help to determine the price conditions so its easy to avoid Traps.
Oversold and Overbought conditions are marked on Chart to make it useful to confirm a Buy or Sell Signals.
RSI 50 level is plotted with reference to EMA50 and Oversold and Overbought Conditions are calculated accordingly.
- Uptrend: RSI Cloud / Candles above RSI 50 Level
- Down Trend: RSI Cloud / Candles below RSI 50 Level
- Sideways : Candles in the Gray Area above and below RSI 50 Level
- Default RSI (14) : is the Candlestick pattern itself
Disclaimer: Use Solely at your own Risk.
Release Notes
Added RSI MA to cross check with regular RSI. This EMA is plotted with length 20 with is equal to EMA 20
Release Notes
Look and Feel Enhanced
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.
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Disclaimer
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