OPEN-SOURCE SCRIPT
RCI12/16
The background color changes when the RCI meets certain conditions.
The condition is when the medium-term line breaks above or below the long-term line.
When the mid-term line crosses 80% or -80%.
Both of the above are required to occur within 10 candlesticks.
The short-term line is a bonus.
The condition is when the medium-term line breaks above or below the long-term line.
When the mid-term line crosses 80% or -80%.
Both of the above are required to occur within 10 candlesticks.
The short-term line is a bonus.
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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