OPEN-SOURCE SCRIPT

Reverse RSI

131
//version=6
indicator("Reverse RSI", overlay=false)

rsi_length = input.int(14, title="RSI Length", minval=1)
ob_level = input.int(75, title="Overbought Level")
os_level = input.int(25, title="Oversold Level")

invRSI(target, length) =>
target_rs = target / (100 - target)

up = math.max(close-close[1], 0)
down = math.max(close[1]-close, 0)

prev_avg_up = ta.rma(up, length)
prev_avg_down = ta.rma(down, length)


price_up = target_rs * (prev_avg_down * (length - 1)) - (prev_avg_up * (length - 1)) + close
price_down = (prev_avg_down * (length - 1) - (prev_avg_up * (length - 1)) / target_rs) + close

current_rsi = ta.rsi(close, length)
price = target > current_rsi ? price_up : price_down
price

price_ob = invRSI(ob_level, rsi_length)
price_mid = invRSI(50, rsi_length)
price_os = invRSI(os_level, rsi_length)

upside = (price_ob-close)/close*100
downside = (close-price_os)/close*100
net = upside-downside

plot(upside, title="Upside Line", color=color.green)
plot(downside, title="Downside Line", color=color.red)
plot(net, title="Net Line", color=net>0?color.new(color.green, 30):color.new(color.red, 30), style=plot.style_columns)

hline(0, "Zero Line")

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.