MTF RSI Candles

Jan 18

This Pine Script indicator is designed to provide a visual representation of Relative Strength Index (RSI) values across multiple timeframes. It enhances traditional candlestick charts by color-coding candles based on RSI levels, offering a clearer picture of overbought, oversold, and sideways market conditions. Additionally, it displays a hoverable table with RSI values for multiple predefined timeframes.

Key Features
1. Candle Coloring Based on RSI Levels:

• Candles are color-coded based on predefined RSI ranges for easy interpretation of market conditions.
  
• RSI Levels:
  
• 75-100: Strongest Overbought (Green)
  
• 65-75: Stronger Overbought (Dark Green)
  
• 55-65: Overbought (Teal)
  
• 45-55: Sideways (Gray)
  
• 35-45: Oversold (Light Red)
  
• 25-35: Stronger Oversold (Dark Red)
  
• 0-25: Strongest Oversold (Bright Red)
  

2. Multi-Timeframe RSI Table:

• Displays RSI values for the following timeframes:
  
• 1 Min, 2 Min, 3 Min, 4 Min, 5 Min
  
• 10 Min, 15 Min, 30 Min, 1 Hour, 1 Day, 1 Week
  
• Helps traders identify RSI trends across different time horizons.
  

3. Hoverable RSI Values:

• Displays the RSI value of any candle when hovering over it, providing additional insights for analysis.
  

Inputs
1. RSI Length:

• Default: 14
  
• Determines the calculation period for the RSI indicator.
  

2. RSI Levels:

• Configurable thresholds for RSI zones:
  
• 75-100: Strongest Overbought
  
• 65-75: Stronger Overbought
  
• 55-65: Overbought
  
• 45-55: Sideways
  
• 35-45: Oversold
  
• 25-35: Stronger Oversold
  
• 0-25: Strongest Oversold
  

How It Works:

1. RSI Calculation:

• The RSI is calculated for the current timeframe using the input RSI Length.
  
• It is also computed for 11 additional predefined timeframes using request.security.
  

2. Candle Coloring:

• Candles are colored based on their RSI values and the specified RSI levels.
  

3. Hoverable RSI Values:

• Each candle displays its RSI value when hovered over, via a dynamically created label.
  
• Multi-Timeframe Table:
  

• A table at the bottom-left of the chart displays RSI values for all predefined timeframes, making it easy to compare trends.
  

Usage:

1. Trend Identification:

• Use candle colors to quickly assess market conditions (overbought, oversold, or sideways).
  

2. Timeframe Analysis:

• Compare RSI values across different timeframes to determine long-term and short-term momentum.
  

3. Signal Confirmation:

• Combine RSI signals with other indicators or patterns for higher-confidence trades.
  

Best Practices

• Use this indicator in conjunction with volume analysis, support/resistance levels, or trendline strategies for better results.
  
• Customize RSI levels and timeframes based on your trading strategy or market conditions.
  
  Limitations
• RSI is a lagging indicator and may not always predict immediate market reversals.
  
• Multi-timeframe analysis can lead to conflicting signals; consider your trading horizon.
  

7 days ago

Release Notes

1. Color-Coded RSI Candles: You are already using the color cueing technique to highlight different RSI zones using colors (from #00ff08 for the strongest overbought to #ff1100 for the strongest oversold). This provides a clear visual indication of how the RSI value impacts the candles.
   
3. Table for RSI Values: The table dynamically updates based on the multiple timeframes you’ve selected, which is useful for tracking RSI across different timeframes. It colors each RSI value according to the user-defined levels, improving the usability of the data at a glance.
   
5. Multi-timeframe RSI: You’ve set up the multi-timeframe RSI calculation, which provides RSI values for multiple timeframes such as 1-minute, 5-minute, 15-minute, and daily. This gives a broader view of market conditions.
   
7. Alerts: The alert conditions set for specific RSI values (e.g., RSI above 75, below 25, in oversold or overbought zones) help in notifying you when the market enters a significant condition. This is an essential feature for live trading.