OPEN-SOURCE SCRIPT
RSI Zones
Updated
This is a combination of a couple ideas I saw on here. The result is from three configurable EMA smoothed RSI overbought/oversold zones. The default is set to Donchian Channel mode where the highs/lows of the RSI's are plotted. An optional basis line derived from the slowest RSI is also included. Toggling this mode off gives you different results.
You'll want to play with different lengths for your own preferences and to see what works best for you.
Being able to see price bounce between these zones should hopefully give you some ideas on how you could potentially use this.
Credit to LazyBear for the initial idea.
https://www.tradingview.com/script/zWq2YfzA-RSI-Bands-RSI-B-and-RSI-Bandwidth/
You'll want to play with different lengths for your own preferences and to see what works best for you.
Being able to see price bounce between these zones should hopefully give you some ideas on how you could potentially use this.
Credit to LazyBear for the initial idea.
https://www.tradingview.com/script/zWq2YfzA-RSI-Bands-RSI-B-and-RSI-Bandwidth/
Release Notes
Added the ability to select source for the upper/lower zones for each RSI and defaulted things to high/low instead of close.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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