OPEN-SOURCE SCRIPT
Updated RSI +ADX Martket Trend
Hi Please find the useful trend direction indicator
Release Notes
//version=4study(title="RSI Market", shorttitle="RSI", format=format.price, precision=2)
src = close, len = input(14, minval=1, title="Length"), th = input(20),
up = rma(max(change(src), 0), len)
down = rma(-min(change(src), 0), len)
rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down))
plot(rsi, color=#000000, title="RSI", transp=0, linewidth=1)
rv = rsi
ob = input(title="Overbought", type=input.integer, defval = 70)
us = input(title="Undersold", type=input.integer, defval = 30)
h1 = hline(ob, color=#b2b5be, linestyle=hline.style_dashed, title="Overbought")
h2 = hline(50, color=#b2b5be, linestyle=hline.style_dashed, title="middle")
h3 = hline(us, color=#b2b5be, linestyle=hline.style_dashed, title="Undersold")
ref = plot(50, editable=false, title="Overbought")
oblv = plot(rv>50? rv : 50, transp=100, editable=false, title="Uptrend", display=display.none)
obld = plot(rv>50? 50 : rv, transp=100, editable=false, title="Downtrend", display=display.none)
fill(oblv,ref, color=color.green, transp=50, title="Up trend")
fill(obld,ref, color=color.red, transp=50, title="Down trend")
switch=input(true, title="Show consolidation areas? (The color changes there each bar)")
ShowConsolidation = 2
GetBgColor = iff( (hl2 > hl2[1]) and (hlc3 > hlc3[1]) and (close > close[1]) and (hl2[1] > hl2[2]) and (hlc3[1] > hlc3[2]) and (close[1] > close[2]), 1,
iff( (hl2 < hl2[1]) and (hlc3 < hlc3[1]) and (close < close[1]) and (hl2[1] < hl2[2]) and (hlc3[1] < hlc3[2]) and (close[1] < close[2]), -1, nz(GetBgColor[switch?ShowConsolidation:1], 0) ))
SelectBgColor = GetBgColor == -1 ? red: GetBgColor == 1 ? green: na
bgcolor(SelectBgColor, transp = 85)
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.