OPEN-SOURCE SCRIPT
Custom ATR + RSI with Colors
How It Works:
ATR Indicator:
ATR is calculated based on the selected smoothing method (RMA, SMA, or EMA).
The ATR line changes color dynamically based on whether it is above or below the user-defined threshold.
A horizontal dotted line marks the threshold level.
RSI Indicator:
RSI is calculated with the chosen smoothing method (SMA or EMA).
The line changes color dynamically based on its value relative to the four user-defined levels.
Includes a middle line (default: 50) to show the neutral RSI zone, displayed as a dashed line.
Custom Timeframes:
Both ATR and RSI can be configured to use the chart’s current timeframe or any custom interval.
How to Use:
Input Parameters:
Adjust ATR and RSI calculation settings, thresholds, levels, and colors in the input menu.
Visualization:
Observe ATR and RSI together on one chart with distinct colors and levels.
Analysis:
Use this combined indicator to identify volatility (ATR) and momentum (RSI) at the same time.
ATR Indicator:
ATR is calculated based on the selected smoothing method (RMA, SMA, or EMA).
The ATR line changes color dynamically based on whether it is above or below the user-defined threshold.
A horizontal dotted line marks the threshold level.
RSI Indicator:
RSI is calculated with the chosen smoothing method (SMA or EMA).
The line changes color dynamically based on its value relative to the four user-defined levels.
Includes a middle line (default: 50) to show the neutral RSI zone, displayed as a dashed line.
Custom Timeframes:
Both ATR and RSI can be configured to use the chart’s current timeframe or any custom interval.
How to Use:
Input Parameters:
Adjust ATR and RSI calculation settings, thresholds, levels, and colors in the input menu.
Visualization:
Observe ATR and RSI together on one chart with distinct colors and levels.
Analysis:
Use this combined indicator to identify volatility (ATR) and momentum (RSI) at the same time.
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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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.