OPEN-SOURCE SCRIPT
Updated RSI Accumulation/Distribution [M]
Hello everyone,
After my long tests, I observed that the rate of change of direction of the price was high after the periods when the RSI spent a long time outside the band. As a result of my observations, I prepared this indicator.
This indicator shows you the accumulation and distribution areas that occur outside the rsi band.
There are 3 different levels available.
Level 1 = 5 Bars
Level 2 = 7 Bars
Level 3 = 9 Bars
For example, if the RSI spends more than 9 bars below the 30 level or above the 70 level, it will paint that area red. Levels can be changed from the indicator settings. The rsi is smoothed with simple moving average to reduce fake signals.
Using the RSI A/D indicator with different indicators or patterns will increase your success rate.
Examples:
After my long tests, I observed that the rate of change of direction of the price was high after the periods when the RSI spent a long time outside the band. As a result of my observations, I prepared this indicator.
This indicator shows you the accumulation and distribution areas that occur outside the rsi band.
There are 3 different levels available.
Level 1 = 5 Bars
Level 2 = 7 Bars
Level 3 = 9 Bars
For example, if the RSI spends more than 9 bars below the 30 level or above the 70 level, it will paint that area red. Levels can be changed from the indicator settings. The rsi is smoothed with simple moving average to reduce fake signals.
Using the RSI A/D indicator with different indicators or patterns will increase your success rate.
Examples:
Release Notes
+Alert added
Milvetti
Trader/Developer
milvetti.com
Trader/Developer
milvetti.com
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.
Want to use this script on a chart?
Milvetti
Trader/Developer
milvetti.com
Trader/Developer
milvetti.com
Disclaimer
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