Moving RSI — Indicator by tmr0

relativestrengthindex movingaverage tmr0

Moving RSI oscilator. Triangle up - enter long, triangle down - short.

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?

//coded by tmr0
//@version=2
study("Moving RSI", shorttitle="tMRSI", overlay=false, precision=0)

rsilen=input(3, "RSI length")
smalen=input(20, "Moving average length")
chan=input(20, "RSI bands width", step=5)

s=hl2-sma(hl2,smalen)
z=rsi(s,rsilen)

buy0=z<chan
sell0=z>(100-chan)

buy = buy0?true:(not buy0 and not sell0)?buy[1]:false
sell = sell0?true:(not buy0 and not sell0)?sell[1]:false

enterL = buy and sell[1]
enterS = sell and buy[1]

clr = buy0?green:sell0?red:#b08040
plot(s, style =columns, color = clr, transp=65)

plotshape(enterL, "Long", style=shape.triangleup, color=teal, location=location.bottom)
plotshape(enterS, "Short", style=shape.triangledown, color=maroon, location=location.bottom)