OPEN-SOURCE SCRIPT
Relative Strength Index colored above/below midpoint
This indicator enhances the standard Relative Strength Index (RSI) by incorporating dynamic color changes, moving average smoothing, Bollinger Bands, and divergence detection. It visually highlights overbought and oversold conditions while offering customizable smoothing options to refine RSI signals. Additionally, it detects potential bullish and bearish divergences by analyzing price action relative to RSI movements, helping traders spot potential trend reversals. The indicator also provides real-time alerts when divergences are detected, making it a valuable tool for identifying shifts in market momentum.
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 publications is governed by House rules. You can favorite it to use it on a chart.
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