OPEN-SOURCE SCRIPT
RSI with Reverse RSI
The RSI with Reverse RSI indicator is a powerful tool designed for traders who want an enhanced view of market momentum using two complementary RSI calculations:
1. Standard RSI: The classic Relative Strength Index (RSI) to measure overbought and oversold conditions.
2. Reverse RSI: A flipped version of RSI, offering an inverted perspective to provide additional context for decision-making.
Features:
• Dynamic Colors:
• Green indicates the RSI is above the upper threshold.
• Red indicates the RSI is below the lower threshold.
• Customizable Levels: Set your preferred overbought/oversold levels for both RSI calculations.
• Alerts: Optional real-time alerts notify you when the RSI crosses the 50-level midpoint.
• Visual Simplicity: Both RSIs are plotted as lines with changing colors, making it easier to interpret.
Use Cases:
• Spot potential reversals with overbought/oversold levels.
• Monitor momentum shifts when crossing the 50-level midpoint.
• Combine insights from standard and reversed RSIs for better entry/exit strategies.
Customization Options:
• Periods for both RSIs.
• Levels for determining overbought/oversold conditions.
• Enable/disable alerts for RSI midpoint crossings.
Whether you’re a beginner or an experienced trader, this indicator simplifies the RSI analysis by combining the standard and flipped RSI in one chart.
1. Standard RSI: The classic Relative Strength Index (RSI) to measure overbought and oversold conditions.
2. Reverse RSI: A flipped version of RSI, offering an inverted perspective to provide additional context for decision-making.
Features:
• Dynamic Colors:
• Green indicates the RSI is above the upper threshold.
• Red indicates the RSI is below the lower threshold.
• Customizable Levels: Set your preferred overbought/oversold levels for both RSI calculations.
• Alerts: Optional real-time alerts notify you when the RSI crosses the 50-level midpoint.
• Visual Simplicity: Both RSIs are plotted as lines with changing colors, making it easier to interpret.
Use Cases:
• Spot potential reversals with overbought/oversold levels.
• Monitor momentum shifts when crossing the 50-level midpoint.
• Combine insights from standard and reversed RSIs for better entry/exit strategies.
Customization Options:
• Periods for both RSIs.
• Levels for determining overbought/oversold conditions.
• Enable/disable alerts for RSI midpoint crossings.
Whether you’re a beginner or an experienced trader, this indicator simplifies the RSI analysis by combining the standard and flipped RSI in one chart.
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.