OPEN-SOURCE SCRIPT
GOLDEN RSI @thejamiul
GOLDEN RSI thejamiul is a versatile Relative Strength Index (RSI)-based tool designed to provide enhanced visualization and additional insights into market trends and potential reversal points. This indicator improves upon the traditional RSI by integrating gradient fills for overbought/oversold zones and divergence detection features, making it an excellent choice for traders who seek precise and actionable signals.
Key Features
1. Customizable RSI Settings
RSI Length: Adjust the RSI calculation period to suit your trading style (default: 14).
Source Selection: Choose the price source (e.g., close, open, high, low) for RSI calculation.
2. Gradient-Filled RSI Zones
Overbought Zone (80-100): Gradient fill with shades of green to indicate strong bullish conditions.
Oversold Zone (0-20): Gradient fill with shades of red to highlight strong bearish conditions.
3. Support and Resistance Levels
Predefined horizontal lines:
Upper Band: 80
Middle Bands: 60 (bullish) and 40 (bearish)
Lower Band: 20
These levels help identify overbought, oversold, and neutral zones.
4. Divergence Detection
Bullish Divergence: Detects lower lows in price with corresponding higher lows in RSI, signaling potential upward reversals.
Bearish Divergence: Detects higher highs in price with corresponding lower highs in RSI, indicating potential downward reversals.
Visual Indicators:
Bullish divergence is marked with green labels and line plots.
Bearish divergence is marked with red labels and line plots.
5. Alert Functionality
Custom Alerts: Set up alerts for bullish or bearish divergences to stay notified of potential trading opportunities without constant chart monitoring.
6. Enhanced Chart Visualization
RSI Plot: A smooth and visually appealing RSI curve.
Color Coding: Gradient and fills for better distinction of trading zones.
Pivot Labels: Clear identification of divergence points on the RSI plot.
7. User-Friendly Interface
Display Customization: Toggle features such as divergence calculations for optimized performance.
Tooltips: Helpful guidance for input settings to ensure ease of use.
8. Learn Trading on YouTube
Are you looking to deepen your trading knowledge and consistently make profitable trades? Join my YouTube channel, where I share in-depth tutorials, market insights, and strategies to master technical analysis. Subscribe now to learn how to use this indicator effectively and elevate your trading game! Go to - youtube.com/thejamiul
Usage
This indicator is ideal for traders looking to:
Identify overbought and oversold conditions visually.
Detect potential reversals with divergence analysis.
Customize RSI settings for specific trading strategies.
Receive real-time alerts for divergence opportunities.
Key Features
1. Customizable RSI Settings
RSI Length: Adjust the RSI calculation period to suit your trading style (default: 14).
Source Selection: Choose the price source (e.g., close, open, high, low) for RSI calculation.
2. Gradient-Filled RSI Zones
Overbought Zone (80-100): Gradient fill with shades of green to indicate strong bullish conditions.
Oversold Zone (0-20): Gradient fill with shades of red to highlight strong bearish conditions.
3. Support and Resistance Levels
Predefined horizontal lines:
Upper Band: 80
Middle Bands: 60 (bullish) and 40 (bearish)
Lower Band: 20
These levels help identify overbought, oversold, and neutral zones.
4. Divergence Detection
Bullish Divergence: Detects lower lows in price with corresponding higher lows in RSI, signaling potential upward reversals.
Bearish Divergence: Detects higher highs in price with corresponding lower highs in RSI, indicating potential downward reversals.
Visual Indicators:
Bullish divergence is marked with green labels and line plots.
Bearish divergence is marked with red labels and line plots.
5. Alert Functionality
Custom Alerts: Set up alerts for bullish or bearish divergences to stay notified of potential trading opportunities without constant chart monitoring.
6. Enhanced Chart Visualization
RSI Plot: A smooth and visually appealing RSI curve.
Color Coding: Gradient and fills for better distinction of trading zones.
Pivot Labels: Clear identification of divergence points on the RSI plot.
7. User-Friendly Interface
Display Customization: Toggle features such as divergence calculations for optimized performance.
Tooltips: Helpful guidance for input settings to ensure ease of use.
8. Learn Trading on YouTube
Are you looking to deepen your trading knowledge and consistently make profitable trades? Join my YouTube channel, where I share in-depth tutorials, market insights, and strategies to master technical analysis. Subscribe now to learn how to use this indicator effectively and elevate your trading game! Go to - youtube.com/thejamiul
Usage
This indicator is ideal for traders looking to:
Identify overbought and oversold conditions visually.
Detect potential reversals with divergence analysis.
Customize RSI settings for specific trading strategies.
Receive real-time alerts for divergence opportunities.
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?
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.