OPEN-SOURCE SCRIPT
RSI Deviation Oscillator
This Oscillator measures the %B of the RSI with a length of 14 Periods. This means: the current position of the RSI relative to its 20-period Simple Moving Average. Values above 1 are above the upper Bollinger Band (2 StdDev) and can be considered overbought, values below 0 are below the Lower Bollinger Band and can be considered oversold.
⚠️ Important info: ⚠️
Do not use the indicator on its own. No indicator is magic. Only use in confluence with other price action methods.
✅ Recommendations: ✅
Use the Indicator for Exits, not Entries.
Keep BB length at 20, or:
10 for quick info on where the price currently stands
50 for the bigger picture and less noise
Works best with:
Support & Resistance Levels
Bollinger Bands on the Chart
Combination with the Standard RSI
⚠️ Important info: ⚠️
Do not use the indicator on its own. No indicator is magic. Only use in confluence with other price action methods.
✅ Recommendations: ✅
Use the Indicator for Exits, not Entries.
Keep BB length at 20, or:
10 for quick info on where the price currently stands
50 for the bigger picture and less noise
Works best with:
Support & Resistance Levels
Bollinger Bands on the Chart
Combination with the Standard RSI
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.