[RS]RSI Mirrors V2

experimental Relative Strength Index (RSI)

EXPERIMENTAL: Updated version with smoothing options for the rsi's.

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

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.

Want to use this script on a chart?

study(title="[RS]RSI Mirrors V2", shorttitle="[RS]RSIM.V2", overlay=false)

buylimit = input(40)
selllimit = input(60)

source = close

rsi1 = sma(rsi(source, input(14, title="Fast RSI Length")), input(4, title="Fast RSI MA Smooth"))
rsi2 = sma(rsi(source, input(50, title="Slow RSI Length")), input(4, title="Slow RSI MA Smooth"))
//  ||---
excess = rsi2-rsi1
posexcess = excess > 0 ? buylimit-excess : buylimit
negexcess = excess < 0 ? selllimit-excess : selllimit

posexcess1 = excess > 0 ? rising(excess, 1) ? buylimit-excess*2 : buylimit-excess*0.75 : buylimit
negexcess1 = excess < 0 ? falling(excess, 1) ? selllimit-excess*2 : selllimit-excess*0.75 : selllimit
posexcess2 = excess > 0 ? rising(excess, 1) ? buylimit-excess*4 : buylimit-excess*0.75 : buylimit
negexcess2 = excess < 0 ? falling(excess, 1) ? selllimit-excess*4 : selllimit-excess*0.75 : selllimit

posfilter = posexcess < 0 ? 0 : posexcess
posfilter1 = posexcess1 < 0 ? 0 : posexcess1
posfilter2 = posexcess2 < 0 ? 0 : posexcess2
negfilter = negexcess > 100 ? 100 : negexcess
negfilter1 = negexcess1 > 100 ? 100 : negexcess1
negfilter2 = negexcess2 > 100 ? 100 : negexcess2

plot(posfilter, style=area, color=orange, transp=55, histbase=buylimit)
plot(negfilter, style=area, color=olive, transp=55, histbase=selllimit)
plot(posfilter1, style=area, color=orange, transp=70, histbase=buylimit)
plot(negfilter1, style=area, color=olive, transp=70, histbase=selllimit)
plot(posfilter2, style=area, color=orange, transp=85, histbase=buylimit)
plot(negfilter2, style=area, color=olive, transp=85, histbase=selllimit)
//  ||---   Mirroring
posmirror = excess > 0 ? rising(excess, 1) ? 0+excess*0.75 : 0+excess*1 : 0
posmirror1 = excess > 0 ? rising(excess, 1) ? 0+excess*0.75 : 0+excess*2 : 0
posmirror2 = excess > 0 ? rising(excess, 1) ? 0+excess*0.75 : 0+excess*4 : 0
negmirror = excess < 0 ? falling(excess, 1) ? 100+excess*0.75 : 100+excess : 100
negmirror1 = excess < 0 ? falling(excess, 1) ? 100+excess*0.75 : 100+excess*2 : 100
negmirror2 = excess < 0 ? falling(excess, 1) ? 100+excess*0.75 : 100+excess*4 : 100

posmfilter = posmirror > buylimit ? buylimit : posmirror
posmfilter1 = posmirror1 > buylimit ? buylimit : posmirror1
posmfilter2 = posmirror2 > buylimit ? buylimit : posmirror2
negmfilter = negmirror < selllimit ? selllimit : negmirror
negmfilter1 = negmirror1 < selllimit ? selllimit : negmirror1
negmfilter2 = negmirror2 < selllimit ? selllimit : negmirror2

plot(posmfilter, style=area, color=olive, transp=55, histbase=0)
plot(negmfilter, style=area, color=orange, transp=55, histbase=100)
plot(posmfilter1, style=area, color=olive, transp=70, histbase=0)
plot(negmfilter1, style=area, color=orange, transp=70, histbase=100)
plot(posmfilter2, style=area, color=olive, transp=85, histbase=0)
plot(negmfilter2, style=area, color=orange, transp=85, histbase=100)

//  ||---   Outputs
//  ||---   This need to be last to show on top.
plot(rsi1, color=#98b8be, style=histogram, linewidth=2, histbase=50)
plot(rsi2, color=#be9e98, style=histogram, linewidth=2, histbase=50)

plot(rsi1, color=black, style=line, linewidth=1)
plot(rsi2, color=blue, style=line, linewidth=1)

hline(buylimit, color=green)
hline(selllimit, color=maroon)
hline(50)

Related Ideas