RSI AMPLIFIER// (v4) RSI AMPLIFIER ( MCDX-Oscillator + Renko-Filter ) ( BTC ) ( 1h,2h,3h,4h )
//Authors credit:
//Smart Money based of / Indicator | MCDX
//Renko Volume based of "Weiss Wave Volume" / "WWV"
//The SmartMoney MCDX (MultiColor-Dragon) amplify rsi values to give confirmation of so called BANKER or SMART-MONEY against Retaillers.
//The main issue to me was that the original "SmartMoney MCDX" give only half the potential information since it focus only on positive price action.
//Therefore this version is a SMART-MONEY OSCILLATOR built to give entry/exit signals for shorts as well as long.
//The Real-Momentum plot replaces HOT MONEY (area, darkgreen/darkred), react quickly to oversold/overbought and hit the max/min value at almost every bar.
//The Over-Extended plot replaces BANKER MONEY (stepline, yellow/blue), need a stronger oversold/overbought value to move from the middle.
//The Signal-Line plot (line, green/red, with filler), is halfway between the Real-Mommentum & Over-Extended trying to give a signal after the move start but before the biggest candles.
//
//The original RETAILLERS MONEY carries no information and as been erased.
//
//Renko-Filter reduce the noise by adding volume values to each new columns until the trend reversal.
//How to use:
//
//The purpose and logic of this indicator is " Amplify to Simplify "
//
//Enter trade when the Signal-Line leave the middle.
//Long when it go TOP GREEN / Short when it go BOTTOM RED
//Exit trade when the Signal-Line return to middle or/while the Renko-Filter reverse.
//
//When you analyze the chart stay zoom out with max/min on the edges of the pan. Only the biggest Renko-series will be visible.
//When trading, you may zoom in to see evolution in real time.(version built for minutes time-frames in progress)
//
//You can easily set a LONG TRADE alarm on the Signal-Line, choosing "Greater than 10" then "Less than 50000"
//You can easily set a SHORT TRADE alarm on the Signal-Line, choosing "Less than -10" then "Greater than -50000"
//
//Be careful when Real-Momentum start being choppy or simply goes too much/too long in the opposite side of the trend.
//If the Over-Extended plot follow the Signal-Line after you enter a trade, you're good but always exit before the Over-Extended return to mid.
//Use the Renko-Filter to detect lauching Extended-Trend, to confirm Real-Momentum reversal, or to stay in a trade to the last candles.
// INFO:
//This version is built on purpose for BTC 1h/2h/3h/4h, differents assets, time-frames or exchanges may need change.
//If you can't see the Over-Extended, Signal Line or Renko-Filter with a particular time-frame or asset, you can change the value of the rsi at "rsi := 500000" & "rsi := -500000".
//Change by a value > to that of the candles (last value in status line).
//Zoom in on the indicator to see the Renko-Filter but idealy you want to see the max/min value of the 3 plot of the indicator(default = 50000).
//
// Overlay:
//You can display this indicator directly on your Chart and set No scale (fullscreen), to use it like as a RSI Baseline.
//If so, i made specifics version doing it by default (overlay,BTC)(overlay,largeCAP).
//@version=4
