[RS][JR]RSI Donchian Channels
RSI Donchian Channels
Built by Ricardo and JR
Here is a great indicator to use for strong trends. Donchian Channels react immediately to changes in the highest high and lowest low. For strong trends you want to trade when RSI is set along the upper or lower DC-RSI envelope . When the RSI releases from the DC-RSI envelope , you can take the trade off.
Built by Ricardo and JR
Here is a great indicator to use for strong trends. Donchian Channels react immediately to changes in the highest high and lowest low. For strong trends you want to trade when RSI is set along the upper or lower DC-RSI envelope . When the RSI releases from the DC-RSI envelope , you can take the trade off.
study(title="[RS][JR]RSI Donchian Channels", shorttitle="[RS][JR]RSI DC", overlay=false) src = input(defval=close, type=source, title="RSI Source:") rsi_length = input(defval=14, minval=1, title="RSI Period Length:") donchian_length = input(20, minval=1, title="Donchian Lookback Period Length:") rsi1 = rsi(src, rsi_length) lower = lowest(rsi1, donchian_length) upper = highest(rsi1, donchian_length) basis = avg(upper, lower) plot(rsi1, color=aqua) l = plot(lower, color=blue) u = plot(upper, color=blue) plot(basis, color=orange) fill(u, l, color=blue) hline(0) hline(50) hline(100)
The chart published uses close default value candle. You can also use HLC3 for a more current trend trade.
Version 2 with Fast Stoch and narrow DC
For example:
When RSI is set along the upper DC-RSI envelope - it shows green.
When RSI is set along the lower - it shows red.
When its not touching either side it's grey