OPEN-SOURCE SCRIPT
Fixed RSI Overlay [lognomics]
This overlay indicator provides a dynamic visualization of the RSI on the instrument price chart. It enhances the standard RSI oscillator by scaling it relative to the anchor's maximum & minimum range, conceptualizing how price reacts at standard oscillation levels.
Starting at the anchor's open, the tool collects all the RSI values from each candle within the range, and stores them inside an array corresponding to each candle index. It then pulls relative values and plots a line connecting each point accordingly to the 0-100 range scale.
While determining each maximum and/or minimum the script will plot a box from the opening time of the anchor, encapsulating the high & low of the range, to end at the next anchor time. To the right to of the box, a label is plotted which is pushed to the current time & current RSI y value within the fixed scale.
Starting at the anchor's open, the tool collects all the RSI values from each candle within the range, and stores them inside an array corresponding to each candle index. It then pulls relative values and plots a line connecting each point accordingly to the 0-100 range scale.
While determining each maximum and/or minimum the script will plot a box from the opening time of the anchor, encapsulating the high & low of the range, to end at the next anchor time. To the right to of the box, a label is plotted which is pushed to the current time & current RSI y value within the fixed scale.
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.
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.
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.