RSI colored bars — Indicator by michelebazzoni

relativestrengthindex coloredbars overbought oversold

This script allows to color price bar in function of relative strength index (RSI) values above or belove a certain level. In the example above RSI > 0 or RSI < 0 is the trigger.

check the same indicator with alert options:

This indicator is useful as:

- Trend detector (eg. green bars -> bullish trend )
- Filter, in combinations with other techniques (eg. green bars, only long)
- Signal: (eg. green bar -> buy long)

The indicator is fully costumizable, i.e. you can adjust RSI period and dource plus change RSI levels for example to visualize overbought and oversold condition. (In the example below, 7 Period RSI and 70,30 levels are choosen)

If you find the work useful, please feel free to donate:

Any feedback is welcome.

Protected script

This script is published closed-source but you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.

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.

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