This is an evolution of my (simpler) "RSI / / (SRSI) Overlay " that you can find on my scripts.
Added bands for oversold/overbought areas (70/30 common for and 80/20 for SRSI and ), as well as a middle 50 horizontal line.
Neutral bands around 55-45 added as well that can be hidden for less clutter. I also recommend a more transparent coloring for these since Pine script doesn't allow default transparency for horizontal lines.
By default only and are activated, you can activate , and SRSI on the inputs window.
Some extra notes:
* , and can help to strengthen one's decision as well as to predict a possible trend reversal, SRSI can show when has high probability of being topped or bottomed when oversold/overbought but don't forget to look at and how the trend progresses that can keep SRSI above 80 or below 20 while and price continues to trend, divergences are most helpful here to find possible reversal areas.
* This chart depicts some interesting divergences, as well as tops and bottoms and confluences between / and on some over-extended tops and bottoms that shown being good reversal zones.
resistances are shown as well, failing to break above 60 or the neutral zone (this is a BTC trend chart after all) or failing to gain support to break up certain levels ( notes a more when consistently above 60 and more below 40 ).
If you like it and use it to profit, please tip me below :)
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.