Up to 4 different resolutions/timeframes for their respective (1,2,3, or 4). RSI1 is always enabled and can not be disabled.
Red labels with white text represent overbought levels as defined by the user. All enabled will have to qualify as overbought based on settings.
Green labels with black test represent oversold levels as defined by the user. All enabled will have to qualify as oversold based on settings.
This overlay help easily call-out overbought and oversold candles on a chart where other values on larger resolutions/timeframes are also oversold/overbought without sacrificing screen space for a traditional indicator that is not overlayed on the chart.
This indicator has alert conditions that will trigger when all enabled indicators are either oversold or overbought respective to your settings.
Note: The best results are to operate your chart as your smallest resolution selected. Personally, I prefer to have my smallest (shortest timeframe) in RSI1, and go larger farther out to RSI4.
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.
//RSI = rsi(RSISource, RSIPeriod)
RSI1 = rsi(security(syminfo.tickerid, RSI1Resolution, RSI1Source), RSI1Period)
RSI2 = rsi(security(syminfo.tickerid, RSI2Resolution, RSI2Source), RSI2Period)
RSI3 = rsi(security(syminfo.tickerid, RSI3Resolution, RSI3Source), RSI3Period)
RSI4 = rsi(security(syminfo.tickerid, RSI4Resolution, RSI4Source), RSI4Period)