RSI true swings

Relative Strength Index (RSI) is being used by majority of the traders to get benefitted based on the swings. But these swings are hard to Identify.
This Indicator uses 4 major factors for finding the potential reversal points:
  • RSI Crossover or crossunder
  • Relative volume
  • Overall volume against the moving average volume
  • Relative closing of the candles
  • Size of the bars

Please read Instructions carefully before using this indicator
Recommended entry is the OHLC4 of the signal bars.
If signal bar is too large, try to enter in the retracement when another signal comes either through indicator or through types of bars
when signals comes opposite to the trend, then try to wait for the next signal of same type. This creates a RSI-price divergence in confirmation by volume price action
Timeframe can be of your choice

Recommended stoploss should be swing highs or lows
Release Notes:
  • Removed gap down and gap up moves
  • Removed cases where there was sudden volatile in RSi values
  • Refined criteria of healthy bar
Release Notes:
Previous bar condition on RSI is updated
Release Notes:
Alerts are added!!
Release Notes:
Release Notes:
updated alerts!

Open-source script

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.


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