This script is based on zdmre's RSI script, I revamped a lot of things and added a few indicators from ParkF's RSI script.
Disable Labels in the Style tab and the histogram if you don't enlarge the indicator and it seems too small.
Look to buy in the oversold area and bounce of the support of the linear regression.
Look to sell in the overbought area and bounce of the resistance of the linear regression.
Look for retracement to the moving average or horizontal lines, and divergences for potential reversal.
The Relative Strength Index (RSI) is a well versed momentum based oscillator which is used to measure the speed (velocity) as well as the change (magnitude) of directional price movements.
Moving Average (MA) is a good way to gauge momentum as well as to confirm trends, and define areas of support and resistance.
The Linear Regression indicator visualizes the general price trend of a specific part of the chart based on the Linear Regression calculation.
Zig Zag (Highs and Lows)
The Zig Zag indicator is used to identify price trends, and in doing so plots points on the chart to mark whenever prices reverse by a larger percentage point than a predetermined variable or marker.
The divergence indicator warns traders and technical analysts of changes in a price trend, oftentimes that it is weakening or changing direction.
The Ichimoku Cloud is a package of multiple technical indicators that signal support, resistance, market trend, and market momentum.
MACD and TSI Histogram
MACD can be used to identify aspects of a security's overall trend.
The True Strength Index indicator is a momentum oscillator designed to detect, confirm or visualize the strength of a trend.
RSI MA can be disabled and colors changed
Added more color customization
Added Stochastic RSI
Added HMA and ALMA moving average
Added color picker for OB/OS dots
Made some changes
Added background lines colors
Added BB fill color picker
Fixed smoothed RSI being only applied to the RSI line and RSI histogram
Removed TSI histogram
Removed RSI trend
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.