Bars Since the last RSI Extreme — Indicator by DRodriguezFX

This is something Jamie Saettele pointed out. Gold has been in 'neutral' RSI territory for its longest stretch in four years. It's coiling up for its next major move.

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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Want to use this script on a chart?

study("Bars Since the last RSI Extreme")
rsivalue = rsi(close, input(14, "RSI Period"))
rsiextremevaluelow = input(30, "Define Oversold")
rsiextremevaluehigh = input(70, "Define Overbought")
rsiextreme = (rsivalue >= rsiextremevaluehigh) or (rsivalue <= rsiextremevaluelow)

plot(series=barssince(rsiextreme), title="Bars Since the last RSI Extreme", color=blue, style=histogram, linewidth=2)

//Credit for this indicator goes to Jamie Saettele