RSI-EMA Indicator

This indicator calculates and plots 2 separate EMAs of the RSI . The default settings below work great on SPX/SPY daily chart . General rule is if an EMA is above 50, the stock's near term outlook is bullish . If an EMA is below 50, the near term outlook is bearish . Personally, I like to use a fast EMA as a buy signal and a slow EMA as a sell signal.

Default settings:

RSI = 50
EMA1 = 100
EMA2 = 200
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study(title="marsi", shorttitle="marsi", overlay=false)

basis = rsi(close, input(50))

ma1 = ema(basis, input(100))
ma2 = ema(basis, input(200))

oversold = input(40)
overbought = input(60)

plot(ma1, title="RSI EMA1", color=blue)
plot(ma2, title="RSI EMA2", style=line, color=green)

obhist = ma1 >= overbought ? ma1 : overbought
oshist = ma1 <= oversold ? ma1 : oversold

plot(obhist, title="Overbought Highligth", style=histogram, color=maroon, histbase=overbought)
plot(oshist, title="Oversold Highligth", style=histogram, color=green, histbase=oversold)

i1 = hline(oversold, title="Oversold Level", color=white)
i2 = hline(overbought, title="Overbought Level", color=white)

fill(i1, i2, color=olive, transp=100)

hline(50, title="50 Level", color=white)
thanks for sharing!
I can't find this indicator on Tradingview.com. What's the name of it listed in Tradingview?
+3 Reply
I Think You have developed an Indicator That seems to be like a Silver Bullet of Trading . It Works great for Stocks !!! Keep up the Good Work . it's Amazing . Hope I get to Learn from you. Would Like to know you better ! Can we chat ? Please
+2 Reply
Koi_Capital Harsha_Kumar
Thanks. Be careful though. This is really just a simple algorithm and it doesn't work all the time for all assets in every market environment
+1 Reply
Harsha_Kumar Koi_Capital
Yes I've back tested it ..... I found that It works Brilliantly for Stocks on 15 min, 1 hour & Daily ..... Simply Superb ! best used for Swing & Positional trading in Stocks & Indices. Forex & Commodities , Not as good , but still it's usable
+1 Reply
Harsha_Kumar Koi_Capital
I used Dochian Channel as Filter ..... it works soo good . thank you so much for this great indicator !!
+2 Reply
dont have arrows(
+1 Reply
Same failure here
No arrows because that's is from the Strategy Tester. The codes here are for the indicator only
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