RSI-EMA Indicator by Stable_Camel

Relative Strength Index (RSI) Exponential Moving Average (EMA)

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

Kory Hoang (stably.io)

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

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)

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