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umur.ozkul

RSI Scaling (UO)

umur.ozkul Updated   
Relative Strength Index (RSI) highlow highlowbands
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relativestrengthindex highlow highlowbands
Plot price scaled by the RSI. Also, plot high and low of the scaled price so that the trend is visible as well as sell-high/buy-low points...

Before the prices change direction, RSI generally makes a double top/bottom... Or a lower high/higher low.

This is more emphasized on the scaled price. You can see the high/low band change direction
Release Notes:
The band is color filled to show the trend clearly...
Note that while the price can make a higher high, the scaled price can make a lower high. This is a clear sign of reversal. Same for the other direction
Release Notes:
Added an outer color band to emphasize the highest highs and the lowest lows
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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