Webby's RSI (Really Simple Indicator)

Webby's RSI (Really Simple Indicator) is a technical indicator designed to gauge the health of an uptrend. The concept of Webby's RSI and the original implementation was created by Mike Webster: @mwebster1971 on Twitter .

Often used with the Nasdaq Composite , Webby's RSI is the percentage of the low versus the 21-day moving average. At the beginning of a bull market, the higher the value, the better. As an uptrend continues, the ideal range is between 0.5% and 2.0%.

You can customize the plot type as histogram, column, line or area. The moving average shown is over a 10 day period. The length and color of the moving average can also be configured.

The moving averages shown on the chart are:
21-day EMA: green
50-day SMA: red
200-day SMA: blue

Pine Script version of Webby's RSI:
@JohnMuchow on Twitter
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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