RicardoSantos

[RS]RSI Momentum Bands V0

EXPERIMENTAL: RSI Momentum Weighted Bands(cloud)
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.

Want to use this script on a chart?
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study(title="[RS]RSI Momentum Bands V0", shorttitle="[RS]RSI.MB.V0", overlay=true)
//  ||--------------------------------------------------------------------------------------||
//  ||---   Inputs:     --------------------------------------------------------------------||
//  ||--------------------------------------------------------------------------------------||
src = input(close)
length = input(14)
smooth = input(10)
//  ||--------------------------------------------------------------------------------------||
//  ||---   RSI Momentum Bands Function:    ------------------------------------------------||
//  ||--------------------------------------------------------------------------------------||
rsi_mom_bands(_src, _length, _smooth)=>
    _rsi = rsi(_src, _length)
    _dif = sma(change(_src, _length), _smooth)
    _selline = ema(_src[_length] + (_dif*(_rsi*0.01)), _smooth)
    _buyline = _selline + (_dif*(_rsi*0.01))
    [_selline, _buyline]
//  ||--------------------------------------------------------------------------------------||
//  ||---   RSI Momentum Bands Cast:  ------------------------------------------------------||
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[sline, bline] = rsi_mom_bands(src, length, smooth)
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//  ||---   Output:     --------------------------------------------------------------------||
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tb = plot(sline, color=maroon)
bb = plot(bline, color=green)
fill(tb, bb, color=blue, transp=85)
//  ||--------------------------------------------------------------------------------------||
//  ||---   Bar Color:     -----------------------------------------------------------------||
//  ||--------------------------------------------------------------------------------------||
showBarColor = input(true)
Direction = bline > sline
isSqueeze = abs(sline-bline) < abs(sline[1]-bline[1])
BC_condition = Direction and not isSqueeze and src > sline ? lime :
        Direction and src > sline ? green :
        not Direction and not isSqueeze and src < bline ? red :
        not Direction and src < bline ? maroon : gray
barcolor(not showBarColor ? na : BC_condition)
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Comments

INTERESTING BRO
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Thanks for sharing! Looks great!
Reply
Looks good.
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