// Concept developed from RSI : The Complete Guide by John Hayden
// RSI is regarded as a momentum indicator. 2:1 momentum is associated with RSI values of 66.67 and 33.33 respectfully. In an Uptrend an RSI value of 40 should not be broken and in a downtrend // a RSI value of 60 should not be exceeded. 4:1 momentum (RSI values of 80/20) can be associated with extreme market conditions, typically thought of as being Overbought or Oversold.
// Simple divergence provides a strong indication that the preceding trend will resume as soon as the retracement is completed. Multiple long-term divergences (not shown in this indicator) // increase the likelihood that the preceding trend has ended.
// An Uptrend is indicated when: // 1. RSI values remain in an 80/40 range // 2. Presence of bearish divergences // 3. Hidden bullish divergences are seen // A Downtrend is indicated when: // 1. RSI values remain in a 60/20 range // 2. Presence of bullish divergence // 3. Hidden bearish divergence is seen
// Personal additions to John Haydens concepts are horizontal pivot breaks and diagonal trendline breaks. The 80/20 line color shows the last break of horizontal pivot points, while the rsi // line changes color with diagonal breaks. Additional support/resistance is shown by 66.67 and 33.33 lines.
Hi mate! I really love your RSI indicator, and I have a small request. I was wondering if you could spare some time to help me add the Bollinger Bands with a standard deviation of 1.6185? I believe this addition could be beneficial to the indicator. very thanks!
PinoyTrader0929
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hello sir,
thank you for creating this script. I was hoping that one day i would have somebody transfer this indicator to NT8. But before i do so, i would like it to have the most recent version of pinescript. If its not too much to ask, that you find some time to update this script for us. I don't know when the deprecation for pinescript version 4 would take place, but its not a rush. Its working just fine on its current version. Thank you kind sir
Aurelius42
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I just recently found this gem. It looks amazing, is very well thought out and designed. What is more, it is aesthetically pleasing and looks good on black as well as white background. Nice!
EpicM
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hi i like this rsi indicator. but its hard to change colors and it seems color changing not working
EpicM
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ahm colors hard to change tho.
EpicM
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amazing! Would it be possible to add a SMA line or ema line as an additional confluencE?
k1-trd
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VERY GOOD INDICATOR!
rbltA
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I simply love this RSI, clean and precise work ! I am wondering how the alerts are working though, I can't figure out to put up the HH, HL, LH, LL on.
fannytradz
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This looks pretty good ....
I was using Oxo_RSI_CCI_SWING_V1 and this indicator does most part of it plus additional features like Divergences which is great .....
If you can include the CCI part like in Oxo_RSI_CCI_SWING_V1, it would be awesome.