HPotter

RSI HistoAlert Strategy

This is simple indicator modified RSI Strategy
You can use in the xPrice any series: Open, High, Low, Close, HL2 , HLC3, OHLC4 and ect...
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?
////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 07/08/2014
// This simple indicator modified RSI
// You can use in the xPrice any series: Open, High, Low, Close, HL2, HLC3, OHLC4 and ect...
////////////////////////////////////////////////////////////
study(title="RSI HistoAlert Strategy")
RSIPeriod = input(13, minval=1)
BuyAlertLevel = input(-10)
SellAlertLevel = input(10)
RSIHistoModify = input(1.5)
hline(0, color=purple, linestyle=line)
hline(BuyAlertLevel, color=green, linestyle=dashed)
hline(SellAlertLevel, color=red, linestyle=dashed)
xPrice = close
RSIMain = (rsi(xPrice, RSIPeriod) - 50) * RSIHistoModify
rsiHcolor = iff(RSIMain >= 0 , green,
        iff(RSIMain < 0, red, black))
pos =iff(RSIMain > BuyAlertLevel, 1,
	    iff(RSIMain < SellAlertLevel, -1, nz(pos[1], 0))) 
barcolor(pos == -1 ? red: pos == 1 ? green : blue )        
plot(RSIMain, color=blue, title="RSI HistoAlert")
plot(RSIMain, color=rsiHcolor, title="Histogram", style = histogram, linewidth  = 1)
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Comments

how to use...
+99 Reply
Hello, very useful RSI tool. What is the correlation between the highlighted candlesticks and the RSI itself?

Thank you.
+31 Reply
HPotter Cryptocontinuum
@Cryptocontinuum, Crosses buy and sell alerts lines.
+23 Reply

very nice!!
iv replaced RSI with Zerolag RSI and filtered with linear regression to be smoother when i use values below 10
+21 Reply
Looks good Glaz
+2 Reply
what´s recommended range ? -10 / 10 ? i found in another infos,that such analyses -30 / 70
+12 Reply
You mean crossing the preset alert lines? I altered them, they don't seem to correspond now. Is there another parameter I have edit as well when I change the alert line values?

Thanks.
+10 Reply
HPotter Cryptocontinuum
@Cryptocontinuum, Yes. You can to change any parameters in the script for your best results.
Reply
Will it be possible to update the colors to show red/green if the current histogram bar is higher/lower than the previous bar. So, current bar > previous bar = current bar is green; current bar < previous bar = current bar is red.
+6 Reply
Excellent! Works for well with price and indicator vs indicator divergence.
+5 Reply
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