The relative strength index (RSI) is a momentum indicator used in technical analysis to evaluate overvalued or undervalued conditions in the price of that security.
The purpose of this indicator is to obtain the RSI calculated with different MAs modes instead of the classic RMA.
The red and green zones indicate the oversold and overbought zones.
Buy or sell signals are marked by the green and red circles
We have 2 different signal modes: when the different size RSIs cross and when the fast RSI crosses the extreme bands.
Alerts are setup.
- Lenght RSI: The lenght of the RSI. (14 by default)
- RSI MA Type: The type of MA with which the rsi will be calculated. ("SMA", "EMA", "SMMA (RMA)", "WMA", "VWMA")
- Fast Lenght MA: The fast lenght smoothing MA.
- Slow Lenght MA: The Slow lenght smoothing MA.
- Lower Band: The lenght of the lower band. (25 by default)
- Upper Band: The lenght of the upper band. (75 by default)
- Signal Type: The mode with which buy and sell signals are triggered. ("Cross 2 Mas", "Cross Ma/Bands")
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.