PROTECTED SOURCE SCRIPT
Updated MultiScalpRsi
This indicator is an advanced version of the standard Relative Strength Index (RSI) that features a dynamic calculation period based on the chart's timeframe and visually highlights customizable overbought and oversold zones. It is designed to provide traders with a more adaptive and visually intuitive momentum oscillator.
Overview
The "RSI with Custom Zones & Background" automatically adjusts its sensitivity by changing the RSI lookback period for the 5-minute, 15-minute, and 1-hour timeframes, while using a default setting for all others. In addition to plotting the standard 70 and 30 levels, this indicator allows you to define specific upper and lower zones (e.g., 80-75 and 25-20) which are filled with distinct background colors for quick identification of extreme market conditions.
Key Features
Dynamic RSI Period: The indicator automatically uses an RSI length of 7 for the 5-minute timeframe, 10 for the 15-minute timeframe, and 14 for the 1-hour timeframe to better adapt to price volatility on different scales. For all other timeframes, it uses a customizable default value.
Customizable Zones: Users can define the precise boundaries for a high-momentum (overbought) zone and a low-momentum (oversold) zone through the indicator's settings.
Visual Zone Highlighting: The area between the custom upper bands is filled with a red background, the area between the custom lower bands is filled with green, and the neutral territory in between is shaded gray. This provides an immediate visual cue of the market's state.
Standard Reference Levels: For traders who still use traditional levels, the indicator plots dotted lines at the 70 and 30 marks, as well as a dashed centerline at 50 to gauge bullish or bearish momentum.
How to Interpret
This indicator can be used to identify market extremes with greater precision. The automatically adjusted RSI period provides a more relevant reading on different timeframes without manual changes. The colored zones instantly draw attention to when price momentum enters a user-defined extreme territory, which can be used to signal potential reversals, continuations, or periods of high volatility.
Settings
RSI Period (Default): The RSI lookback period used for all timeframes except 5m, 15m, and 1h.
Upper Zone Top: The top line of the overbought zone (default: 80).
Upper Zone Bottom: The bottom line of the overbought zone (default: 75).
Lower Zone Top: The top line of the oversold zone (default: 25).
Lower Zone Bottom: The bottom line of the oversold zone (default: 20).
Overview
The "RSI with Custom Zones & Background" automatically adjusts its sensitivity by changing the RSI lookback period for the 5-minute, 15-minute, and 1-hour timeframes, while using a default setting for all others. In addition to plotting the standard 70 and 30 levels, this indicator allows you to define specific upper and lower zones (e.g., 80-75 and 25-20) which are filled with distinct background colors for quick identification of extreme market conditions.
Key Features
Dynamic RSI Period: The indicator automatically uses an RSI length of 7 for the 5-minute timeframe, 10 for the 15-minute timeframe, and 14 for the 1-hour timeframe to better adapt to price volatility on different scales. For all other timeframes, it uses a customizable default value.
Customizable Zones: Users can define the precise boundaries for a high-momentum (overbought) zone and a low-momentum (oversold) zone through the indicator's settings.
Visual Zone Highlighting: The area between the custom upper bands is filled with a red background, the area between the custom lower bands is filled with green, and the neutral territory in between is shaded gray. This provides an immediate visual cue of the market's state.
Standard Reference Levels: For traders who still use traditional levels, the indicator plots dotted lines at the 70 and 30 marks, as well as a dashed centerline at 50 to gauge bullish or bearish momentum.
How to Interpret
This indicator can be used to identify market extremes with greater precision. The automatically adjusted RSI period provides a more relevant reading on different timeframes without manual changes. The colored zones instantly draw attention to when price momentum enters a user-defined extreme territory, which can be used to signal potential reversals, continuations, or periods of high volatility.
Settings
RSI Period (Default): The RSI lookback period used for all timeframes except 5m, 15m, and 1h.
Upper Zone Top: The top line of the overbought zone (default: 80).
Upper Zone Bottom: The bottom line of the overbought zone (default: 75).
Lower Zone Top: The top line of the oversold zone (default: 25).
Lower Zone Bottom: The bottom line of the oversold zone (default: 20).
Release Notes
///Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Protected script
This script is published as closed-source. However, you can use it freely and without any limitations – learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.