Better RSI with bullish / bearish market cycle indicator

This script improves the default RSI . First. it identifies regions of the RSI which are oversold and overbought by changing the color of RSI from white to red. Second, it adds additional reference lines at 20, 40 ,50,60, and 80 to better gauge the RSI value. Finally, the coolest feature, the middle 50 line is used to indicate which cycle the price is currently at. A green color at the 50 line indicates a bullish cycle, a red color indicators a bearish cycle, and a white color indicates a neutral cycle.

The cycles are determined using the RSI as follows:
if RSI is overbought, cycle switches to bullish until RSI falls below 40 , at which point it becomes neutral
if RSI is oversold, cycle switches bearish until RSI rises above 60, at which point it becomes neutral
a neutral cycle is exited at either overbought or oversold conditions

Very useful, please give it a try and let me know what you think
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.

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this is one of the most under appreciated scripts on tradingview.
very nice work mate!
really appreciate it
do you have some other indicators as well or any subscription services?
thanks and regards
+1 Reply
TradeCalmly dheerajsood
@dheerajsood, click on my profile for other indicators
I need your help in coupling this script with something i have.
I want to make a strategy out of this.
can i pm you?
TradeCalmly dheerajsood
@dheerajsood, sure send me a PM but I’m not sure it’s something I would do for free.