QuantitativeExhaustion

[RS][JR]RSI Ribbon + Candle

RSI Ribbon + Candle
By Ricardo Santos and JR

In this chart rendering we are combining RSI and Moving Averages. For an added features we included colors to the candles and ribbons. Lime and green displays a strong bullish trend , yellow is caution or no trade, red and maroon are bearish trends. You can also find divergences using the ribbon.

Divergence

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.

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.

Want to use this script on a chart?
study(title="[RS][JR]RSI Ribbon + Candle", shorttitle="[RS][JR]RSI.MA", overlay=false)

//  ||-----------------------------------------------------------
//  ||---   Inputs:
//  ||-----------------------------------------------------------
src = input(defval=close, type=source, title="RSI Source:")
fast_rsi_length = input(defval=14, minval=1, title="Fast RSI Period Length:")
ma_length_scalar = input(defval=2, minval=1, title="MA Period Length Incremental Scalar:")
exponential = input(true, title="Exponential MA Set 1?")
//  ||-----------------------------------------------------------
//  ||---   RSI MA Function:
//  ||-----------------------------------------------------------
isExpMA(isExp, src, length) => isExp ? ema(src, length) : sma(src, length)
//  ||-----------------------------------------------------------
//  ||---   RSI MA Function:
//  ||-----------------------------------------------------------
rsiMA_barColor(tpower) =>
        tpower >= 10 and tpower < 20 ? green :
        tpower >= 4 and tpower < 10 ? lime :
        tpower >= -4 and tpower < 4 ? yellow :
        tpower <= -4 and tpower > -10 ? red :
        tpower <= -10 and tpower > -20 ? maroon : na
//  ||-----------------------------------------------------------
//  ||---   RSI MA Trend Line Strength Function:
//  ||-----------------------------------------------------------
maRank(ma, maRef1, maRef2) => 
              change(ma)>=0 and maRef1>maRef2 ? +1
            : change(ma)<0  and maRef1>maRef2 ? -1
            : change(ma)<=0 and maRef1<maRef2 ? -2
            : change(ma)>=0 and maRef1<maRef2 ? +2
            : 0//  ||-----------------------------------------------------------
//  ||-----------------------------------------------------------
//  ||---   Usage:
//  ||---   barcolor(rsiMA_barColor(true, rsi(close, 14), 30, 50))
//  ||-----------------------------------------------------------
//  ||-----------------------------------------------------------
//  ||---   RSI Basis:
//  ||-----------------------------------------------------------
fast_rsi = rsi(src, fast_rsi_length)

plot(fast_rsi, color=black)
//  ||-----------------------------------------------------------
//  ||---   MA's:
//  ||-----------------------------------------------------------

src0 = (fast_rsi)

ma01 = isExpMA(exponential, fast_rsi, ma_length_scalar)
ma02 = isExpMA(exponential, fast_rsi, ma_length_scalar*2)
ma03 = isExpMA(exponential, fast_rsi, ma_length_scalar*4)
ma04 = isExpMA(exponential, fast_rsi, ma_length_scalar*8)
ma05 = isExpMA(exponential, fast_rsi, ma_length_scalar*16)
ma06 = isExpMA(exponential, fast_rsi, ma_length_scalar*32)
ma07 = isExpMA(exponential, fast_rsi, ma_length_scalar*64)
ma08 = isExpMA(exponential, fast_rsi, ma_length_scalar*128)
ma09 = isExpMA(exponential, fast_rsi, ma_length_scalar*256)


maColor(ma, maRef) => 
              change(ma)>=0 and ma02>maRef ? lime
            : change(ma)<0  and ma02>maRef ? red
            : change(ma)<=0 and ma02<maRef ? maroon
            : change(ma)>=0 and ma02<maRef ? green
            : gray
            
plot( ma01, color=maColor(ma01,ma09), style=line, title="MMA05", linewidth=1)
plot( ma02, color=maColor(ma02,ma09), style=line, title="MMA30", linewidth=2)
plot( ma03, color=maColor(ma03,ma09), style=line, title="MMA50", linewidth=3)
plot( ma04, color=maColor(ma04,ma09), style=line, title="MMA70", linewidth=4)
plot( ma05, color=maColor(ma05,ma09), style=line, title="MMA90", linewidth=4)
plot( ma06, color=maColor(ma06,ma09), style=line, title="MMA90", linewidth=3)
plot( ma07, color=maColor(ma07,ma09), style=line, title="MMA90", linewidth=2)
plot( ma08, color=maColor(ma08,ma09), style=line, title="MMA90", linewidth=1)

//plot( ma01, color=maColor(ma01,ma09), style=columns, title="MMA05", transp=70, histbase=50)
//plot( ma02, color=maColor(ma02,ma09), style=columns, title="MMA30", transp=70, histbase=50)
//plot( ma03, color=maColor(ma03,ma09), style=columns, title="MMA50", transp=70, histbase=50)
//plot( ma04, color=maColor(ma04,ma09), style=columns, title="MMA70", transp=70, histbase=50)
//plot( ma05, color=maColor(ma05,ma09), style=columns, title="MMA90", transp=70, histbase=50)
//plot( ma06, color=maColor(ma06,ma09), style=columns, title="MMA90", transp=70, histbase=50)
//plot( ma07, color=maColor(ma07,ma09), style=columns, title="MMA90", transp=70, histbase=50)
//plot( ma08, color=maColor(ma08,ma09), style=columns, title="MMA90", transp=70, histbase=50)

//  ||-----------------------------------------------------------
//  ||---   Bar Color:
//  ||-----------------------------------------------------------
hline(0, color=black, title="RSI 0 Line")
hline(50, color=black, title="RSI 50 Line")
hline(100, color=black, title="RSI 100 Line")
//  ||-----------------------------------------------------------
//  ||---   Bar Color:
//  ||-----------------------------------------------------------
ma_TPower = maRank(ma01, ma02, ma09) + maRank(ma02, ma02, ma09) + maRank(ma03, ma02, ma09) + maRank(ma04, ma02, ma09) + maRank(ma05, ma02, ma09) + maRank(ma06, ma02, ma09) + maRank(ma07, ma02, ma09) + maRank(ma08, ma02, ma09)

barcolor(rsiMA_barColor(ma_TPower))