RSI Crayons

animecummer Updated   
This simple script colors candles based on the Relative Strength Index. RSI Values > 50 are solid colors, RSI values < 50 are pastels, with additional colors/fills/alerts for overheated and oversold (both user adjustable thresholds) conditions.

As an added bonus, RSI can be calculated by non-traditional methods (not using the running/smoothed moving average) using a variety of different moving averages, but you may have to adjust the time-frame for 'faster' moving averages. An option for plotting the moving average basis is also available.

Value Added:
  • This indicator can be used to chart RSI without adding an "oscillator frame" to your chart, since we don't normally care too much about RSI values between 30 and 70 under normal conditions.
Release Notes:
31-Oct-21: Revised script to be more colorful, and to have intermediate values for colors that are not oversold/overheated condition while still retaining logic of up = green/yellowish and down = red/pink/pastel-ish.
Release Notes:
3-Nov-21: Added timeframe/gaps feature
Release Notes:
4-Nov-21: consolidated menu more, removed moving averages that don't calculate RSI correctly because of negative numbers (HMA/EHMA/TEMA/LSMA), added Rainbow Gradient
Release Notes:
21-nov: improved color scheme by adjusting the transparency of the candles based on 100 - math.floor(RSI value). Stronger displays as solid colors, weak as pastels.
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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