Zaree - RSI Gradient Fill

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The "Zaree - RSI Gradient Fill" (RGF) indicator is a technical analysis tool designed to enhance the interpretation of the Relative Strength Index (RSI) by incorporating visual cues through gradient fill. This indicator aids traders in identifying potential overbought and oversold conditions in the market using the RSI as a key reference.

Details of the Indicator:

  • The indicator calculates the RSI of a selected source based on user-defined settings for length and source.
  • Traders have the option to choose from various types of moving averages (SMA, EMA, SMMA, WMA) to calculate the RSI.
  • RSI values and their corresponding moving average values are plotted on the chart for visual analysis.
  • The indicator offers customization through input settings for RSI length, RSI source, and moving average type and length.
  • Upper and lower bands for the RSI are displayed on the chart, providing visual cues for potential overbought and oversold conditions.
  • A center line is plotted on the chart to help traders identify the equilibrium point of the RSI.
  • The gradient fill feature enhances the visualization by coloring the space between the RSI plot and the center line based on RSI levels.

How to Use the Indicator:

  1. Specify the RSI length and source for calculation.
  2. Choose the desired moving average type and set the length for the moving average.
  3. Observe the RSI values, moving average lines, and the center line plotted on the chart.
  4. Pay attention to the position of the RSI values relative to the upper and lower bands. Values above the upper band suggest potential overbought conditions, while values below the lower band indicate potential oversold conditions.
  5. Interpret the gradient fill between the RSI plot and the center line. The color changes provide additional visual cues about the RSI's strength compared to the center line.

Example of Usage:

As an experienced swing trader, you can leverage the RGF indicator to fine-tune your trading decisions. Here's an example of how you might use the indicator:

  1. Select your preferred RSI length and source, such as the closing price.
  2. Choose "SMA" as the moving average type and set the length to 14.
  3. Observe the RSI values plotted on the chart along with the upper and lower bands.
  4. Pay special attention to the gradient fill between the RSI plot and the center line. This coloring offers valuable insights into the RSI's position relative to equilibrium.
  5. Look for instances where the RSI values cross above or below the upper and lower bands. These crossings can signal potential trend shifts or reversals.
  6. Use the gradient fill colors to quickly assess the strength of the RSI's deviation from the center line.

Remember that the RGF indicator is a powerful tool to complement your trading strategy. Consider combining its insights with other technical and fundamental analyses for well-informed trading decisions.

Feel free to adjust the indicator settings according to your trading preferences and style. While the RGF indicator provides valuable visual cues, always consider the broader context of the market before making trading choices.
Release Notes:
small update

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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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